2023 Credit Outlook: New Landscapes, New Eyes

By: Jason Thomas & Mark Jenkins
2023 Credit Outlook: New Landscapes, New Eyes

Two shocks transformed credit markets over the past year. Upward adjustments in interest rates and the movement of financing volumes towards private lenders means that private credit, a market that used to serve as an ancillary player, has been thrust into a leading role on the global investment stage. 

2023 Credit Outlook: New Landscapes, New Eyes is a Global Insights report from Head of Global Research & Investment Strategy Jason Thomas and Head of Global Credit Mark Jenkins, which shares our perspective on the relative position of private credit in the investment landscape and encourages investors against triumphalism.

Read 2023 Credit Outlook: New Landscapes, New Eyes



Jason Thomas is Head of Global Research & Investment Strategy at Carlyle. Mr. Thomas helps to formulate firmwide investment strategies and serves as the Chief Investment Officer for managed accounts and the economic adviser to the firm’s Global Private Equity and Credit Investment Committees. Prior to joining Carlyle, Mr. Thomas served on the White House staff as Special Assistant to the President and Director for Policy Development at the National Economic Council. In this capacity, Mr. Thomas acted as the primary adviser to the President for public finance. Mr. Thomas received a BA from Claremont McKenna College and an MS and PhD in finance from George Washington University, where he studied as a Bank of America Foundation, Leo and Lillian Goodwin Foundation, and School of Business Fellow. Mr. Thomas has earned the chartered financial analyst designation and is a Financial Risk Manager certified by the Global Association of Risk Professionals.

Mark Jenkins is a Managing Director and Head of Global Credit. He is also a member of Carlyle's Leadership Committee. Prior to joining Carlyle, Mr. Jenkins was a Senior Managing Director at CPPIB and responsible for leading CPPIB’s Global Private Investment group. He was Chair of the Credit Investment Committee, Chair of the Private Investments Committee and also managed the portfolio value creation group. While at CPPIB, Mr. Jenkins founded CPPIB Credit Investments, which is a multi-strategy platform making direct principal credit investments. He also led CPPIB’s acquisition and oversight of Antares Capital and the subsequent expansion in middle market lending. Prior to CPPIB, he was Managing Director, Co-Head of Leveraged Finance Origination and Execution for Barclays Capital in New York. Before Barclays, Mr. Jenkins worked for 11 years at Goldman Sachs & Co. in senior positions within the Fixed Income and Financing groups in New York. Mr. Jenkins earned a B.Comm degree from Queen’s University. He served on the boards of Wilton Re, Teine Energy, Antares Capital and Merchant Capital Solutions.