‘Golden’ or ‘Garbage’: Milken Signals New Private Credit Era

Months before Jamie Dimon’s infamous remark about more than one “cockroach” lurking in credit markets, TCW Group Inc. Chief Executive Officer Katie Koch warned the direct lending industry was due for a reckoning.

“We are now going to start to see some of the accidents in this asset class,” she said a year ago, before a crowd that included private-credit titans at the Milken Institute Global Conference.