Experts

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.

Latest Insights

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.

Accrued Interest

Private Credit’s Other Lanes Still Offer Value with Lotfi Karoui

Lately, private credit has attracted its share of grim headlines, but as Lotfi Karoui — PIMCO Managing Director, Multi Asset Credit Strategist and Co Head of Client Solutions and Analytics — points out, many recent developments in the space should be seen as expected features of a cyclical credit market. In his debut appearance on Accrued Interest, Lotfi and host Greg Hall dig into the private credit story: from direct lending’s emergence after the Great Financial Crisis, to its explosive growth post-COVID, and what we can expect in the future as investor expectations realign to actual opportunities and risks. They also explore diversification options within the private credit landscape, including asset-based finance (ABF) and real estate. Join us in welcoming Lotfi to PIMCO and Accrued Interest.