New York —
For months, investors and analysts have kept a close eye on the shadowy corner of finance known as private credit, where alarm bells have stoked fears of a repeat of the 2008 financial crisis.
Whether those alarms amount to a handful of isolated bad bets or a more menacing systemic weakness in the $1.8 trillion sector is far from clear. But if the latter is even a remote possibility, it’s worth understanding what the heck is going on.
A quick primer on ‘private credit’
Very simply, the term