Scott Zuchorski
Scott Zuchorski
Speaker
Managing Director, Global Head of Infrastructure and Project Finance

Fitch Ratings

United States
Plenary

Topping Things Off: The New Capital Stack

Christina Kim
Managing Director,
Brookfield
Michael Obhof
Senior Managing Director – Digital Infrastructure,
Ardian
Lawrence Cyrlin
,
KKR Capital Markets
Scott Zuchorski
Managing Director, Global Head of Infrastructure and Project Finance,
Fitch Ratings

As public and private markets converge, private credit is no longer a side bet—it’s actively transforming the architecture of deal financing. This opening panel dives into how private credit is influencing capital allocation, price discovery, and risk transfer across the spectrum, from traditional bank lending to capital markets instruments. Is private credit reshaping market liquidity and underwriting standards? How are originators and investors recalibrating strategies as new participants enter the stack? Join us for a fast-paced exploration of the structural shifts driving a new era of capital market innovation.

  • How is the rise of private credit influencing liquidity, pricing, and risk tolerance across the broader capital markets ecosystem, including syndicated loans and bonds?
  • In today’s market, what are the new boundaries (and overlaps) between private credit, bank loans, and public capital markets, and how are issuers navigating this increasingly complex capital stack?
  • Are capital markets seeing changes in underwriting standards, investor behavior, or regulatory risks as private credit plays a more systemic role alongside traditional instruments? What does this mean for market resilience in volatile conditions?