Jeremy Goff discovered private credit at Tortoise as a way to diversify beyond public markets. Unlike traditional lending tied to benchmarks like LIBOR, private credit prices loans based on actual underlying risk, letting investors essentially operate as banks.
There's a lot of different private credit, and the way I got into it was ultimately while we were working at Tortoise, we started really looking at alternatives just to diversify the asset base that Tortoise had. And private credit got really interesting to me because I saw that there were a way to find opportunities where you're acting as a bank essentially, but you're able to structure things in a way that take you away from public market exposure, meaning that I'm not pricing something on a spread to We don't use LIBOR anymore, at least we say we don't. Whatever the benchmark rate is you want to use for today, I guess. But we're really looking at, okay, we're really pricing credit. And I think most private credit investors do this. We're pricing credit based on risk and not based on what the public markets are telling us it should be.
