Private Debt and Direct Lending - Articles & White Papers

Even as the direct lending sector faces scrutiny, private credit remains a broadly diversified market offering a variety of investable opportunities.

Explore PGIM's Special Report to discover the firm's six best ideas for the year ahead, as well as its outlook and capital market assumptions.

Across private assets, selectivity is becoming key. Discover the major themes shaping private equity, private debt, real estate and infrastructure.

Private credit has expanded in recent years, with the market reaching an estimated USD 2.28 trillion at year-end 2025 and projected to grow to approximately USD 4.5 trillion by 2030.

In a world of intensified uncertainty and dispersion, investing becomes less about forecasting and more about favoring more liquid, high quality assets that can be resilient across a variety of scenarios.

Amid geopolitical uncertainty, dispersion across credit markets – rather than a broad risk-off move – has become the dominant investment signal.

Efforts to make private credit tradable face obstacles and risk undermining one of the main reasons – earning an illiquidity premium – that investors look to private assets.

This report takes a pragmatic and credit-focused look at data center securitization in Europe, linking asset typology to structure and highlighting the key risk drivers that shape transactions’ credit performance.

Asset-based finance remains underpenetrated by private capital, but this is about to change.

SMBs face rising costs and policy uncertainty, with implications for hiring and growth.

AI’s biggest infrastructure builders (Alphabet, Amazon, Meta, Microsoft, and Oracle) are in the middle of one of the largest borrowing sprees in corporate history. They’re raising enormous sums to fund data centre buildouts, and they’re doing it in the public bond markets.

Owing to their structural protections, consistent secondary market liquidity, and portfolio advantages, senior CLOs have remained a common allocation in PGIM’s fixed income portfolios over multiple market cycles.

The private credit premium is real. The performance drag of leverage? Also, real.

The private alternatives market is increasingly important to India’s economic growth. This survey finds limited partners are bullish on the country, yet more can be done to grow investor momentum.

In a market shaped by AI disruption and energy shocks, Robeco favors hard assets with low obsolescence risk.

Energy disruption has moved from tail risk to a central market driver.

Energy disruption has moved from tail risk to a central market driver.

CRE enters recovery as private credit risks rise, offering income, clarity, and diversification.

As DWS sees it, the debate is not about private credit as an asset class, but about valuations, liquidity and borrower resilience.

This brief discusses methods to identify private credit funds and quantifies the counterparty exposure channel between these funds and their creditors. While current vulnerabilities within the private credit sector appear contained, the primary risk transmission channel is counterparty exposures between banks and private…