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2025 Private Credit Strategy Outlook

January 2025
2024 was a strong year for private credit, with elevated interest rates supporting attractive yields and net returns exceeding 9% across many strategies. While spreads have tightened, particularly in the upper middle market, private credit continues to offer a premium over public credit, especially in smaller borrower and complex lending situations. Key themes for 2025 include the rise of asset-backed lending (ABL), structured liquidity solutions like NAV loans, and the growth of the private credit secondaries market. Read the 2025 Private Credit Strategy Outlook to learn more.

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