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Notes -
There is no such thing as ring fenced private capital in a crisis. VCs are backed by private equity backed by family offices backed by stakes in public companies intrinsically tied to the public bond market. You can’t stop contagion. Banks are a central leveraged financing source behind the current private credit boom as the recent MFS collapse here in the UK showed. Big private equity and credit players like Apollo bought insurers and then funnelled 20%+ of net assets into private credit, if AI reveals those SaaS companies to be largely worthless and they can’t fund their obligations that’s another major systemic problem because that leads to asset fire sales and a repricing of the entire credit market, which is catastrophic. Some Silicon Valley VC yoloing a few million on seed rounds isn’t systemic but that’s a tiny fraction of private capital.
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