Jefferies

New participants and rising scrutiny are reshaping a market once concentrated among the largest private-equity firms and institutional investors.

Private credit managers are raising for expansion while deploying as though a downturn may already be underway.

The alternative asset industry's long-standing bargain — higher yields in exchange for opacity and illiquidity — is being dismantled piece by piece, and the firms moving fastest to replace it may define the next decade of the private market.