“In the US today, what you see is... capital leaving the system out of the BDCs, and that’s creating a lot of technical pressure on the market,” says Robin Doumar, founder and managing partner of Park Square Capital. “So we should see better structures, better pricing, better terms.” In this episode of the Credit Crunch podcast, Doumar joins Bloomberg Intelligence’s Noel Hebert to discuss Park Square Capital’s founding, growth and evolution since its launch in 2004, as well as its prospects for future growth. The two discuss the shift toward institutional private credit from what was once a bank-dominated European leveraged finance market, the benefits of evergreen funds and why current challenges facing large BDCs may create technical tailwinds for direct lenders more broadly. Doumar also talks about borrower selection, being willing to own an asset and the importance of culture to Park Square’s story.