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Private Credit: Separating Headlines from Reality - A Conversation with Vivek Bantwal

August 27, 2026

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Private credit remains one of the most discussed areas of global markets, attracting both significant investor interest and increasing media attention as questions emerge around defaults, liquidity and the sustainability of returns.

According to Vivek Bantwal, Global Co-Head of Private Credit at Goldman Sachs Asset Management, many of the concerns dominating headlines are not always reflected in the underlying market data. While default and non-accrual rates have risen modestly from exceptionally low levels, they remain relatively healthy by historical standards. More notable, however, is the increasing dispersion between managers and portfolios.

As market conditions become more complex, manager selection and underwriting discipline are becoming increasingly important determinants of investor outcomes. The ability to source opportunities, assess risk and navigate different market environments may ultimately matter more than broad views on the asset class itself.

Bantwal also highlights several structural trends shaping today's opportunity set. While deal volumes have moderated, he believes attractive opportunities remain available across both the US and Europe. In some areas of the market, reduced competition and changes in investor flows are creating a more favourable environment for experienced lenders with strong origination networks and established underwriting processes.

The discussion also explores some of the most frequently asked questions from investors today, including liquidity in evergreen private credit strategies, the relationship between public and private credit markets, and how managers are assessing risks and opportunities in sectors such as software amid the rapid advancement of AI.

Watch the full conversation to hear Vivek's insights on manager selection, market fundamentals and where opportunities may emerge as private credit continues to evolve.

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This information has been prepared for use only by wholesale clients (As defined under the Corporations Act 2001 (Cth)).

Channel Investment Management Limited ACN 163 234 240 AFSL 439007 (‘CIML’) is the responsible entity for the West Street European Private Credit Fund  ‘AU Fund’) ARSN 676 298 641. The AU Fund invests in European Credit (‘the Underlying Fund’) being a sub fund of the Goldman Sachs Alternatives SICAV, which is managed by Goldman Sachs Asset Management International (‘GSAM’). Neither CIML, its officers, or employees make any representations or warranties, express or implied as to the accuracy, reliability or completeness of the information contained on this website and nothing contained on this website is or shall be relied upon as a promise or representation, whether as to the past or the future. Past performance is not indicative of future performance. This information is given in summary form and does not purport to be complete. Information on this website should not be considered advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling units in the AU Fund and does not take into account an investor’s particular investment objectives, financial situation or needs. Before acting on any information investors should consider the appropriateness of the information having regard to these matters, any relevant PDS and in particular, they should seek independent financial advice. For further information and before investing, please read the PDS and TMD.

Any interests expressed is taken as an indicative intention only and is not binding on the investor or CIML.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Channel Capital or GSAM  to buy, sell, or hold any security. Views and opinions are current as of publishing and may be subject to change, they should not be construed as investment advice. This material on the Underlying Fund is provided for educational purposes, in the context of the distribution of the AU Fund only and should not be construed as investment advice or an offer or solicitation to participate in the Underlying Fund.

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