At $1.7trn, private credit in the US is now larger than it’s leveraged loan equivalent (at $1.4trn) or high yield bond market (at $1.3trn). Institutional allocations to the asset class have steadily climbed, from nearly 3% in 2020 to around 4% by 2024, with some large plans signalling intentions to push exposure even higher. What’s the next chapter look like as this asset class continues to mature?
