Private Debt and Direct Lending - Articles & White Papers

After over a decade of rapid growth and relative calm, the private credit market has come under pressure as several high-profile defaults, concerns about potentially inflated valuations, and especially substantial exposure to a software industry vulnerable to AI disruption have fueled a surge in redemption requests. Could these…

A framework for navigating risk, liquidity, and relative value in a one-credit era.

The software sector remains challenged by pressured valuations, uncertain recoveries, and less reliable sponsor support.

This blog explores why the factors that have recently rattled private credit will likely make it healthier going forward, the overlooked investment fundamentals that led to large portfolio concentrations and consequent redemption requests.

Learn more about the current state of the private credit market in this latest Manager Q&A with PGIM's Matthew Harvey.

The so-called “wall of maturities” is a perennial source of investor anxiety: will refinancing risk create a wave of defaults? Given nearly $900bn of loans maturing in 2026 and more than $2tn coming due over the next three years, that concern is understandable.

Themes, outlook, and investment implications across global fixed income markets.

Infrastructure debt offers investors a compelling combination with potential of attractive risk adjusted returns, relatively high yields, resilience across economic cycles and enhanced structural protections compared with similarly rated corporate credit.

Explore Amundi's long-term views on private equity, private debt, hedge funds, infrastructure and real estate, and their role in strategic asset allocation.

Understanding risk and resilience across the private credit universe

The first quarter of the year was characterized by a volatile and more uncertain backdrop mainly due to broader concerns around geopolitical tension, commodity prices and the potential for artificial intelligence (“AI”) disruption across a range of industries. Private credit saw a multi-year peak in investor redemption requests…

The bond market has seen some wobbles in early 2026. Stresses have appeared in the private debt market, and credit spreads have generally widened. Yields have risen on Treasuries, which are supposed to act as a safe-haven asset during periods of financial market volatility. Since the start of the Iran war in late February,…

Dive into this quarter's Portfolio Perspectives for practical applications for asset allocators in today's complex market.

Rising redemptions, weakening loan quality and other factors point to structural weaknesses in private credit. EU banks’ direct exposures look contained so far, but systemic risks could be magnified by leverage, inter-connectedness and poor transparency.

Nuveen credit experts share insights on CLO markets, AI disruption, private credit defaults and the most compelling opportunities for 2026. Read the Q&A.

Major equity markets declined in March amid heightened geopolitical uncertainty but began to recover in early April following the announcement of a ceasefire between the U.S. and Iran. During the escalation phase, markets priced a sharp rise in energy costs and increased downside risks to global growth.

Explores how daily‑valued private assets can be thoughtfully integrated into DC plans to enhance diversification, liquidity, and participant outcomes.

Building on the U.S. Modern Market Index, Morningstar Indexes and PitchBook extend a public‑private view of market leadership to Europe through a rules‑based index that combines Europe’s leading public companies with its most significant late‑stage private firms—offering a clearer picture of where value is being created…

This paper aims to step back from the noise, address the issues we believe matter most, and offer a balanced perspective from an active credit investor.

Major equity markets declined in March amid heightened geopolitical uncertainty but began to recover in early April following the announcement of a ceasefire between the U.S. and Iran.