Jeff Diehl on Private Credit Risks and Hyperscalers | S&P Global Private Markets 360 Podcast

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Adams Street’s Jeff Diehl, Managing Partner & Head of Investments, recently joined S&P Global’s Private Markets 360° podcast to share his perspective on the potential risks posed by hyperscalers in private credit. “Investors should be hyperfocused on hyperscalers in private credit,” Diehl noted. This underscored Adams Street’s view that, when publicly traded private credit managers raise too much capital too quickly across Business Development Companies and insurance vehicles, it can result in deployment pressure, potentially compromising underwriting discipline and weakening credit selection, which would ultimately erode returns.

Diehl spoke with Chris Sparenberg and Jocelyn Lewis about the disconnect that can emerge between capital raised and the quality of the opportunity set. He explained why that mismatch matters for investors evaluating private credit managers, and how these dynamics intersect with broader conversations around transparency, liquidity, and the growing role of the wealth channel across private markets.

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