Bank Lending to Private Credit: Size, Characteristics, and Financial Stability Implications

Jose M. Berrospide, Fang Cai, Siddhartha Lewis-Hayre and Filip Zikes
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Jose M. Berrospide: https://www.federalreserve.gov/econres/jose-m-berrospide.htm
Fang Cai: https://www.federalreserve.gov/econres/fang-cai.htm
Filip Zikes: https://www.federalreserve.gov/econres/filip-zikes.htm

No 2025-05-23, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Private credit (or private debt) has emerged as one of the fastest-growing segments of nonbank financial intermediaries (NBFIs) over the past 15 years or so. Although there is no universal definition, private credit generally refers to direct loans made to mid-market businesses typically by non-bank vehicles such as private debt (PD) funds and Business Development Companies (BDCs) (Cai and Haque, 2024; Haque, Mayer, and Stefanescu, 2025). The asset class totaled $1.34 trillion in the U.S. (Exhibit 1) and nearly $2 trillion globally by 2024-Q2, and has grown roughly five times since 2009.

Date: 2025-05-23
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2025-05-23

DOI: 10.17016/2380-7172.3802

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