Banking & CreditSubscriber
The private credit boom: where the risk is hiding
Capital has flooded into private lending as banks retreat from parts of the market. We map the exposures few can see.
EF
Eleanor Finch
Editor-in-Chief · Wednesday 27 May 2026 · 12 min read
Private credit has been the standout asset class of the cycle, drawing institutional capital with the promise of equity-like returns and floating-rate protection.
As the major banks stepped back from leveraged and development lending, non-bank funds filled the gap — and the asset class ballooned.
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