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Perspectives on Private Credit Risk

April 2026

Private credit risk is often discussed in terms of default rates, but realized principal loss offers a more relevant view. Drawing on Aksia’s private credit database of realized deals from 2013–2025, this piece examines loss frequency, recovery rates, and loss ratios across sectors and industries to show how cumulative impairments have behaved in practice. Read the paper to see how these findings translate into forward-looking loss scenarios for private credit portfolios.

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