An edited conversation with Matt Schwartz, U.S. Finance Practice Group Leader at DLA Piper, hosted by Carmel Fisher of Harvest Communications in partnership with DealFlow Events.
Carmel Fisher, Harvest Communications: Hi, and welcome to the Harvest Podcast. Today we’re featuring one of the premier sponsors of the Private Credit Sourcing Conference, brought to you by DealFlow Events. With me is Matt Schwartz, U.S. Finance Practice Group Leader at DLA Piper, a global law firm serving clients in more than 40 countries. Matt, welcome to the show.
Matt Schwartz, DLA Piper: Thank you for having me. It’s great to be here.
Carmel Fisher: Tell us a little bit more about DLA Piper and what makes the firm stand out.
Matt Schwartz: We are one of the biggest global law firms by revenue and the largest in the U.S. We represent companies, banks, funds, and other parties across a wide range of practices and geographies. If you’re a corporate, a bank, or a fund with a legal need, we cover it.
Our key differentiators are our practice depth and our global platform. We have specialists across virtually every area of law and professionals positioned worldwide, which makes us a one-stop shop for complex global transactions.
We also have a uniquely positioned group of former government officials—including former U.K. Prime Minister David Cameron, former U.S. Senator Richard Burr, and the former head of the FCC. This provides valuable insight for companies navigating how government decisions impact their business.
Carmel Fisher: In your experience, how are private credit funds adapting their origination strategies? Are you seeing a shift toward more proprietary deal sourcing, and what does that mean for the traditional intermediary model?
Matt Schwartz: Most credit firms don’t use intermediaries to source their deals. I’d say about 90% of deals are sourced internally, through relationships fund professionals already have—whether with venture capital firms, private equity sponsors, or company executives.
Of course, there are many investment banks and brokers active in the market. We work with a handful regularly. But as information and AI tools have become more accessible, it’s much easier for funds to do this work internally—identifying targets, analyzing metrics, and anticipating refinancing needs. That trend will only accelerate.
Carmel Fisher: What should lenders and borrowers be preparing for in the current market?
Matt Schwartz: The debt markets are very active right now, particularly as equity and M&A markets have been cooler. Private credit has become a key source of flexibility, with creative deal structures, hybrid debt/equity, and specialty finance all on the rise.
For companies with recent equity raises or liquidity events, debt is relatively cheap and less structured. For those without, financing becomes more costly and complex. But we’re also seeing innovation—previously unfinanceable assets like receivables, inventory, or recurring revenues are now being financed.
At the same time, with more funds in the market and more capital flowing into private credit, competition is fierce. Deals are getting more complex even as the expectation is to close them faster.
Carmel Fisher: Given the rise of AI and digital tools, how do relationships—like those built at conferences—help lenders and borrowers succeed?
Matt Schwartz: Relationships are everything. The most successful lenders are those who have been building networks for decades. They’re also master connectors who make the most of events like the Private Credit Sourcing Conference.
For borrowers, it’s often about leveraging the relationships of their sponsors or brokers. Experienced debt advisors can quickly connect companies to the right lenders in their space.
If you’re starting fresh today, it’s difficult without existing relationships. You’d need to hire someone with decades of experience and credibility in the space.
Carmel Fisher: You’ll be speaking on the “Navigating the Private Credit Deal Pipeline” panel alongside some notable industry leaders. What excites you most about this discussion?
Matt Schwartz: We’ve got a strong lineup, including Scott Stein of Hercules Technology Growth Capital and the heads of technology private credit from both BlackRock and Blue Owl. These are leaders in the technology, healthcare, and life sciences sectors. It will be a lively discussion about how different firms approach sourcing, underwriting, and building relationships in a competitive market.
Carmel Fisher: And what challenges will you collectively address?
Matt Schwartz: Key topics include the role of AI and technology in sourcing, the competitive fundraising environment, and how firms differentiate themselves. With so much capital flowing into private credit, it’s critical to understand how different players are adapting. Attendees can expect insights they won’t want to miss.
Carmel Fisher: Matt, thank you for joining us. We look forward to seeing you at the Private Credit Sourcing Conference on October 20–21 in New York City.
Matt Schwartz: Thank you. I’m looking forward to it.