The private credit market has grown enormously fast in recent years—so much so that by some estimates it's now bigger than the market for junk-rated corporate bonds. So what's driven all that growth? What impact has private credit had on other types of corporate debt? And why are there so many concerns around the space right now? In this episode we speak with John Sheehan and Craig Manchuck, two veteran portfolio managers for the strategic income fund at Osterweis Capital Management. We talk about the history of private credit before and after 2008, private credit's links with private equity and insurance, the prospect of higher defaults, and what to watch for right now. (Source: Bloomberg)