国际清算银行：私人信贷的散户投资者（英文版）

Private credit has become an important source of funding for mid-sized firms, increasingly replacing bank credit. The industry manages more than $2.2 trillion in assets globally, up from just $100 billion in 2010. In many jurisdictions, private credit volumes already rival those in the leveraged loan and high-yield bond markets. The migration of lending from well regulated and supervised banks to the opaque private credit sector raises important questions for investors and about the future of