Big Picture 2025 Private Markets Outlook: Converging Credit Markets

Public and private credit markets have become increasingly intertwined as private credit funds both compete with and bolster public markets. Market participants of all sizes have taken notice of the staggering growth in private markets and are seeking new ways to gain access. Meanwhile, fund managers are increasingly exerting their presence in public markets through new partnerships with banks and potential market offerings for retail investors. Many companies now have recourse to lines of credit from private sources to an extent not seen in previous cycles.  This trend is likely to continue in 2025 but may raise questions about the transparency and measurement of credit risk in private credit risk funds, even as interest rate declines in the US and EU in 2024 have banks and the syndicated loan market starting to claw back market share lost to private credit lenders.

Complete the form to read our complete 2025 outlook for the public and private markets >

Already a client? Access the report on S&P Capital IQ Pro.