Private credit’s moment: insights on the evolution of the asset class
Private credit’s moment: insights on the evolution of the asset class


Andy Luten is the Head of Credit Commercial Strategy for Software Solutions in APAC at S&P Global Market Intelligence. With over 15 years of experience in corporate lending and working with S&P Global's Wall Street office platform, he has provided support for various deals ranging from syndicated deals in North America to bilateral deals in Asia. Throughout his career, Andy has worked in diverse roles, such as leading Professional Services and managing strategic relationships globally, and has collaborated with customers worldwide. His current focus is to lead the way in supporting the growing APAC market as private credit gains momentum. Originally from Texas, Andy is excited about partnering with individuals and communities in the APAC region to drive the industry forward.

Gregory Robbins is Vice Chair of Golub Capital, a market-leading, award-winning direct lender and experienced credit asset manager. As of January 1, 2024, Golub Capital had over $65 billion of capital under management, a gross measure of invested capital including leverage. Golub Capital partners with institutional investors and family offices, offering tailored solutions for investors’ credit asset strategies. The Firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital has been a top 3 U.S. Middle Market Bookrunner each year from 2008 through Q4 2023 for senior secured loans of up to $500 million for leveraged buyouts. Golub Capital has been consistently recognized with industry awards, including Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Decade, Americas (Private Debt Investor, 2023), Lender of the Year, Americas (Private Debt Investor, 2014, 2015, 2016, 2018, 2021, 2022, 2023), Senior Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2019, 2020, 2023) and BDC Manager of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2023).
Mr. Robbins joined Golub Capital in 2004 and is Vice Chair of the Firm. He is also an officer of Golub Capital BDC, Inc. (NASDAQ: GBDC) and a member of the board of the Loan Syndications and Trading Association. Mr. Robbins serves on Golub Capital’s Leadership and Operating Committees and has held several other senior positions during his time at the Firm. Prior to joining Golub Capital, Mr. Robbins was a Vice President in the Merchant Banking Group at Indosuez Capital.
Mr. Robbins earned a BS degree in Economics, with a Finance concentration, from the Wharton School of the University of Pennsylvania.

You-Ha Hyun leads the private debt program at Perpetual Investors GmbH, a German based single family office. In this role, he is mainly responsible for managing the private debt portfolio and focuses on manager selection across the broad spectrum of the private debt universe. You-Ha has more than 12 year experience in the alternative investment segment having done primary, secondary and co-investments at large institutional organizations such as an insurance company, a public organization and a fund-of-funds. You-Ha began his career in the M&A advisory business at KPMG and is an economist by training.

Tom Speller is a Managing Director and the Head of European Funds at KBRA UK. Tom joined KBRA in 2021 and focuses on the rating of Fund Finance transactions including subscription lines and NAV loans.
Prior to joining KBRA, Tom was an executive director at Goldman Sachs International, where from 2006 he worked as a credit risk analyst covering a variety of industries and products, with a particular focus on the funds industry, including private equity funds and hedge funds, as well as structured lending.
Tom received a BSc. in mathematics and statistics from the University of Edinburgh and is currently a CFA Charterholder.

Michael Jones is the Managing Director for PGIM Private Capital’s Sydney office. He oversees a portfolio of A$11b of private debt investments across Australia and New Zealand. Mike moved to Sydney in 2016 to establish our private debt office in the region.
Mike joined PGIM in 2008 as an Analyst in Chicago, transferring to PGIM Private Capital in 2011 to work within PGIM’s US mezzanine platform. In 2014, he was seconded to London to assist with expanding PGIM’s mezzanine efforts across Europe before moving to Sydney in 2016.
Mike received a BBA from the University of Michigan. He holds the Chartered Financial Analyst® designation






In a soft risk-off environment with interest rates front and centre, is private credit’s momentum expected to continue? As the banking market seizes up and more deals are getting converted into private credit, what is the outlook for fundraising? As private equity faces lumpiness in cashflows, J-curve, fee structure and other headwinds, can private credit provide investors with the kind of stable returns needed in these market conditions?