US Edition — Talking junior capital with Chris Wright of Crescent

<p>Sometimes it feels like the next wave of distress in the debt markets is always two quarters away. What if it’s already here — less of a tsunami and more of a gradual rise in the sea level?</p><p>Chris Wright runs the private markets group at <strong>Crescent Capital</strong>, and has plenty of experience as a junior capital provider to stressed credits. As we <a href="https://9fin.com/news/61a38c33-35d5-431e-a09c-15bd46a2a833">reported this week</a>, tapping third parties for instruments such as preferred equity and holdco PIK debt has become an increasingly popular strategy for borrowers facing tricky maturities.</p><p>In this week’s episode of the podcast, Will Caiger-Smith quizzes Chris on what these types of situations can teach us about distress, and how the markets deal with it in 2023.</p>