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Escaping the Private Credit “Capital Cram”
Why the Pursuit of Differentiated Alternatives Is More Important Than Ever
- Capital concentration into brand name funds can suppress returns and raise systemic risks
- Allocating to smaller, hard-to-access asset-based finance niches may help mitigate the risks of concentration
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- Prequin report, 2025.
- Pursuit analysis based on SPDR S&P 500 ETF. As of April 30, 2025.
- Bloomberg, “Private Credit Lenders Giving Up Protections to Win Bigger Deals”
- IMF, “Global Financial Stability Report”, April 2025.
- S&P Global, “Systemic Risk: U.S. Banks’ $1 Trillion In Loans To Nonbanks, Like Private Credit, Creates Risks And Rewards”.
- Preqin, “Global Report 2025: Private Debt”
- Federal Reserve, “Private Credit: Characteristics and Risks”
