The Wall Street Skinny

Send us Fan Mail Private credit is the crisis everyone's watching, but the real story -- and the one no one has been focused on -- is what private equity is doing behind the scenes. In Part 1 of our 3-part series, Kristen and Jen break down the $30 billion leveraged buyout of Caesars by Apollo and TPG, the deal that became the blueprint for what we now call "creditor-on-creditor violence" and flipped everything everyone thought they knew about the relationship between debt and equity investo...

Send us Fan Mail Buckle up, because this week we're sitting down with Neha Champaneria Markle, who runs the Private Equity Solutions group at Morgan Stanley Investment Management. Neha walks us through the entire private equity landscape and answers the questions you've been dying to ask an insider including: - Is "AI is going to destroy software and therefore private equity"? - Why are fundraising cycles getting longer? - What does vintage year really tell you about a fund's pe...

Send us Fan Mail Everyone's been freaking out about oil and stocks, but the scariest thing this past week actually happened in bonds, and almost nobody was talking about it. Last week the US Treasury held three auctions that were utter disasters, with dealer takedown more than double its 12-month average — worse than the tariff panic of April 2025. We get into what that means and why it matters. Then we get into the viral Fortune Magazine article claiming the US Treasury declared the feder...

Send us Fan Mail Private credit is all over the headlines — and all over your social media feed. Apollo just gated redemptions, Moody's stripped KKR's credit fund of its investment grade status, and Bill Maher is talking about it on late night TV. But what's actually going on beneath the panic? In this episode, we break down the alphabet soup of fund structures — publicly traded BDCs, private BDCs, interval funds — and explain why the vehicle you're invested in might matter just as much as wh...

Send us Fan Mail If you read the headlines about Private Credit, it feels like we're on the verge of another Global Financial Crisis. So, are we? In this Private Credit "state of the union" episode, we break down the structural differences between today's private credit market and the pre-GFC banking system, why the "private" in private credit makes it so hard to know how deep the problems actually go, and whether the knock-on effects to pensions, banks, and public markets could make t...