Issue 59: Private Credit

26 March 2026

The global private credit market is big – US$2.5trn. It is opaque and illiquid. Some new funding structures are murky. Increasing interconnectedness among banks, private credit funds, business development companies (BDCs), and corporate borrowers is complicating monetary policy transmission and adding new layers of risk to the financial system. Even so the sector not is not in severe distress or about to go bottoms up. Institutional capital dominates, loans are covenant-heavy and long-dated, and most are collateralised.

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