It's a great time for buying across private equity and private credit, says Steve Klinsky

• Private credit is an 'oversold asset class' and a 'buying opportunity' with current default rates significantly lower than implied by market discounts.
• AI's disruptive impact on incumbent businesses is 'exceptionally overrated', as established firms can adapt new technologies.
• Private equity exits have been slower but a large number are expected, and Klinsky supports retail investment in private markets with proper guardrails.

Steve Klinsky of New Mountain Capital discusses the state of private equity and private credit, asserting that private credit is currently an oversold asset class presenting a buying opportunity due to low default rates. He also notes a backlog of private equity exits and supports retail access to private markets with appropriate regulatory oversight.