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Private Markets

Private Credit Jitters Follow Rapid Expansion

Published 31 July, 2026

Apollo Global Managers recently likened risky private credit to a ‘sprinkle on a cupcake’, and it wasn’t wrong to do so.

Breaking down the reasons we’ve seen jitters in private credit in recent months, founding partner Patrice Mesnier writes that we’re unlikely to see a Lehman-like market collapse.

Here’s why:

  • Unlike banks, private credit isn’t built on overnight funding that could pose a systemic risk to the financial system
  • Private credit assets are not continuously marked, a feature intentionally built into the structure
  • The market is acting exactly how one would expect it to: redemption gates are not a sign of dysfunction but examples of the structure asserting itself when finally tested


Full article here:
https://www.pwmnet.com/content/317e068f-446b-4a66-b157-ba74872af0c1 

 Quotes from Oldenburg

“When fund managers offered illiquid assets with liquidity features they could not support, labelling them as “yield enhancements”, the issue was masked when the market wasn’t under stress. Now that stress has appeared, partially accelerated by the ongoing Iran War, many have panicked. 

This is misplaced; the market is not going to see Armageddon. Private credit assets are not continuously marked, a feature intentionally built into the structure. When pressure surfaces through redemption queues and secondary discounts, investors must not think it terminal.

The resulting correction will be gradual, unfolding through refinancing pressures, valuation adjustments and stricter covenant enforcement."

— Patrice Mesnier, Founding Partner