WHAT'S GOING ON IN PRIVATE CREDIT

2026

Open publication workspace · Sign in to read the full PDF.

AI-generated summary

This report analyzes the current state and potential risks within the private credit market, particularly focusing on the SaaS and AI-exposed sectors, and identifies opportunities arising from market dislocations.

* Examines the growth drivers and fee structures of private credit, highlighting the shift towards retail investors and the resulting deployment pressures.
* Details the concentration of risk in asset-light sectors like software, driven by higher leverage and weaker documentation in larger deals.
* Identifies opportunities in public BDCs trading at a discount and the potential for forced selling in the secondary market.

Tags: Private Credit, SaaS, AI, BDCs, Secondaries

Check the original publication for accuracy and context.