While allocators continue to emphasise downside protection, disciplined underwriting and diversification, Romulad highlights that capital ultimately flows to managers with a proven track record and a demonstrated ability to execute.
At GAIM Ops Cayman 2026, Romulad Baneche, Head of Investor Relations & Business Development at Iris International’s Private Credit Fund, breaks down the real gap between what investors say they want and what they actually allocate to.
Romulad explores the ways private credit managers can stand out in a competitive landscape, from building proprietary sourcing channels to maintaining rigorous underwriting standards. He also emphasises the role of operational efficiency in creating real differentiation. Ultimately, he notes that people, technology and infrastructure are often the deciding factors in whether a deal moves forward or breaks down.
For the full breakdown of what truly drives investor decisions in private credit (and how managers can stand out), watch the complete interview with Romulad Baneche:
“Private credit is such a niche space. You have to have the right partners, you have to have the right technology.”
— Romulad Baneche, GAIM Ops Cayman 2026
Core insights from the interview
- What LPs say they want vs what they fund
- Why track record and execution dominate allocation decisions
- How managers can differentiate through sourcing and underwriting
- Operational efficiency as a competitive advantage
- Technology, onboarding and KYC as deal‑breakers
- How operational hurdles derail fundraising
Inside the interview
Romulad opens by outlining the disconnect between investor messaging and investor behaviour. LPs consistently highlight downside protection, disciplined underwriting and diversification as their top priorities. But when it comes to actual allocations, two factors dominate: track record and execution capability.
He then turns to how managers can stand out in the private credit space. Proprietary deal sourcing, whether through systems, relationships or structured processes, is a major differentiator. So is underwriting discipline that aligns with borrower type and investment profile. But increasingly, operational efficiency is becoming just as important. In a niche asset class like private credit, having the right partners, technology and infrastructure can determine whether a deal moves forward or stalls.
Technology gaps are one of the biggest barriers to closing deals. Without the right onboarding tools, AML/KYC processes or investor‑ready systems, managers can lose momentum even when investors are ready to commit. People and infrastructure matter just as much: the wrong legal structuring, fund administration setup or valuation methodology can delay or derail allocations.
Operational hurdles, from outdated investor portals to weak accounting expertise, can slow fundraising and create friction at the exact moment when managers need to demonstrate readiness and reliability.
