The Distribution by Juniper Square
Jun 9, 2026 · 56 min · 14 segments
Brandon Sedloff and Matt Schwartz explore the evolution of fund finance and private credit on The Distribution. Matt shares insights from his two decades in legal finance, including his journey from…
Brandon SedloffHost
So when you think about that surface area, it's a lot, I guess, from a kind of a leadership perspective.
How do you kind of what's your mental model for organizing where you spend your time? You can't be an expert in all of those things.
So I spend, I would say, about 40 percent of my time doing billable client work in direct lending these days, mostly on the private credit side, although I still do a bunch of work for a bunch of the banks that I've worked for.
But on the private credit side is where the deals are the most complex, more creative, really need a firm like ours and someone like me who's been in this business for a long time to kind of dig in and push buttons where needed.
So most of the things I spend my deal time on are direct lending private credit deals for tech, life sciences and health care companies.
The rest of the 60% of the time is a mixture of business development, both for myself and for the entire group, right? So for instance, we were just in Nashville at one of the major private credit conferences, right? You guys had a presence there.
But what's interesting is when you look at the funds space right now, there is a huge overlap between the asset allocation, which is what I do, the direct lending, fund finance, which is how they back lever these assets, fund formation and fund structure, which is how they put together the funds to begin with on the GP side, the LP side of getting LPs into the deal and selling them into the deal.
Insurance capital doing forward flow arrangements that sit up on top of these traditional GPLP structures.
Our new capital solutions team, we recently brought on Rinesh Ramanathan, who was a former GC at Bain, who leads our hybrid capital solutions product.
All of these different areas, when you look at tax regulatory, when you look at the world of funds, their needs are so much more complex now than they were before that you need a holistic funds practice to service them.
I know that's not the focus of the conversation, but banks need more interesting regulatory tax advice than they've ever needed before.
But when you look at a fund, they have so much more flexibility to structure themselves.
So when you think about that surface area, it's a lot, I guess, from a kind of a leadership perspective.
How do you kind of what's your mental model for organizing where you spend your time? You can't be an expert in all of those things.
So I spend, I would say, about 40 percent of my time doing billable client work in direct lending these days, mostly on the private credit side, although I still do a bunch of work for a bunch of the banks that I've worked for.
But on the private credit side is where the deals are the most complex, more creative, really need a firm like ours and someone like me who's been in this business for a long time to kind of dig in and push buttons where needed.
So most of the things I spend my deal time on are direct lending private credit deals for tech, life sciences and health care companies.
The rest of the 60% of the time is a mixture of business development, both for myself and for the entire group, right? So for instance, we were just in Nashville at one of the major private credit conferences, right? You guys had a presence there.
But what's interesting is when you look at the funds space right now, there is a huge overlap between the asset allocation, which is what I do, the direct lending, fund finance, which is how they back lever these assets, fund formation and fund structure, which is how they put together the funds to begin with on the GP side, the LP side of getting LPs into the deal and selling them into the deal.
Insurance capital doing forward flow arrangements that sit up on top of these traditional GPLP structures.
Our new capital solutions team, we recently brought on Rinesh Ramanathan, who was a former GC at Bain, who leads our hybrid capital solutions product.
All of these different areas, when you look at tax regulatory, when you look at the world of funds, their needs are so much more complex now than they were before that you need a holistic funds practice to service them.
I know that's not the focus of the conversation, but banks need more interesting regulatory tax advice than they've ever needed before.
But when you look at a fund, they have so much more flexibility to structure themselves.
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