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The Rise of Asset-Backed Finance as Private Credit’s Next Trillion-Dollar Opportunity

Key Sections Why private credit managers are expanding beyond direct lending The evolution of asset-backed finance Consumer receivables and specialty finance Aircraft, shipping, and transportation assets Residential mortgage-backed opportunities Institutional demand and portfolio diversification Risks and underwriting considerations Future growth projections Key Takeaway Asset-backed finance may become the fastest-growing segment of private credit as investors […]

Why Insurance Companies Are Becoming the Most Important Capital Providers in Private Credit

Insurance companies are exposed to the embattled private-credit industry in more ways than one, according to a new report by Clearwater Analytics, a portfolio-management software provider.

The Rise of Asset-Backed Finance as Private Credit’s Next Trillion-Dollar Opportunity

Executive Summary Private Credit Outlook 2026 – Growth to accelerate, along with complexity and liquidity risks Private credit’s momentum will continue as global capital demand rises and asset-backed finance (ABF) becomes a core part of funding this growth. Financial innovation is playing a critical role in supporting increasingly diverse liquidity needs. Key takeaways: Momentum will continue, […]

Private Credit’s First Real Stress Test: Are Redemption Pressures Revealing Cracks in the Asset Class?

Executive Summary Private credit has spent more than a decade establishing itself as one of the most attractive asset classes in global private markets. Investors have been drawn to the sector’s promise of stable income, enhanced yields, reduced volatility, and limited correlation with public markets. Assets under management have expanded rapidly, transforming private credit from […]

The Generative AI & Technology “SaaS-Pocalypse”

With Intelligence: Private Credit Outlook 2026 – Assesses how the rising use of payment-in-kind (PIK) loans hides systemic rot across technology credit portfolios. [1] Top1000Funds: How Private Credit Investors Are Preparing for Software’s AI Reckoning – Examines portfolio re-balancing away from SaaS companies whose products face displacement by generative AI. J.P. Morgan Asset Management: What […]

Global Regulatory Scrutiny & Vulnerabilities

Financial Stability Board (FSB): Report on Vulnerabilities in Private Credit – Explores risk concentration, hidden leverage, and systemic spillover loops between private debt funds and commercial banking. PwC Insights: Global Private Credit Survey 2026 – Outlines upcoming European regulatory mandates under AIFMD II forcing funds to operate with stricter leverage caps. US Congressional Research Service: […]

Market Stress & Retail Fund Redemptions (Q2 2026)

Bloomberg Business: Morgan Stanley Caps Private Credit Fund After 11.6% Exit Request – Explains how the $7 billion North Haven fund limited Q2 2026 withdrawals to its 5% cap. [1] Bloomberg Intelligence: Apollo Caps Private Credit Fund Again After 17% Request to Exit – Details the $25 billion Apollo Debt Solutions fund freezing capital after […]

Private Credit, Balance Sheets and Financial Stability

We document new evidence on the capitalization, funding structure, and performance of private credit funds using comprehensive fund- and asset-level data covering most of the industry. Private credit funds are highly capitalized, with equity typically accounting for 65–80% of total assets—more than six times the capitalization of U.S. banks, where equity represents about 10%. Debt […]

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The Credit Connection: What’s Changing in Private Real Estate Finance