#155 The Vault That Grew to $180M+ in a Year

Background: Matteo Pandolfi is the co-founder and CEO of Pareto, an onchain private credit marketplace for institutional borrowers and lenders, with over $200M in TVL and over $2.5B in credit extended.

Thibault Labidi is the Director of M11 Credit, experts in on-chain and off-chain deal structuring who bring fixed-income opportunities to capital allocators. The M11 team underwrote the FalconX Credit Vault on Pareto — the largest single-borrower vault in DeFi.

Description: In this episode of Alt Funds Network, Mike Schroeder and co-host Skyler Steinke sit down with Matteo Pandolfi, Co-founder & CEO of Pareto, and Thibault Labidi, Director of M11 Credit, to explore how institutional lending is moving on-chain—and why the next wave of private credit may extend far beyond crypto.

Pareto has grown to over $200M in Total Value Locked (TVL) and more than $2.5B in credit extended, evolving from a crypto-native lending platform into institutional-grade credit infrastructure. Together with M11 Credit, they explain how rigorous underwriting, legal protections, and transparent on-chain infrastructure are attracting institutional borrowers and lenders alike.

The conversation takes a deep dive into the FalconX Credit Vault, one of the largest single-borrower on-chain credit facilities, covering how the deal was structured, how risk is managed, and how TradFi legal frameworks work alongside smart contracts to create institutional confidence.

They also discuss why expanding into fintech and paytech borrowers could reduce dependence on crypto market cycles, how receipt tokens unlock new opportunities through DeFi composability, the role of curators and collateral agents, current market yields, operational efficiencies, and what Pareto's upcoming Pareto Studio means for the future of on-chain credit infrastructure.

Whether you're an institutional investor, family office, DeFi builder, or simply interested in the future of private markets, this episode offers a practical look at where institutional capital is heading.