In a captivating conversation with Giovanni Amodeo, Ted Goldthorpe, Partner and Head of BC Partners Credit, shared his invaluable insights on the private credit landscape, his background, and the future of the industry. Here’s a summary of the topics discussed:
Early Days and Career Path: Ted Goldthorpe reflected on his formative years at Goldman Sachs, where he ran various investment businesses, including the global loan and distress business. He then transitioned to the alternative asset management world, joining Apollo and eventually co-founding BC Partners Credit.
BC Partners Credit: Ted discussed BC Partners Credit’s impressive growth. He highlighted the business’s focus on originated credit, with a split between generic private credit, sponsor finance, and non-sponsored finance.
The Current Credit Market – Opportunities and Challenges: Ted shared his views on the current credit market, emphasizing that he doesn’t see widespread losses on the horizon, but expects an increase in defaults. He attributed this to the unique combination of rates, banks’ struggles, and the overall macro environment.
Advice for the Next Generation: Ted offered valuable advice to 16-year-old students, encouraging them to specialize in a field early on and explore the opportunities in the private credit space. He emphasized the importance of choosing a college that aligns with their career goals.
Aspirations and Culture at BC Partners Credit: Ted discussed his aspirations for BC Partners Credit, aiming to create a great investment management firm with a strong culture, excellent returns, and a talented team. He highlighted the importance of his employees feeling like they have a career, not just a job.
The Advantage of Being Part of BC Partners: Ted explained the benefits of being part of BC Partners, citing the firm’s industry expertise, operational knowledge, and blue-chip reputation. He emphasized the perfect balance between being a well-established firm and maintaining an entrepreneurial spirit.
