Dry powder presents a deployment challenge

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Hopes of a significant M&A upturn will need to be realised to address a growing capital supply and demand imbalance in private credit.

While other alternative asset classes have had their fundraising struggles, those raising capital for private credit have almost never had it better. Our full-year fundraising figures for 2025 showed private credit fundraising globally reaching its second-highest ever total at almost $357 billion, not far behind the 2021 record of just over $375 billion.