Private Credit’s Golden Age Faces a Reality Check
Yield spreads are compressing, PIK use is rising, and even top lenders admit the easy-money era is ending.
For more than a decade, the private credit industry has been speeding along faster than a Porsche on the Autobahn. But recently speed bumps have emerged. Caution lights are blinking.
There are increasing signs of strain in the market and disciplined lenders are growing uneasy. They’re responding by diving into niches where underwriting edges matter and competition is sparse.
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