Dr Narine Lalafaryan (Assistant Professor of Corporate Law; Fellow at Pembroke College; Co-Director of the 3CL; CERF Fellow) was recently featured on the Business Scholarship Podcast, hosted by Professor Andrew Jennings (Emory Law School). The podcast is one of the leading platforms for interdisciplinary discussions on the broad world of business research.
During the episode, Dr. Lalafaryan discussed her new working paper, “Chameleon Capital”, which examines the implications of the blurring of 'equity' and 'debt' in the private capital domain (private credit and private equity), a phenomenon she has coined chameleon capital. With recent significant developments in the private markets - including the collapse of First Brands and Tricolor, which have raised questions about private credit risks, as well as private credit lenders assuming control over firms such as Netceed, Bonhams, and Dainese - she explored with Professor Jennings the complex questions surrounding corporate control in this evolving landscape.
Earlier, in July 2025, Dr Lalafaryan presented expert evidence on private credit and the complexities of chameleon capital before the House of Lords Financial Services Regulation Committee.
The Business Scholarship Podcast episode is available to stream on YouTube, Apple Podcasts, Spotify or direct.
