The enduring success of contrarian investors says consensus should be treated with some caution. The gold rush under way in the global private sector may well prove a case in point – the opportunity is huge, but the risks must be carefully managed.

Nehemiah Richardson, chief executive of Pengana Capital’s new private credit division, says “the next two to three years will probably be one of the best, if not the best, era to be investing in private credit” due to two connected forces: the dislocation caused by rising interest rates and reduced liquidity caused by ructions in the banking sector, and the wave of recapitalisations that need to occur as cheap debt deals expire.