Private Credit’s Next Chapter: Leading Through Structure and Alignment

In this Global Insight episode of the On Aon podcast, Aon’s investment leaders cut through private credit headlines to define what drives durable outcomes. Drawing on perspectives from the U.S., UK and EMEA, the discussion explains why private credit has become a core component of modern portfolios — and where discipline, structure and alignment create advantage. The conversation focuses on how informed manager selection, intentional liquidity design and governance enable investors to stay ahead as the market continues to scale.

Key Takeaways:

1. Private credit is no longer an alternative — it is a core lever for portfolio construction. Its evolution from a niche allocation to a foundational source of income, diversification and flexibility reflects a structural shift in capital markets, not a cyclical trend.
2. Recent liquidity headlines reflect fund structures working as designed rather than under systemic stress, underscoring the importance of understanding vehicle terms and investor protections.
3. Strong outcomes in private credit are driven by structure and governance. Clear underwriting standards, aligned incentives and intentional portfolio construction become increasingly important as the market scales.

Experts in this episode:

• Ari Jacobs, Global Head of Investment, Aon
• Russ Ivinjack, Global Chief Investment Officer, Aon
• Alison Trusty, Co-Head of UK/EMEA Fixed Income, Aon

Key Moments:

(4:30) Russ breaks down what private credit is — and what it is not — explaining how it fits alongside public credit and why investors expect higher yield in exchange for reduced liquidity.

(14:50) Comparisons to the 2008 financial crisis are addressed, outlining why today’s private credit market differs due to stronger underwriting, governance and alignment of interest.

(16:30) Private credit’s growth is linked to banks pulling back from lending after the financial crisis, positioning private capital as a durable source of financing rather than a temporary market response.

Soundbites:

Russ Ivinjack:

“If I had to say one word, really across this whole podcast, it's alignment. The alignment of interest is critical. So, making sure bad loans aren’t being issued is of paramount importance. And that’s why we don’t see the same parallels going back to the great financial crisis.”

Alison Trusty:

“This is a structural shift in markets. The banks aren't going to be coming back to lending and the economy needs finance. So private debt will continue to provide that.”

This episode of On Aon was recorded on March 23, 2026.