Private credit, or loans by non-bank lenders, has grown rapidly in recent years. This lending is even approaching the volume of some traditional sources of business credit, like bank loans. As the rise of private credit funds changes the way companies borrow money, it’s also creating potential implications for financial stability.

John Levin is a senior markets specialist in the Supervision, Regulation & Credit Department at the Federal Reserve Bank of Boston. He is the co-author of two studies examining the rise of private credit: “Could the Growth of Private Credit Pose a Risk to Financial System Stability?" and "Bank Lending to Private Equity and Private Credit Funds: Insights from Regulatory Data."

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