Meta. Harley-Davidson. Dropbox. And now Keurig Dr Pepper. A growing list of corporate giants are turning to private credit lenders—not banks—to finance major initiatives, from data centers to consumer loans to corporate M&A. The shift came into sharp focus this fall, when Apollo and KKR stepped in to help Keurig fund its $18 billion takeover of JDE Peet’s, offering a bespoke package of preferred equity and joint-venture capital rarely seen in strategic deals.
Why are corporates flooding into private credit — and what could it mean for future M&A?

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