Private credit has exploded into a trillion-dollar asset class, but most people outside finance still don’t understand how it works.I sat down with Ivan Zinn, founder of Atalaya Capital Management and now part of Blue Owl Capital, to unpack the real mechanics behind the private credit market. Few people have a clearer view of how capital flows through the economy.During our chat we unpack:What private credit actually isWhy banks pulled back after the Global Financial CrisisHow private lenders stepped in to finance everything from consumer loans to equipment, infrastructure, and fintech platformsWhere entrepreneurs could build meaningful companies by modernizing the infrastructure behind asset management.Big thanks to Ivan for sharing such a thoughtful and practical perspective on the evolving capital markets ecosystem.⏱️ Chapter Markers00:00 Introduction to Ivan Zinn01:40 What Private Credit Actually Is03:05 Asset-Based Lending Explained04:36 Why Banks Don’t Make These Loans08:11 How Private Credit Filled the Financing Gap09:19 Ivan’s Journey into Credit Investing11:49 Why Scale Matters in Private Credit16:32 Is There Still Room for Small Credit Managers?18:35 The Rise of Fintech-Driven Lending Models19:29 Biggest Mistakes New Credit Managers Make24:46 What CEOs Get Wrong When Raising Debt29:08 Aligning Expectations Between Lenders and Founders31:16 Why Private Credit Is Still Technologically Behind35:30 Massive Opportunities for Fintech Builders40:06 Selling Atalaya Capital Management to Blue Owl42:30 Should Asset Managers Go Public?44:58 Final Advice for Fintech EntrepreneursLinks:Ivan Zinn: LinkedInInterplay: Website, LinkedIn, TwitterMPD: LinkedIn, Twitter