Key Takeaways
- • Alisa Mall, chief investment officer of Michael Dell's family office, says turmoil in private-credit markets is creating buying opportunities, according to Bloomberg.
- • Mall expects a "huge amount of secondary activity" in the private-credit market and says the family office is well-positioned for it.
- • Mall forecasts default rates are likely to rise in 2027 and 2028, and expects returns to diverge across private-credit strategies ("dispersion"), requiring close manager and deal-level scrutiny.
Summary
Tumult in private-credit markets is turning into a buying opportunity for Michael Dell's family office, according to its chief investment officer, Alisa Mall. Speaking at a Bloomberg New Voices event in New York on Monday, Mall said the office has spent considerable time preparing for an expected wave of secondary transactions in the private-credit market and believes it is well positioned to participate.
Mall's outlook is cautious on credit fundamentals but constructive on opportunity. She anticipates that default rates are likely to rise in 2027 and 2028, a view that frames the current dislocation as a medium-term rather than immediate credit event. Her central warning is that private-credit performance will not be uniform. She predicted "dispersion" across the asset class, meaning that outcomes will vary widely between managers, vehicles and underlying loans, and that investors will need to focus closely on underwriting details.
The comments are notable for an allocator audience because they suggest that stressed or illiquid private-credit positions may increasingly change hands in the secondary market at prices that reward selective buyers. Mall's remarks, as reported by Bloomberg, do not identify specific funds, pricing levels or transaction sizes. Readers should treat the discussion as a statement of strategic positioning rather than a disclosed deal.
Mall's outlook is cautious on credit fundamentals but constructive on opportunity. She anticipates that default rates are likely to rise in 2027 and 2028, a view that frames the current dislocation as a medium-term rather than immediate credit event. Her central warning is that private-credit performance will not be uniform. She predicted "dispersion" across the asset class, meaning that outcomes will vary widely between managers, vehicles and underlying loans, and that investors will need to focus closely on underwriting details.
The comments are notable for an allocator audience because they suggest that stressed or illiquid private-credit positions may increasingly change hands in the secondary market at prices that reward selective buyers. Mall's remarks, as reported by Bloomberg, do not identify specific funds, pricing levels or transaction sizes. Readers should treat the discussion as a statement of strategic positioning rather than a disclosed deal.
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