Nicolas Roth

Back in January, the dominant narrative in private credit was that negative headlines pointed to isolated events and a normalisation of flows, not systemic credit stress. Today, the picture is evolving.

2026 will not reward broad exposure to private markets, rather the deliberate exposure to the right strategies, structures and managers.

Banks are stepping back from risks, leaving private credit at the forefront

An executive order is opening the door for private assets to access US defined-contribution pension schemes.

Looking at 2025, macroeconomic shifts and evolving investment strategies are reshaping the outlook for private markets.

Infrastructure assets provide essential services to communities, facilitating the transport of people, data, and energy.

The Fed’s long-awaited rate cut in September marks the start of a new easing cycle. With the end of the higher-for-longer narrative, investor expectations have shifted, prompting portfolio adjustments and risk premia arbitrage.

Direct lending, the biggest segment in private debt, is now accessible to a broader range of investors and seeing increasing demand, boosted by its superior risk-adjusted returns and attractive features that include speed and certainty of execution.

Our experts explore the origins of private debt—a market with a history spanning over 4,000 years, set to provide the next wave of opportunities for investors.