About this episode
Why did private credit secondaries emerge, and what problem do they solve for investors?
David Weisburd speaks with Rakesh Jain about building one of the world’s largest private credit secondary platforms at Pantheon, the mechanics of liquidity in private markets, and how seasoned portfolios differ from primary credit origination. Rick explains how diversification, underwriting discipline, and alignment shape risk-adjusted outcomes across cycles.
Disclaimer: This episode was recorded in 2025. Market conditions, data, and opinions discussed reflect that time period.
Highlights:
How Pantheon identified the need for credit secondaries
Defining the investor value proposition in a nascent market
Key differences between credit and private equity secondaries
Sources of value in seasoned credit portfolios
Managing diversification across thousands of underlying loans
LP versus GP-led secondary transactions and trade-offs
Mitigating adverse selection through sourcing and diligence
Misunderstood risks and correlations in private credit
The role of credit secondaries in institutional and wealth portfolios
Guest Bio:
Rakesh Jain is Global Head of Private Credit at Pantheon, where he oversees one of the largest private credit secondary platforms globally. He has extensive experience across credit investing, portfolio construction, and platform building, and has played a central role in developing Pantheon’s approach to liquidity solutions, diversification, and risk management in private credit markets. Earlier in his career, he held senior roles at Morgan Stanley, Goldman Sachs, and Citigroup.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.
Sponsor:
AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.
Stay Connected with David Weisburd:
X/Twitter: @dweisburd
LinkedIn: https://www.linkedin.com/in/dweisburd/
Weisburd Capital: https://www.weisburdcapital.com/
Stay Connected with Rick Jain
LinkedIn:https://www.linkedin.com/in/rakesh-j-6b53
