LGIM Blog – Lushan Sun, Private Credit Research Manager

Disclaimer: Views in this blog do not promote, and are not directly connected to any L&G product or service. Views are from a range of L&G investment professionals, may be specific to an author’s particular investment region or desk, and do not necessarily reflect the views of L&G. For investment professionals only.

Lushan Sun

Lushan Sun focuses on market insights, tactical views and long-term thematic trends across private market asset classes. She is lead author on L&G’s outlook on private credit and private equity and also contributes to fund strategy and development of new investment products.

Lushan joined L&G in July 2021. She previously spent 9 years at Mercer as a senior investment consultant, advising large UK institutional investors on asset allocation, portfolio construction, manager research and performance monitoring across public and private assets.

Lushan has a MSci from Imperial College in chemistry and is a Fellow of the Institute and Faculty of Actuaries. In her spare time she enjoys travelling, fine food and non-English TV series on Netflix

Other articles by Lushan Sun

Compass and map

Navigating the Private Markets landscape in 2025 (so far)

Like other asset classes, Private Markets have had to navigate a 2025 strewn with macro uncertainty. Here, we look at assets we believe are screening positively in the current environment, while asking what needs to change to bolster other sub-sectors.

Earth pie

Deglobalisation 2.0: Private equity and private credit

In the next instalment of our series on deglobalisation, we look at whether 2025’s macro environment is still conducive to a recovery in the private equity space and still supportive of potential outperformance in private credit.

Waves

What does bond yield volatility mean for private credit?

The start of 2025 saw investors having to grapple with significant market volatility. For private credit, we see no reason to panic at this stage and find attractive opportunities in the short-dated space.

Private Credit Outlook

Sector focus: Continuing our 2025 private credit outlook

In the first part of our 2025 private credit outlook, we offered a broad overview of the prospects for the asset class over the next 12 months. Now, we assess some sectors in a little more depth – namely infrastructure and real estate.

tall building short building

High interest rates and low defaults? A 2025 private credit outlook

In our first instalment of our 2025 outlook, we outline why we believe private credit is well-positioned for 2025, supported by still-elevated interest rates, positive GDP growth in the US and an improving M&A environment. Nevertheless, our view is that investors should remain focused on fundamentals and relative value. We like assets with highly predictable cashflows, aligned with structural megatrends and less exposed to geopolitical-related disruptions.

comp flow

Competition, dealflow and defaults

We think macro conditions are supportive of another strong year for private credit, but are watching out for higher-for-longer rates and strong bank competition.

private markets size

Private market funds: Big or small?

With the popularity of private markets funds taking up column inches, we ask the question whether the size of an offering matters to investors?

deglobalisation globe

Deglobalisation: Private markets in a more diverging world

While deglobalisation has the potential to create headwinds for economic growth, we believe it also could create potential opportunities in certain sectors of the private markets.

Debt test

Pluralsight – a big test for private credit

A recent loan restructuring has attracted a significant amount of attention.

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