Measuring Counterparty Exposures to Private Credit

2026

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This report quantifies the growing counterparty exposures between private credit and traditional financial institutions, highlighting potential systemic risks.

* Estimates the total bank and nonbank lending to private credit entities, including BDCs, at $410 to $540 billion.
* Quantifies uncalled capital commitments owed to private credit funds at approximately $300 billion.
* Analyzes the characteristics of bank loans to private credit entities, finding favorable risk metrics.

Private credit, financial stability, counterparty exposure, lending, systemic risk

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