Alternative Asset Management: Private Credit Soars

The private credit market has grown exponentially, to over $1.3 trillion in 2023 from $875 billion in 2020 and less than $200 billion in 2000. Borrowers started as middle-market companies ranging from $5 million to $100 million in EBITDA that were often sponsored by private equity firms. Today, we are seeing larger corporate borrowers come to the private credit market as banks reduce their appetite to lend.