In this fireside chat, Dan Robinson, EMEA Head of Alternative Credit at DWS Group, shared his expertise on creating the right solution in private credit. With nearly 25 years of experience in credit management, Dan offered valuable insights into the current market landscape, risk appetite, and investment strategies.

Key Takeaways:

• Solutions-oriented approach: Robinson emphasized the importance of understanding clients’ problems and providing tailored solutions, rather than pushing products.
• Risk appetite: He noted that risk appetite has not changed significantly over the years, but the ability to serve a broader risk spectrum has increased.
• Private credit market: Robinson highlighted the growth of private credit markets, driven by demand for yield and diversification. He warned of potential risks, citing Jamie Dimon’s concerns, but emphasized the importance of positioning and selectivity.
• Semi-liquid products: Robinson discussed the development of semi-liquid products, which offer a balance between income consistency and liquidity. He outlined DWS’s approach to building these products, combining liquid and semi-liquid assets with self-liquidating privates.
• Investment strategies: Robinson expressed bullishness on capital solution spaces and direct lending, citing opportunities in these areas. If given $1,000 to invest, he would allocate one-third to capital solutions, one-third to direct lending, and one-third to esoteric investments, such as opportunistic accounts receivable.

Key timestamps:

00:09: Introduction to ION Influencers’ Fireside Chats
00:28: Dan Robinson’s Background and Role at DWS Group
01:34: DWS Services and Client Base
02:56: Dan Robinson’s Career Evolution and Insights
04:39: Focus on Solutions and Client Needs
06:39: Client Risk Appetite and Market Changes
12:06: Market Understanding and Tools
15:03: Positioning and Private Credit Markets
17:09: Discussion on Potential Risks in the Market
20:34: Differentiation in the Market
21:56: Regulatory Attention and Demand for Semi-Liquid Products
22:45: Techniques for Achieving Semi-Liquid Products
23:54: Delivering a Better Product with Techniques
24:21: Bullish Strategies – Capital Solutions and Direct Lending
25:38: Focus on Direct Lending Markets
26:15: Preference for CLO Liabilities
26:41: Asset Allocation Across Different Classes
27:47: Conclusion