Canadian institutions have been among the most committed private credit investors in the world, and among the most diligent. That combination is being tested.

Yield is the first test. Floating-rate coupons have reset higher, and on paper the income case has rarely looked better. The difficulty is that the same rate path is pressing on borrowers, and the coupon an investor collects is also the burden a company carries. Spreads have narrowed as capital has accumulated, and liquid credit has become a genuine competitor for the same dollar. Canadian allocators are running that calculation with currency and hedging costs layered on top, and asking what the illiquidity premium is actually worth when the liquid alternative pays just as much.

By September, there will be another year of evidence on how private credit performs through a genuine cycle: how recoveries have held up, whether reported marks proved reliable, and how differently the deals written at the peak of fundraising are performing from those written today.

This event convenes Canadian and global allocators and managers for a day and a half of focused dialogue on selection, structure and diligence. Where is the next dollar best deployed, by strategy and by geography? What does credible underwriting discipline look like now? How should Canadian investors weigh currency, access and scale when the deepest opportunities sit outside the country?

Peer-led, practical, and grounded in practice rather than forecasts.