Private Credit Is Starting to Show Cracks
Private credit grew into a multi-trillion-dollar asset class during an unusually favourable period for alternative lending. Rising non-accruals, loan markdowns, refinancing pressure and investor withdrawals are now testing whether the industry's apparent resilience reflected superior underwriting—or simply the absence of a prolonged credit cycle.
ET&A Research · 2 September 2026
Private credit has spent much of the past decade being described as one of the great structural winners in global finance.
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