Private Credit metrics are proxied by Direct Lending which has exhibited strong performance through economic cycles.
[3] The market has grown in importance since around 2009 in response to banks reducing their lending activities to companies after the 2007–2008 financial crisis.
For example, in 2012, the UK government introduced a scheme to lend £700 million of public money to smaller companies in partnership with asset managers.
2018 U.S. data shows performance returns for private credit funds equal or better than leveraged-loan, high-yield and BDC indexes.
Direct lending funds have relatively low beta with positive alpha when benchmarked to leveraged loan/high yield indices.