The conditions that led to the private credit boom are unwinding. After two years of ceding turf to direct lenders, investment banks, which are the public credit markets’ gatekeepers, are striking back. With confidence growing of a Fed interest-rate cut, private credit funds will have to cut their premiums. But they wont mind cheap public debt, as many sit on a “towering backlog� of unsold investments amid anemic IPOs and are in need of more cash
The conditions that led to the private credit boom are unwinding. After two years of ceding turf to direct lenders, investment banks, which are the public credit markets’ gatekeepers, are striking back. With confidence growing of a Fed interest-rate cut, private credit funds will have to cut their premiums. But they wont mind cheap public debt, as many sit on a “towering backlog� of unsold investments amid anemic IPOs and are in need of more cash
The conditions that led to the private credit boom are unwinding. After two years of ceding turf to direct lenders, investment banks, which are the public credit markets’ gatekeepers, are striking back. With confidence growing of a Fed interest-rate cut, private credit funds will have to cut their premiums. But they wont mind cheap public debt, as many sit on a “towering backlog� of unsold investments amid anemic IPOs and are in need of more cash 
