PMG PRIVATE CREDIT

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Private credit has grown from a niche alternative into a $2.5 trillion global asset class in less than two decades. It now sits at the centre of debates about financial stability, LP portfolio construction, and the future of corporate lending — attracting sustained attention from the Bank of England, the IMF, and regulators across every major financial centre.

PMG Private Credit publishes weekly analysis for institutional investors, family offices, and alternative investment professionals who want to understand this market beyond the marketing materials and beyond the headlines.

Direct lending and unitranche market conditions — deal volume, pricing, covenant quality, and how competition between managers is evolving. Valuation methodology, mark-to-model assumptions, and what LPs should be demanding from their managers. Payment-in-kind lending, distressed credit, and the indicators of latent stress that aggregate data obscures.

Interconnections between private credit funds, banks, and the life insurance sector — including significant risk transfers, CLOs, and NAV lending. Regulatory developments including Basel 3.1 and the Bank of England's System Wide Exploratory Scenario. Manager consolidation and what scale means for LP risk and governance rights. Asset-based finance, healthcare lending, and emerging market private credit examined as they develop.

Every article is strictly neutral and analytical, drawing on published research from the Bank of England, IMF, Moody's, S&P, Preqin, and ILPA. 

We do not manage money and have no commercial relationships with fund managers.

New analysis published every week.