Software exposure in private lending has been all over the financial press, and investors are right to ask about it. Private lending has been in the headlines for all the wrong reasons. In this clip, Muzinich & Co.’s Portfolio Manager, Ji He looks past the noise and goes to the default data, explaining why the US middle market looks broadly stable. She sets out why the stress showing up is idiosyncratic rather than widespread, and what the long-run numbers say.
In this video, Ji explains:
- Why private lending has drawn negative headlines since Q4
- How the US middle market is holding up right now
- The 25-year average default rate on middle-market loans
- Why 2025 defaults of 0.9% point to idiosyncratic, not systemic, stress
Excerpt from a live webinar recorded on 23 July 2026. Information is correct as at the time of broadcast and is subject to change. This video is for educational purposes and is general in nature. It does not constitute personal advice.
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