The London Review

Markets22 Mar 2026

The $2 Trillion Shadow: How Private Credit Became the Defining Asset Class of the 2020s

Private credit has grown from a niche corner of leveraged finance into a $2 trillion industry that now rivals traditional bank lending. Its ascent raises profound questions about risk, regulation, and the next financial crisis.

Private Credit Alternative Assets Asset Management Apollo Ares Blackstone Systemic Risk

Oscar McGuinness10 min read

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The $2 Trillion Shadow: How Private Credit Became the Defining Asset Class of the 2020s

Liquidity Cycles and Private Credit