CAPITAL MARKET
Private Credit
Private credit has grown from roughly $400 billion in 2013 to over $2 trillion in assets under management, now rivaling the syndicated loan market in scale. The strategy spans direct lending, mezzanine, distressed debt, specialty finance, and infrastructure credit — each with distinct risk, return, and liquidity profiles that LPs are still learning to benchmark.
Coverage here tracks fund closes and target sizes across direct lending and opportunistic credit, BDC quarterly disclosures of leverage and non-accruals, Federal Reserve and OCC commentary on bank exposure to non-bank lenders, insurance company allocations to private credit (now >$700B across US life carriers), and the growing retail product wrappers — interval funds, nontraded BDCs, and evergreen vehicles — that open the asset class to wealth channels.
PipelineRoad sources this feed from SEC Form N-2, 10-K, and 10-Q filings, primary press, regulatory speeches, and LP disclosures — giving fund managers early signal on which LPs are pacing, which strategies are clearing, and where the next capital is going.
Featured Stories
Regulatory
Brighter Private Credit Fund LP Files SEC Document on Section 3(c)(1)
Brighter Private Credit Fund LP submitted a filing to SEC EDGAR on April 27, 2026, related to Investment Company Act Section 3(c)(1).
Market Data
Private Credit BDCs Trade at Deepest NAV Discounts in Over Five Years
Shares of private credit BDCs are at their widest discounts to NAV since October 2020, per LSEG data, amid investor concerns over valuations and risks.
Fundraising
Private Credit Funds Face Funding Strain as Borrowing Costs Rise
Private credit managers encounter increased funding pressure from higher costs and tighter lending, per JPMorgan data cited in a report.
All Private Credit Coverage
BTG Pactual Expands Performing Credit Team with Senior Hires
BTG Pactual Global Alternatives has added two senior executives to its performing credit business as it scales its $10.9bn alternatives arm.
Flow Capital to Tokenise $150m Private Credit Fund on Blockchain Platform
Flow Capital Partners plans to list its $150m private credit fund on a Singapore-based blockchain platform by month-end, aiming to raise an additional $30m in tokenised shares.
Wall Street Banks Report Strong Q1 Earnings Amid Private Market Uncertainty
Major Wall Street banks including Goldman Sachs and BlackRock posted strong Q1 earnings, providing insights into private credit redemptions and PE transaction trends.
Japan Positions Private Credit as Key Growth Pillar Amid Global Strain
Japan's financial regulator emphasizes private credit's role in its strategy despite overseas market volatility, as reported by Reuters.
Goldman Sachs Foresees Growth in Private Credit Despite Withdrawals
Goldman Sachs expects private credit to continue attracting capital long-term amid investor withdrawals and liquidity concerns, according to their executive.
Banks Tighten Leverage Terms on Private Credit Funds as Disputes Rise
Banks including JPMorgan Chase, Goldman Sachs, and Barclays are raising interest rates and reassessing collateral values for private credit funds amid market volatility.
PNC Discloses $7bn Exposure to Private Credit Firms
PNC Financial Services reveals approximately $7bn in exposure to private credit managers, part of a larger portfolio amid growing transparency in banking ties to the asset class.
US Treasury Requests Data from Private Credit Firms
The US Department of the Treasury is seeking detailed information from private credit managers on their operations and ties to financial systems, as reported by Punchbowl News.
LEO Multi-Manager Private Credit Fund Files SEC Form D/A
LEO Multi-Manager Private Credit Fund, LP filed a Form D/A on April 15, 2026, citing Section 3(c)(1) of the Investment Company Act.
LEO Multi-Manager Private Credit Fund LP Files SEC Document for Section 3(c)(1)
D/A - LEO Multi-Manager Private Credit Fund LP filed a SEC document on April 15, 2026, related to Item 3C.1 under the Investment Company Act.
Blue Owl Capital Raises $400m in BDC Bond Deal
Blue Owl Capital has raised $400 million through a bond issuance from its BDC, OBDC, amid volatility in the private credit sector, according to a report.
Blue Owl Capital Raises $400m Through OBDC Bond Issuance
Blue Owl Capital has raised $400m in a bond deal from its BDC, OBDC, amid private credit sector volatility, according to a report.
Major US Banks Disclose Private Credit Exposures Amid Investor Scrutiny
US banks like Wells Fargo, JPMorgan Chase, and Citigroup reveal details of their private credit lending in quarterly earnings, addressing risks as investor focus intensifies.
Carlyle Secures $1.5bn First Close for Asset-Backed Income Fund
Carlyle Group has raised $1.5 billion in the initial round for its new asset-backed finance vehicle, attracting commitments from institutional investors including pension funds.
Adams Street Closes $7.5bn Private Credit Fund as Strategy Assets Reach $15bn
Adams Street Partners has closed its third private credit vehicle with $7.5bn in total capital, expanding its direct lending platform and increasing strategy assets to $15bn, according to Private Equi
Dawson Partners to Launch New Flagship Credit Fund After $7.7bn Close
Toronto-based private credit manager Dawson Partners prepares a new flagship fund mid-year, following the $7.7bn close of its predecessor, according to Private Equity Wire.
Carlyle Limits Withdrawals from $7bn Private Credit Fund Amid Redemption Surge
Carlyle caps withdrawals at 5% for its $7bn Tactical Private Credit Fund after requests reached 15.7% of shares, according to a report cited by Private Equity Wire.
Carlyle Limits Withdrawals from $7bn Tactical Private Credit Fund
Carlyle capped withdrawals at 5% for its $7bn Tactical Private Credit Fund after requests reached 15.7% of shares, amid broader market pressures.
Q1 2026 Review: Democratisation Dynamics in Private Markets
Private Equity Wire highlights democratisation trends in private markets for Q1 2026, focusing on education narratives and potential disruptions.
Q1 2026 Review: The Real Story in Private Markets
Aftab Bose of Private Equity Wire examines democratisation dynamics in private markets for Q1 2026, including education efforts and potential disruptions.
Frequently Asked Questions
How large is the private credit market?
The private credit market has grown from roughly $400 billion in 2013 to over $2 trillion in assets under management as of 2025, now rivaling the broadly syndicated loan market in scale. Preqin, BlackRock, and IMF estimates converge in the $1.8-2.3 trillion range.
What are the main private credit strategies?
Core strategies are direct lending (senior secured loans to middle-market companies), mezzanine, distressed debt, specialty finance (asset-backed lending, royalty finance, litigation), infrastructure credit, and opportunistic credit. Direct lending represents roughly 45-55% of the market by AUM.
Who are the largest private credit managers?
Top managers by AUM include Blackstone Credit, Ares Management, Apollo, Blue Owl, HPS Investment Partners, Goldman Sachs Asset Management, and Oaktree. Together, the top 10 managers control roughly 40-45% of private credit AUM.
How do BDCs relate to private credit?
Business Development Companies (BDCs) are publicly or privately held closed-end vehicles that invest primarily in private credit. Public BDCs offer daily liquidity and trade like stocks; non-traded/perpetual BDCs serve retail investors with monthly or quarterly liquidity. BDCs hold roughly 15-20% of private credit AUM.
What is the typical yield on private credit?
Senior secured direct lending typically yields SOFR + 500-700 basis points (roughly 9-12% all-in in current rate environments). Junior capital and specialty finance strategies target mid-teens to low-20s net returns. Distressed credit targets 20%+ gross on workouts.
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