This week, we speak with Mark Jenkins, who is head of global credit at the investment firm The Carlyle Group. Carlyle has more than $300 billion of assets under management; its global credit platform manages over $73 billion. Jenkins is also a managing director and member of Carlyle’s leadership team. He previously worked at CPPIB, Barclays Capital, and Goldman Sachs.
We discuss the growth of global credit as an alternative to traditional stocks and bonds. The illiquidity premium is only part of the reason why this remains an attractive space for investors, with less volatility than traditional assets.
Jenkins explains how the private equity sector for a long time mostly ignored Credit, choosing to focus instead on equity. Changes over the past two decades have led to the space becoming both larger and more attractive. He explains why he believes 2022 is may be a breakout year in global credit, especially in light of the Fed’s actions and rising rates.
A list of his favorite books is here; A transcript of our conversation is available here Monday.
You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.
Be sure to check out our Masters in Business podcast with Michael Lewis. We discuss Season 3 of his podcast Against the Rules. We also delve into the 30th anniversary of Liar’s Poker: Rising Through the Wreckage on Wall Street, and his new audio recording of the book. He is also the author of Undoing Project, Moneyball, Flashboys, The Big Short, and so many others.
Mark Jenkins Favorite Books
Team of Rivals: The Political Genius of Abraham Lincoln by Doris Kearns Goodwin
Alexander Hamilton by Ron Chernow
Grant by Ron Chernow
Ladies and Gentlemen, the Bronx Is Burning: 1977, Baseball, Politics, and the Battle for the Soul of a City by Jonathan Mahler
The Power Broker: Robert Moses and the Fall of New York by Robert A. Caro
Parting the Waters: America in the King Years 1954-63 by Taylor Branch
Churchill: A Biography by Roy Jenkins
Churchill: Walking with Destiny by Andrew Roberts