Capital Allocators – Inside the Institutional Investment Industry30 Mar

Kieran Goodwin – Private Credit Concerns (EP.494)

Kieran Goodwin is a Partner at Saba Capital, a $6 billion hedge fund manager that seeks to identify dislocations in credit and equity markets to generate convex returns in volatile times. Kieran has been one of the top credit traders on the Street for the last three decades across roles at investment banks in the '90s and early 00's, King Street, his own hedge fund, Panning Capital, and most recently, Saba that he joined in 2024.

Our conversation covers a tour of Kieran's background, including early experience with credit derivatives, growth at King Street, lifespan of Panning, downtime between stints, and re-engagement with Boaz Weinstein at Saba. We then turn to risks in the private credit market, including its rapid growth, asset-liability mismatches, pricing marks, leverage, liquidity, default risk, and the potential for reflexive problems. Kieran shares how managers should navigate the environment and how he is positioning Saba to benefit.

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Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

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