Private credit is non-bank lending to mostly private-equity-owned, middle-market companies that aren’t publicly traded or issued. It is one of the fastest-growing segments in the lending landscape, with close to $1.3 trillion in assets under management, of which $350 billion is capital waiting to be deployed. Private credit’s rapid growth, coupled with its opacity and comparatively light regulation, place a premium on insight into current and evolving risks in the sector.