Full Description
Over the past decade and a half, private credit has evolved from a boutique financing alternative into
a robust and formidable asset class. As of 2025, global private credit assets under management have
surpassed US$2 trillion - a staggering tenfold increase since 2009. This meteoric growth initially was
driven by the retreat of traditional banks following the Global Financial Crisis, spurred by regulatory
constraints and capital pressures. The resulting void provided an opportunity for private credit funds to
step in and fulfil the growing demand for non-bank lending. Since then, private credit's expansion has
been fuelled by borrowers partnering with asset managers for more customisation of deal terms, quicker
speed, and certainty of execution.
Looking ahead, the future of private credit appears set for further acceleration and mainstream
integration across geographies. The demand for quick, flexible capital solutions, particularly in private
equity-backed transactions, continues to surge and drive innovation in the sector. As a result, the asset
class is broadening - from its direct lending origins into asset-backed financing, infrastructure, net asset
value lending, and other specialised strategies - signalling an evolving ecosystem of diversified credit
solutions as private debt investors have adapted to meet the increasing demand from borrowers.
Investor demand for private credit also remains exceptionally strong. Traditionally dominated by large
institutional investors like pension funds, sovereign wealth funds, and endowments, private credit has
seen an influx of new entrants over the last several years. Insurance companies have become prominent
investors, drawn by the asset class's ability to generate stable, attractive yields that align with their
long-term liabilities and structured products intended to address regulatory capital requirements.
New structures and products, such as publicly and privately offered non-traded business development
companies and other semi-liquid evergreen vehicles, also have increased opportunities for high-net-worth
and retail investors to participate in private credit, offering more accessible entry points to the asset class.
It is with this backdrop that we are pleased to present the first edition of GLI - Private Credit. We have
endeavoured to provide a comprehensive guide to arm legal practitioners across geographies with the
market insights, trends, and regulatory developments needed to navigate the increasingly complex
landscape of private credit. This volume begins with 11 product and market-oriented chapters and then
shifts to seven jurisdiction-specific update chapters.
We extend our sincere thanks to all the contributors for sharing their valuable experience and expertise.
We also thank Global Legal Group Ltd. for their support and partnership.
Contents
Preface
Christopher P. Healey, Luke Eldridge & Zachary R. Frimet
Davis Polk & Wardwell LLP
Industry Viewpoints
1 An introduction to private credit
Jiří Król & Nick Smith
Alternative Credit Council
9 The growth and future of private credit: from shadow finance to mainstream
Salman Muhktar
Corinthia Global Management
Expert Analysis Chapters
16 Overview and comparison of the broadly syndicated loan and private
credit markets
Michelle L. Iodice & Frank Oliver
Proskauer Rose LLP
24 Deal structures in private credit
Jake Mincemoyer, Ilona Potiha Laor, Dimitar Grozdanov & Jared Brover
A&O Shearman
33 Defaults and restructurings in private credit
Neal M. Kaminsky, Greg Kramer, Sakina Rasheed Foster & Richard S. Kanowitz
Haynes and Boone, LLP
44 Evergreen and semi-liquid private credit funds for institutional investors
Kevin Neubauer & Kevin Cassidy
Seward & Kissel LLP
55 Investment-grade private credit product design for insurance investors:
overview of NAIC, Solvency UK and Matching Adjustment
Sarah Kessler, Kirsty Maclean, Allison J. Tam & Samuel Weber
Willkie Farr & Gallagher LLP
66 Private credit in fund finance: from customer to colleague
Wes Misson, Bron Jones, Jed Miller & Leah Edelboim
Cadwalader, Wickersham & Taft LLP
74 The intersection of private credit and fund finance: Cayman Islands
liquidity structures for private credit funds
Dr. Agnes Molnar, Richard Mansi & Jennifer Cringean
Travers Thorp Alberga
82 How technology and AI are transforming private credit
Matt Schwartz, Ryan Moreno & Justin Hewett
DLA Piper
94 Forming private credit funds: portfolio company demand meets global
capital supply
Stuart Fross & Leslie Pinney
Foley & Lardner LLP
Jurisdiction Chapters
103 Australia
Alastair Gourlay, Lewis H. Grimm, John Walker & James Wood
Jones Day
113 Canada
Kori Williams, Alessandro Bozzelli, Erin Curtis & Tyler Li
Cassels Brock & Blackwell LLP
122 Cayman Islands
Shanine Felix, Simon Raftopoulos & Benjamin Woolf
Appleby
128 Channel Islands
James Lydeard, Alex Wickens, Zoë Hallam & Julia Keppe
Walkers
137 Ireland
Conor Lynch, Anthony O'Hanlon, Kevin Mangan & Sorcha O'Rourke
Mason Hayes & Curran LLP
147 Switzerland
Shelby R. du Pasquier, Marcel Tranchet, François Meier & Sven Infanger
Lenz & Staehelin
153 USA
Christopher P. Healey, Luke Eldridge, Michael S. Hong & Matthew J. Wiener
Davis Polk & Wardwell LLP
