September 2025
Private credit has cemented its role as a core pillar of global capital markets. In 2025, the asset class is estimated to hover around $2 trillion in global AUM, supported by institutional demand for non-bank lending solutions, tighter bank lending capacity, and a sustained appetite for yield with downside protection. This is the first special report leveraging iConnections behavioral intelligence, derived from allocator preferences in our platform and meeting behavior at events, to offer a window into not just what LPs say, but how they act – and what the implications are for private credit managers today and in the next decade.
The growth of private credit has been exponential in the last decade, and now more than 40% of global allocators on the iConnections platform indicate an interest in private credit strategies, particularly direct lending, opportunistic credit, and asset-backed finance. As pension funds, insurance companies, and sovereign wealth funds continue to anchor capital formation, RIAs, consultants, and family offices are seeking to expand exposure. By analyzing both stated preferences and real-world engagement-measured through thousands of meetings-we identify the signals that matter: where capital may be flowing, what strategies are rising, and how sentiment is evolving.
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