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AI Disruption Isn’t Just a Software Story, Churchill’s Alona Gornick Warns Private Credit Investors

Alona Gornick, Managing Director and Senior Investment Strategist at Churchill Asset Management, tells AICA that software-exposure concentration — not AI risk alone — was an underappreciated factor in early-2026 private credit volatility, with some BDCs carrying 20–25% software exposure versus Churchill’s roughly 5–6%. She argues AI-driven obsolescence risk should be underwritten across every sector, not treated as software-specific, and outlines how private credit managers are adapting their frameworks accordingly.

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