Private Debt and Direct Lending - Articles & White Papers

The alternative credit universe has never been broader — or more complex. As investors face a growing opportunity set alongside greater complexity, this edition of Nuveen's H2 2026 alternative credit insights explores how to build resilient portfolios, manage risk and identify opportunities across key sectors — including direct…

Private credit markets continue to scale, and demand to understand what is happening beneath the surface is growing as market participants seek to build more diversified and resilient portfolios, manage liquidity and identify new return streams.

Explore the growing debate around incorporating private market investments into defined contribution plans and target date funds, including the potential benefits and practical challenges.

BDC equities continue to trade at significant discounts to NAV, reflecting skepticism toward reported marks, a concern reinforced by valuation levels that have yet to fully reset, even as BDC bonds continue to outperform their stocks.

Growth Equity and Growth Debt together represent just 14% of climate capital raised since 2018, compared to 23% across all industries, leaving a $100–200 billion deployment gap for scale-ready technologies and companies through 2030. Drawing on interviews with leading climate investors, the paper lays out five pathways to…

The lower and core middle market direct lending segment that has historically powered investor outcomes is performing well, behaving as designed, and may deliver one of its most attractive vintages in years.

This paper examines the market practices valuers use to select an appropriate valuation method for private debt instruments, with a particular focus on direct lending.

Private equity (PE) firms have acquired large life insurers and loaded their balance sheets with private credit assets that are opaque and difficult for regulators to value. This Article explains how PE profits from these insurers while shifting the resulting risk onto competitors and taxpayers.

Get insights on macro topics such as manager dispersion, while also diving into real estate, private credit, private equity and hedge funds and more.

Institutional investors may appear diversified because they own technology stocks, private equity, infrastructure, private credit or data-center debt. Economically, however, a significant and growing part of these exposures depends on the same underlying demand for AI computing.

Understanding how private credit is structured, how fund design shapes investor outcomes, and what expanding retail access means has become essential for investment professionals.

Private credit has expanded rapidly to an estimated $1.5–2 trillion in assets, supporting financing for mid-sized companies but creating potential financial stability risks.

Trade finance is old, essential and still under-allocated. For investors, the opportunity starts with a $3.6 trillion funding gap.

In this quarterly report, NEPC’s investment team outlines its views on private markets.

In the fifth edition of this bi-annual Credit Outlook Market Survey, the authors draw on Antares’ deep market coverage to capture perspectives from a diverse group of U.S. middle market borrowers and private equity sponsors. Additionally, learn how middle market operators are using AI and where they’re extracting value.

AI is reshaping credit markets in ways that demand a more thoughtful approach to investing. Public markets are being stretched by record financing needs, spreads leave little room for error, and traditional notions of diversification are being tested. Learn more in our latest outlook.

How specialization can provide an investment edge in private credit.

Campbell Lutyens is pleased to share its 1H 2026 Secondary Market Flash Report. This analysis is based on proprietary data gathered from survey responses from over 120 of the most active market participants.

The authors document a new pattern in nonbank lending: business development companies (BDCs) extend substantial credit commitments to borrowers, with commitment-to-asset ratios comparable to those of banks.

Regulators are paying closer attention to private credit’s risks, interconnections and transparency gaps.