Private credit funds lend directly to companies, outside the banks. Our researchers look at who is lending, on what terms and to whom, and at where the risks in the market sit.
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The London discount looked like the reason UK companies keep being bought. It was really the lender's underwriting policy, and that sets the ceiling regardless of where the shares trade.
7 min read
Rearmament has turned defence from an industry private capital avoided into one it is pouring money into, though Europe's governments are increasingly particular about whose money it is.
Basel IV and Chinese price-dumping left frontier mineral and energy corridors unbankable for private capital. This is how sovereign balance sheets turned geopolitical chokepoints into private yield.
Private Credit is one of the most rapidly expanding industries within private markets, with the Bank of England estimating a four-fold rise from 2015 to 2024. With the pressure of increased competition and potential reductions in interest rates, there is increased uncertainty around the future of the booming industry.
The retail push looked like growth. It was really the industry building a capital base that does not depend on selling anything.
Pimco, the $2.3tn bond giant built on public markets, is quietly becoming one of the most powerful actors in private credit with mega-deals for Meta and Oracle, lending to Gulf states in wartime, and exploiting the liquidity crunch hitting rival funds.
Goldman's near miss looked like good news. It was really a warning about everything else.
A Connecticut credit firm is lending millions against World Cup resale tickets, betting the markup holds. The trade exposes a wider story about how Wall Street is learning to finance scarcity.
Investors attempted to pull more than $20bn from the largest private credit funds in Q1 2026, only to find the exits partially closed. The episode marks the sector's first real test of cycle maturity.
From Blackstone's bid for Senior plc to the largest LBO in history and a regulatory clash threatening the private credit ratings ecosystem, this week laid bare the tensions running through global private capital markets.
Retail investors are pulling billions, insiders say defaults are already here, and banks are quietly tightening credit. The mixed signals across private credit mask a single uncomfortable truth.
Partners Group Chair Steffen Meister warns AI will create an asymmetric disaster for private credit, where lenders absorb the losses from disrupted companies while capturing none of the upside.
Investors pulled $3.7 billion from the world's largest private credit fund. BCRED has posted its first ever net outflows, signalling a turning point for the entire industry.
Blue Owl permanently restricts investors from withdrawing cash from its inaugural retail debt fund, backtracking on plans to reopen redemptions this quarter.