David Miller, Morgan Stanley Investment Management's Global Head of Private Credit & Equity, met with Lydia Tomkiw at Pensions and Investments to discuss the growth ahead in private credit, both for institutional investor allocations and for Morgan Stanley Investment Management globally. In the wide-ranging interview, David shared where he sees areas of opportunity, including opportunistic credit, such as flexible capital for deals that were done when rates were low, especially in the middle market, the unsponsored deal segment, growth companies, real estate lending and investment-grade asset-based finance.

"Private credit is not one thing, it is a very diversified set of sub-strategies that have very different characteristics," Miller said. "And that is, I think, the interesting part of the evolution of the asset class is people really getting smart on how different strategies are and the exposures are and where to put those in their portfolio, and what they do in a portfolio can be very different based on what that institution is looking to accomplish."