Private credit lenders are expected to take an increasing role in financing traditionally dominated by banks, according to a report by Bloomberg citing the findings of Bloomberg Intelligence’s Fall 2025 Private Credit Survey.
Respondents indicated that private lenders could replace 15% of conventional fixed-income investment, up five percentage points from BI’s April survey and four points from the prior year.
Respondents expect asset-backed deals in particular could see private credit lenders having a greater role, due to the potential for higher returns compared to direct lending, with less risk. Overall, 75% of lenders and 64% of fund managers expect more deployment of private credit in the next 12 months.
However, most participants also forecast the market to grow only around 5% annually in the medium term, a fall from a 10% rate over the previous five years. Uncertainty driven by trade wars has helped to lower expectations.
