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Private Credit

Strategies, focus areas, funds and trends across our private credit coverage.

22

Firms

$2.16T

Allocated AUM

8

Funds

25

Strategies

Peak fundraising year

2024 — 3 funds closed

Most concentrated region

North America — 91% of firms

Top sector

Technology — 6 of 22 firms

Strategy mix

Strategies & sub-strategies

Direct Lending91% of firms20 Opportunistic Credit55% of firms12 Senior Secured45% of firms10 Mezzanine41% of firms9 Asset-Based Lending32% of firms7 CLOs27% of firms6

Insight

Direct Lending leads — 91% of firms run it — nearly 20× Commercial Real Estate Debt, the smallest strategy.

Fund vintage trend

New funds launched per vintage year, based on tracked closings

Industry focus

Bubble size = number of firms active in sector

By region

Firm count by geography

Verticals

Healthtech 7 Enterprise Software 6 Vertical SaaS 4 Fintech / Payments 2 Logistics & Supply Chain 2 Foodtech 2 Cleantech / Energy Transition 2 E-commerce 1 Biotech 1

Funds

NEWPrivate Credit IIIDirect Lending · closed2026 · $7.5B →ASP PIF CLO I, LLCCLO · closed2026 · $350M →Blackstone Credit Opportunities Fund V (BCOF V)Opportunistic Credit · fundraising2026 · $10B →GIP Credit Opportunities FundInfrastructure Credit · fundraising2024 →HPS Corporate Lending Fund (HLEND)Direct Lending · fundraising2024 →BlackRock Private Credit Fund IIIDirect Lending · fundraising2024 →BlackRock Multi Strategy Credit FundOpportunistic Credit · closed2022 →BlackRock Direct Lending Fund IIDirect Lending · closed2021 →