Private credit totaled nearly $2 trillion by the end of 2023, roughly ten times larger than it did in 2009. As the asset class continues to grow, a new industry ecosystem with more symbiotic linkages is emerging, and McKinsey’s Ju-Hon Kwek and coauthors expect four trends: expansion of private credit into a broader array of assets, rise of ecosystem partnerships and open-architecture business models, amplified advantages of scale for competitive differentiation, and increased focus on technology to boost scale and performance.
In the next era of private credit, explore five questions that all players—incumbents and new entrants—should be asking themselves, and then check out other insights for more on private capital.
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