This episode first appeared on Secondaries Investor's Second Thoughts podcast, which you can subscribe to by clicking here, or searching wherever you listen to podcasts. Private credit secondaries has the potential to surpass private equity in deal volume over the longer term as more secondaries investors pursue yield and diversification amid market volatility. Over the past year, several billion-dollar-plus deals have emerged in the credit secondaries space, including Coller Capital's recent acquisition of a $1.6 billion portfolio from American National and TPG Angelo Gordon's $1.5 billion continuation fund. Firms like Coller, Pantheon, Apollo Global Management and Ares Management have also launched dedicated credit secondaries strategies. In this episode, Michael Schad, head of secondaries at Coller Capital, and Gerald Cooper, global co-head of secondaries advisory at Campbell Lutyens, speak with Secondaries Investor Americas correspondent Hannah Zhang about the evolution of the private credit secondaries market and where the next opportunities may emerge. "Most of the asset managers are sitting on tens of billions of NAV. So it lends itself to a secondary opportunity that is inevitably going to continue to grow and be of scale," Cooper said in the podcast. "I think as we look five to 10 years down the road, we are hopeful that we are going to see more specialised pockets of capital come into the space."