Credit Markets in Transition: Public–Private Credit Portfolios

Private credit has grown rapidly over the past decade, prompting many investors to revisit how public and private credit can work together in modern portfolios. In this podcast, we explore how this shift may be changing the way multi‑asset portfolios are constructed and managed. We also focus on the challenges of imperfect data, why liquidity and valuations fall along a spectrum rather than a simple public‑versus‑private divide, and how combining strengths like private‑market sourcing and public‑market flexibility can improve overall portfolio construction. PGIM's Brian Barnhurst, CFA, Head of Global Credit Research, hosts Greg Peters, Co-Chief Investment Officer and Co-Head of Multi-Sector Strategies, and Tom McCartan, CFA, Multi-Sector Strategies Portfolio Manager.  Recorded on January 22, 2026.