US Private Credit Seven Questions For The Second Half

This report examines key themes in US private credit for the second half of 2026, including rising default expectations, valuation dispersion, and maturity wall challenges. It suggests increasing investor selectivity as performance discrepancies emerge across managers.

Key Takeaways

• 1.Private credit default rates are projected to rise 4-5% cumulatively through H1 2027.
• 2.Dispersion in loan valuation and manager-specific performance is widening, increasing fund-level NAV volatility.
• 3.Tech sector remains a key area of concern with potential AI-related disruption impacting borrowers in the back-half of the year.

Table of Contents

• Executive Summary
• Fundamentals
• Valuations and Marks
• Evidence of Dispersion

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial