Kieran Goodwin – Private Credit Concerns (EP.494)

Kieran Goodwin, partner at Saba Capital, shares his three-decade career journey as a top credit trader and discusses current risks within the private credit market. Goodwin reflects on his early experiences with credit derivatives and lessons learned from his time at King Street and Panning Capital. The conversation highlights the rapid growth of private credit, potential asset-liability mismatches, and the importance of risk management and transparency. Goodwin points out the influx of retail investors and the need for clear communication about investment strategies. He also addresses concerns about inaccurate pricing marks, leverage, and liquidity within non-traded BDCs and interval funds, and shares Saba Capital's opportunistic approach to investing in this evolving landscape.