Dr Narine Lalafaryan (Assistant Professor of Corporate Law; Fellow, Pembroke College; CERF Fellow) gave evidence on 9 July 2025 to the House of Lords Financial Services Regulation Committee.
The Financial Services Regulation Committee invited Dr Lalafaryan to provide evidence on the growth of private markets in the UK following reforms introduced after 2008. This inquiry assesses whether the post-2008 reforms to regulatory capital and liquidity requirements have limited bank's ability to lend, thereby shifting risk from the banking sector to private markets. It also explores how much visibility the Bank of England has on the size of these private markets, their interconnectedness to the banking system, and any potential risks that might spill over.
Dr Lalafaryan was joined as a witness by Professor Ludovic Phalippou (Professor of Financial Economics at Saïd Business School, University of Oxford).
Narine's recent research has focused on the rise of private capital, in particular of private credit, after the global financial crisis and its implication for the role of debt providers in companies. Her second, most recent, line of work in this area, has analysed the implication of blurring of 'equity' and 'debt' capital in the private capital domain, a phenomenon that she has coined as chameleon capital.
The hearing is available to stream from the Parliament website.