Jeffrey Orr downplayed worries around private credit on the conglomerate’s first quarter earnings call Wednesday, saying the biggest impact has been that negative sentiment around the sector has made it harder to raise investment for alternative assets. However, the pullback remains manageable, he said. (The Logic)

Talking point: Power Corp. is exposed to private credit via its subsidiaries Sagard and Northleaf, the balance sheet of Great-West Lifeco, and through roughly $100 million of seed capital investments the company holds, said Orr, who is stepping down as CEO July 1. But he said the company focuses on the middle market and has limited exposure to sectors that have drawn scrutiny, like SaaS and software. Power Corp. reported a first-quarter net profit of $820 million Tuesday, up 19 per cent year over year and largely in line with expectations, with Scotiabank analyst Phil Hardie saying in a note to clients the company is in “a strong cash position.”