PPM America -Wed, 04/29/2026 - 12:39

CIO Perspective: A Tempest in a Teapot?

CIO Perspective

Investor concerns around private credit and its exposure to AI disruption seem justified. Private credit lending is substantial, while bank lending to private credit has also grown. However, our view is that the impact of private credit risks on financial markets is likely to be limited, as we believe the amount lent is not overwhelming relative to the size of the economy. On the broader issue of AI disruption, innovation (e.g., railroads, automobiles, the internet) has almost always caused market jitters but has generally led to better long-term growth and economic outcomes, both of which should be good for risk assets.

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Contacts

PPM America

Established in Chicago in 1990, PPM America, Inc. (PPM) is a US-based institutional asset manager with $94.95 billion in assets under management as of March 31, 2026.⁽¹⁾

Originally founded as a captive asset manager for a global insurance company, we now oversee more than $79 billion on behalf of insurers globally. PPM exists to consistently support our clients in achieving their long-term value goals and has the experience and the expertise to support insurer’s unique and evolving needs across a range of investment solutions including public and private fixed income, real estate and private equity.

(1) AUM includes committed but unfunded capital for PPM’s private equity and commercial real estate businesses. AUM includes both securities issued by PPM CLO vehicles held by PPM separately managed account clients and the underlying collateral assets of the CLO vehicles managed by PPM.

Bob Meikleham
Managing Director, Global Client Group, Insurance
bob.meikleham@ppmamerica.com
312-843-5929

https://www.ppmamerica.com/

PPM America
225 West Wacker Drive, Suite 1200
Chicago, IL 60606

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