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What if the hidden backbone of America’s Main Street—the massive, complex world of asset-backed finance and alternative credit—was not only bigger than you imagined, but also teeming with overlooked investment opportunities?
In this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with Ivan Zinn, the head of alternative credit at Blue Owl, to give listeners a rare, behind-the-scenes look at how the alternative credit landscape is evolving and why its $10+ trillion market is “hiding in plain sight.”
Key highlights include:
- The true scale and diversity of alternative credit and asset-backed finance, and how it powers the everyday economy.
- Why banks have largely stepped away from this space—and why private market lenders (with the right data and discipline) are poised to take their place.
- How Ivan Zinn and Blue Owl approach risk management, data science, and partnership to consistently deliver high yields with low credit losses—even during economic slowdowns.
- The competitive barriers, required skillsets, and why this market remains difficult for new entrants to truly scale.
- What investors and LPs should expect as the asset-backed finance world matures, and how allocation trends are changing across institutional and wealth channels.
Dive in to learn why volatility is sometimes an asset, how careful “box-building” and portfolio construction drive resilience, and what the next wave of alternative credit could mean for portfolios seeking diversification and yield.
Episode Overview
00:00 Introduction & Goal Setting
01:26 Ivan Zinn’s Background & Adélaïde’s Evolution
03:21 Strategic Shift & Blue Owl Partnership
05:27 Defining & Sizing Alternative Credit
08:05 Asset Class Buckets: Financial, Hard, Other
10:03 Where Financing Happens Now—Bank Exit, Private Market Entry
17:07 Economic Volatility & Finding Value
21:38 Risk Management, Dynamic Forward Flow & Data Science
30:06 Competitive Landscape vs. Direct Lending
35:20 Quant Team, Asset Surveillance & Picking Up Early Warning Signs
38:21 Loss Ratios, Underwriting Through Cycles
43:05 Interval Fund Launch & Portfolio Construction
46:35 Allocation Trends—Fixed Income vs. Alternatives
50:48 Educating the Wealth Channel & Future Opportunity
53:36 Closing Remarks & Outro
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Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site:
http://evercoreisi.mediasterling.com/disclosure
