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Lotfi Karoui

Multi-Asset Credit Strategist, Co-Head of Client Solutions and Analytics

Mr. Karoui is a managing director, multi-asset credit strategist, and co-head of client solutions and analytics. Based in the New York office, he works with portfolio management teams to analyze markets and client portfolios to ensure alignment with strategic views across public and private credit. He also works with client and product teams to develop proprietary tools, data, and frameworks and engages clients on complex investment solutions. Prior to joining PIMCO in 2026, Mr. Karoui was the chief credit strategist at Goldman Sachs, responsible for research and views on global credit markets. He joined Goldman Sachs in 2007 and previously taught undergraduate and graduate level courses in finance and operations research at McGill University and HEC Montréal. His academic research into fixed income markets, interest rate models, and macro-finance has been recognized with awards from the Financial Mathematics Institute of Montréal and published in leading academic journals. He holds a Ph.D. in financial economics from McGill University, a master’s degree in financial engineering from HEC Montréal, and an undergraduate degree from IHE Carthage in Tunisia.
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Latest Insights

Fixing Your Interest

The New Credit Order: Public Meets Private

Public and private credit markets are evolving fast, reshaping how investors think about risk, return and liquidity. In this episode of Fixing Your Interest, we explore what’s driving today’s credit landscape, where valuations stand, and how investors can navigate growing dispersion across markets.

The Credit Market Lens

The Credit Market Lens: Software Stuck in a Trough

The software sector remains challenged by pressured valuations, uncertain recoveries, and less reliable sponsor support.

The Credit Market Lens

The Credit Market Lens: Oil Supply Shocks Don’t Age Well

Markets may be pricing some relief for now, but the true measure of an oil shock is how long it endures.

The Credit Market Lens

The Credit Market Lens: A data-driven look at public credit liquidity

Across corporate lending markets, some investments are easier to trade and exit than others – differences that deserve particular attention today.

The Credit Market Lens

The Credit Market Lens: A market split, but for how long?

Amid geopolitical uncertainty, dispersion across credit markets – rather than a broad risk-off move – has become the dominant investment signal.

Economic and Market Commentary

Spreads May Be Converging Across Public and Private Markets, But Liquidity Is Not

Efforts to make private credit tradable face obstacles and risk undermining one of the main reasons – earning an illiquidity premium – that investors look to private assets.

Economic and Market Commentary

Private Credit’s Other Lanes Still Offer Value

Even as the direct lending sector faces scrutiny, private credit remains a broadly diversified market offering a variety of investable opportunities.

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