Lazard chief executive Peter Orszag has said that a recent spate of bankruptcies is not a “canary in the coal mine” for private credit.

“There are idiosyncratic issues surrounding the companies that got themselves into trouble as opposed to this being a broader problem in private credit,” he told journalists during its third quarter earnings call. “Private credit has grown rapidly. There may well be a moment where there’s an adjustment. I just don’t think that this is the signal of that.”