In this episode of Evolutionary Exchanges, David Powell and Freddie Krone explore the rapid rise of private markets, focusing on the growth of private equity and private credit since the 2008 financial crisis. They break down how these asset classes work, why they’ve become increasingly attractive to investors, and the factors driving their expansion. The discussion also examines recent high‑profile collapses, the challenges of limited transparency, and the growing interconnectedness between banks and private credit funds. Offering a balanced view of both opportunities and emerging risks, David and Freddie consider what 2026 may hold as private markets continue to evolve.