Podcast: Do you actually know your exposure?

Aug 5, 2026

Kevin Hsu

Lumonic's co-founder and CEO Kevin Hsu joined Devin Mathews on the Private Equity FunCast, the show Devin and Jim Milbery have run at ParkerGale for over a decade, for an episode called "Do You Actually Know Your Exposure?" They taped at ParkerGale's Chicago office in June, the morning after our first Chicago private credit dinner.

The episode centered around one question: should a fund build its own portfolio monitoring or buy it? Kevin's answer is that everyone should try. The barrier to building has never been lower, and a firm can get maybe 70% of the way there on its own. What they pay a software company for is the last 30%, the edge cases.

Watch the episode below, or listen on Apple Podcasts or Spotify.

Thank you to Devin and the ParkerGale team for hosting us.

Origination13

Capital relief18

Secondary7

Bank sources the loan, private credit fund holds the asset.

Citigroup / Apollo$25B committed

Largest relationship of its kind. Targets corporate and sponsor-backed loans in North America. Participation from Mubadala and Athene. Sep 2024.

Corporate lendingSponsor finance

JPMorgan / FS, Cliffwater, Shenkman+$65B committed

$10B balance sheet opened Oct 2024. Side-by-side model: JPMorgan originates, private credit firms invest on deals without upfront capital. Increased to $50B + $15B in Feb 2025.

Side-by-sideNon-sponsored

Wells Fargo / Centerbridge$5B+ committed

First large-scale bank-private credit JV. $2.5B equity commitments. ADIA and BCI anchored. Non-sponsored middle market. Sep 2023.

JVNon-sponsored MM

SocGen / Brookfield€10B committed

Real assets credit: power, renewables, data, midstream, transportation. Fund finance. Insurance investor base. Sep 2023.

Real assetsFund finance

BNP Paribas / Apollo (ATLAS SP)$5B committed

Securitization-focused. Investment-grade asset-backed credit. Capital markets collaboration. Sep 2024.

SecuritizationIG ABF

Barclays / AGL Credit Management

AGL Private Credit platform. Large sponsor-backed corporates. ADIA anchor commitment. Apr 2024.