Private credit managers deployed $592.8bn in 2024, the highest on record and a 78% increase on the previous year, according to a report by Bloomberg citing the Alternative Credit Council. The expansion was driven largely by the sector’s biggest firms — including Ares, Apollo, and Blackstone — which accounted for 85% of total deployment.
The ACC said the surge reflects both industry growth and the consolidation of capital among large platforms, as pension funds and insurers — key backers of the biggest managers — channelled commitments into fewer relationships. Investors are reportedly increasingly seeking efficiency by reducing the number of managers they work with.
Deployment in 2024 far exceeded levels seen in 2021 and 2022, reinforcing expectations that private lenders will take on a larger role in markets where bank lending faces tighter regulation, particularly in Europe. Still, the report said specialist smaller managers remain important for investors seeking niche expertise.
Industry assets reached an estimated $3.5tn last year, up from $3tn in 2023, spanning corporate lending, asset-based finance, real estate and infrastructure debt. Retail participation has climbed to about 24% of the investor base and is expected to rise further as US proposals to open 401(k) plans to private assets progress.
