Published: 03.24.2026

By: Craig Nicol, Managing Director, Head of Global Credit Strategy and Owain Griffiths, Partner

BACK TO INSIGHTS

PRIVATE CREDIT: AN HONEST ASSESSMENT

In recent weeks, credit markets – and private credit in particular – have found themselves under heightened scrutiny. As the asset class has grown in scale and prominence, so too has the debate around its structure, transparency, and resilience.

This paper is not intended to add another speculative or contentious voice to that debate. Rather, our aim is to step back from the noise, address the issues we believe matter most, and offer a balanced perspective from an active credit investor.

Published: 03.24.2026

By: Craig Nicol, Managing Director, Head of Global Credit Strategy and Owain Griffiths, Partner

PRIVATE CREDIT: AN HONEST ASSESSMENT

In recent weeks, credit markets – and private credit in particular – have found themselves under heightened scrutiny. As the asset class has grown in scale and prominence, so too has the debate around its structure, transparency, and resilience.

This paper is not intended to add another speculative or contentious voice to that debate. Rather, our aim is to step back from the noise, address the issues we believe matter most, and offer a balanced perspective from an active credit investor.