Private credit’s growing angst

It is the acceptable face of shadow banking. But is too much money chasing too few opportunities in private credit?

The speed dial on the growth of Europe’s non-bank lenders just got turned up a notch. Private credit funds raised more money in the first half of this year than the whole of 2016. Funds specialising in direct lending, worth next to nothing a decade ago, already by the end of last year managed assets of $42 billion, with a further $25 billion to put to work, says Preqin, a data provider. Their assets have grown more than seven-fold since 2012.

To policymakers, the sector is the acceptable face

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