Private credit investors say active portfolio management, tighter lending standards and greater risk discipline are now paramount as the sector navigates rising default rates. After J.P. Morgan CEO Jamie Dimon warned last week of "cockroaches" lurking in private markets, fears of contagion and a potential repeat of the 2008 subprime lending crisis have driven central banks to put the sector under closer scrutiny. But how worried investors should be about private credit "depends," according to Thomas Friedberger, deputy CEO at Tikehau Capital. "We shouldn't be worried about the fact there are defaults because private credit, at least on the high yield part of private credit, is about structuring instruments that are risky." Friedberger said that defaults in the credit market are "normal," a

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