Executive Summary -

Following the 2008 global financial crisis, many banks “de-risked” and, as a result, decreased lending to many small and mid-size companies. In response, the growth of lending by private credit funds began to accelerate and, in doing so, filled a significant gap in the U.S. credit market. This “private credit”, in turn, has helped facilitate the growth of the companies that serve as the backbone of the U.S. economy.