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Financial Services
How Private Credit Is Reshaping Wealth Portfolios
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Once the domain of pension funds, insurers, and the uber-wealthy, private credit is undergoing a quiet transformation.
Product innovation and technological advances are rapidly opening the door to a new class of investor: individuals who are affluent but not in the top tier of the ultra-rich. One blended fund that invests in public and private assets now has a minimum investment of just $1,000.
The result is one of the fastest-growing segments in investing. Private credit holdings by the wealthy have grown 2.5-fold in the last three years — four times faster than the traditional institutional business. On new estimates by Oliver Wyman, these investors now account for roughly 12% of the private credit assets of leading firms. Much of this is still concentrated in the hands of the ultra-rich, but the ambition is clear: to bring private credit into the mainstream of wealth portfolios. We estimate the top seven firms have around $275 billion of private credit assets under management from the wealthy and the total industry to have between $325 billion and $375 billion.
Advisers and investment firms we surveyed suggest private credit allocations by wealthy individuals could double to quadruple in the next five years as private credit increasingly becomes a core component in a broader credit, or alternatives, sleeve of a portfolio.
Our new report, summarized in a Financial Times op-ed by Oliver Wyman Vice Chair Huw van Steenis, examines the implications for investors’ portfolios and the investment firms that serve them.
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