Private Credit Today
Wed Feb 04 2026
In this episode we discus a research paper provides a comprehensive survey of the private credit market, exploring its rapid expansion over the last fifteen years as a specialized alternative to traditional bank lending. Author Victoria Ivashina structures the analysis around three fundamental themes: the distinct economic function of non-bank debt, its potential macroeconomic and financial stability risks, and its performance as an investment asset class. A central premise of the work is that private credit is inextricably linked to the private equity industry, serving as a vital "one-stop" financing solution for middle-market buyouts that banks are often unable or unwilling to fund. While the author notes that current evidence suggests limited systemic risk to the banking sector, she highlights the need for further research into evolving underwriting standards and the impact of monetary policy on these opaque credit channels. Ultimately, the text serves to define the boundaries of this illiquid debt landscape, distinguishing modern direct lending from historical finance companies and broadly syndicated loan markets.
Reference
Ivashina, Victoria, Private Credit: What Do We Know? (October 30, 2025). Available at SSRN: https://ssrn.com/abstract=5683442 or http://dx.doi.org/10.2139/ssrn.5683442
Podcast Disclaimer
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
This episode is based on the reference(s) listed above and was generated using Notebook LM and potentially other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
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In this episode we discus a research paper provides a comprehensive survey of the private credit market, exploring its rapid expansion over the last fifteen years as a specialized alternative to traditional bank lending. Author Victoria Ivashina structures the analysis around three fundamental themes: the distinct economic function of non-bank debt, its potential macroeconomic and financial stability risks, and its performance as an investment asset class. A central premise of the work is that private credit is inextricably linked to the private equity industry, serving as a vital "one-stop" financing solution for middle-market buyouts that banks are often unable or unwilling to fund. While the author notes that current evidence suggests limited systemic risk to the banking sector, she highlights the need for further research into evolving underwriting standards and the impact of monetary policy on these opaque credit channels. Ultimately, the text serves to define the boundaries of this illiquid debt landscape, distinguishing modern direct lending from historical finance companies and broadly syndicated loan markets. Reference Ivashina, Victoria, Private Credit: What Do We Know? (October 30, 2025). Available at SSRN: https://ssrn.com/abstract=5683442 or http://dx.doi.org/10.2139/ssrn.5683442 Podcast Disclaimer This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content. This episode is based on the reference(s) listed above and was generated using Notebook LM and potentially other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.