Nuggets | Curated insights across markets, macros, AI, tech & geopolitics

. . . 25—35% of private credit portfolios face elevated AI disruption risk. Using BDC portfolios as a proxy (AUM of ~$450bn, $350bn of which is public), exposure to high disruption risk subsectors is most acute in technology (~24% of BDC holdings) and business services (~30% of BDC holdings), including legacy SaaS firms with seatbased pricing models, back office application firms, staffing…