Chart No. 208
Credit
9 min read
Members
Private credit has $540bn and nowhere to put it.
Dry powder has tripled in six years. Deal flow has not. Something gives, and it is usually the covenants.
Nadia Brennan
Founder and editor
Illustrative data based on public sources.
Direct lending · BDCs
Private credit funds are sitting on an estimated $540 billion of capital that has been committed but not yet lent. Six years ago, the figure was below $200 billion.
Buyout activity is still below its 2021 peak, which means fewer companies need new loans. Lenders compete for the same deals, and they compete on terms.
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Not investment advice. Carry writes about markets; it does not tell you what to buy or sell. Charts use illustrative data unless a source says otherwise.
