Private credit has moved from an institutional niche into the portfolios of everyday investors seeking income and lower volatility. But higher income is not free: investors are paid to accept illiquidity, manager risk and the possibility that redemptions are limited when everyone wants out at once. In this episode of the Australian Investors Podcast, Owen Rask sits down with Nehemiah Richardson, CEO of Pengana Credit, to unpack how corporate private credit works and what investors should understand before committing their money. Nehemiah explains why manager selection matters when loans cannot be traded every day, how diversification across managers, industries, geographies and lending strategies can reduce concentration risk, and why the liquidity terms should match the time you can genuinely leave your capital invested. They examine the recent headlines around large US private credit funds, software exposure and redemption queues, including the difference between a genuine credit problem and a liquidity event. Nehemiah also compares Australia’s more concentrated private credit market — particularly its exposure to property and construction — with the broader opportunity set available in the US and Europe. You’ll also hear how professional investors think about underwriting, covenants, capital protection, portfolio construction and recovery when a borrower runs into trouble. The central message is simple: understand the manager, understand the assets, understand the worst-case liquidity, and do not invest in anything that cannot be clearly explained. *Chapters* *Episode resources* - Pengana: https://pengana.com/ - TermPlus: https://termplus.com.au/ - Speak with the Rask Advice team: https://rask.com.au/advice - Ask a question (select the Investors podcast): https://bit.ly/R-quest *Show partner resources* - ETF investor? Go beyond ordinary with Global X: View all funds https://www.globalxetfs.com.au - Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit: https://bit.ly/Pearler - Whatever comes next for your business, power it with Stripe: https://stripe.com *Rask resources* - All services: https://bit.ly/R-services - Financial Planning: https://bit.ly/R-plan - Invest with us: https://bit.ly/R-invest - Access Show Notes: https://bit.ly/R-notes - Ask a question: https://bit.ly/R-quest - We love feedback! https://raskau.typeform.com/to/ZbfHy6IP *Follow us on social media* - Instagram: https://www.instagram.com/rask.invest - TikTok: https://www.tiktok.com/@rask.invest *Disclaimers* This episode is sponsored by TermPlus. 22:47 - 24:26: The portfolio is designed to support capital stability and reliable income. 24:27 - 27:15: We manage the portfolio and liquidity with the objective of meeting the relevant term and target-income commitments. 50:54 - 52:57: The objective is to provide a more diversified and resilient exposure through different market conditions. The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. You can read our Financial Services Guide at www.rask.com.au/fsg. Any views expressed are current as at 17 August 2026 and may change. TermPlus and PCX are investment products, not bank deposits. Target rates, distributions and capital are not guaranteed. Investments involve risk, including possible loss of capital and restrictions on access to invested funds. Before investing, read the relevant PDS and TMD available at pengana.com and termplus.com.au and consider whether the product is appropriate for you.