Moody's – Private Credit, Global Outlook, 2026

The report focuses on the outlook for private credit globally through 2026, highlighting accelerated growth alongside increasing complexity and liquidity risks.

Assets under management in private credit are expected to exceed $2 trillion in 2026 and approach $4 trillion by 2030. The investment mix is shifting from corporate lending to asset-backed finance, with growth momentum increasing in EMEA and APAC regions. Mergers & acquisitions and leveraged buyout activities are expected to escalate, increasing competition but also funding opportunities. Alternative asset managers are expanding into newer asset classes supported by new partnerships and constrained bank lending. Financial innovation is critical to meeting growing liquidity demands, and regulatory oversight remains limited but with growing focus on transparency.