What it takes to succeed in private markets today
What does it take to thrive in today’s private markets? At SuperReturn North America, Tim Lower, Willow Tree Credit Partners, and Henry Ward, Carta, delivered sharp insights on navigating risk, deploying capital with precision, and scaling transformative platforms in uncertain times. From the strength of core middle-market private credit to building the future of private capital infrastructure, their perspectives highlight where opportunity lives - and how to seize it.
Henry Ward, CEO and Co-Founder, on Carta's vision for the next decade
Key takeaways:
Building a generational company:
Carta’s evolution from a cap table management company to a private capital disruptor highlights the importance of adaptability and long-term vision in scaling a business. Henry emphasises operational efficiency and resilience as keys to scaling innovation in the fast-evolving private capital management space.
Resilience amid regulatory changes:
The company’s success in scaling despite changing regulations and market conditions underscores the importance of resilience and agility in today's investment landscape. The shift toward data-driven decision-making is crucial in maintaining a competitive edge and ensuring consistent growth.
The future of private capital:
Henry envisions continued disruption in the private capital space, with transparency and technology playing key roles in reshaping how businesses manage ownership, governance, and capital.
Why middle market private credit is holding strong with Tim Lower, Willow Tree Credit Partners
Key takeaways:
Demand for middle-market credit:
Investor interest in middle-market private credit remains robust, particularly in senior debt strategies with floating rate securities. Lower competition in the middle market, compared to the upper middle market, provides a more attractive environment for sustained returns.
Avoiding J-curve issues:
By focusing on core middle-market strategies, Tim explains how they avoid the J-curve issues that have plagued upper middle-market managers in recent years. The CLO market’s slow recovery has led to more opportunities for middle-market credit managers to thrive.
Structural protections in middle market financing:
Middle-market financing typically comes with structural protections, such as bilateral facilities, which reduce the risk of covenant-light transactions that have led to challenging recoveries in the upper middle market.
