Private Credit Has Lent $560 Billion to US Businesses Since 2023, New MFA Report Shows, as Asset Class Cements Itself as Mainstream Corporate Lending Rival

A new report by the Managed Funds Association (MFA) — the US trade body for alternative investment managers — reveals that private credit (direct lending by non-bank funds, as opposed to syndicated bank loans) has deployed $560 billion to US businesses since 2023. The data, released on 1 June 2026, establishes the scale at which private credit has become a structurally significant component of corporate finance rather than a niche alternative to the broadly syndicated loan market. Private credit funds typically lend to mid-market and sponsor-backed companies on a bilateral or club basis, often at floating rates and with more flexible covenant structures than public bond markets. The $560 billion figure covers a roughly two-and-a-half-year window and reflects the asset class's acceleration following the syndicated loan market dislocation of 2022–23 when rising rates constrained bank appetite for leveraged lending. The MFA report positions private credit as a net positive for business lending depth, though the asset class continues to attract scrutiny from bodies including the Financial Stability Board (FSB) and IOSCO (the International Organization of Securities Commissions) over systemic risk and disclosure standards.