Deep DiveJun 5, 2026
The Private Credit Bubble Nobody Wants to Name
Everyone's piling into private credit. We've seen this movie before.
— Editor in Chief
$1.7 trillion. That's the size of the private credit market today. It was $250 billion a decade ago.
The pitch is irresistible: equity-like returns, bond-like volatility. The reality is that illiquidity is not the same as low volatility — it just hides it.
What changes the story
- A real default cycle
- LPs trying to redeem at the same time
- A blown-up BDC making the front page
We're still early. But we're not that early.