Private Credit Assets Under Management Surpass $2 Trillion as Product Range and Investor Base Expand, Mayer Brown Analysis Finds
Private credit assets under management (AUM) have grown from approximately $500 billion in 2015 to over $2 trillion by May 2026, with projections suggesting the market could reach $3.4 trillion by 2030, according to analysis published by Mayer Brown in early October 2026. The growth has been accompanied by a substantial broadening of both strategies and asset classes. Products now span unitranche facilities (a single blended loan combining senior and subordinated debt), mezzanine finance, holdco PIK (payment-in-kind instruments at the holding company level, where interest accrues rather than being paid in cash), NAV (net asset value) lending, asset-backed lending across equipment, receivables, and royalty streams, and hybrid or subordinated structures. Asset classes covered include cashflow lending, real estate, infrastructure, and a growing range of alternatives.
Why this matters
The fourfold growth in private credit AUM over a decade reflects a structural shift in how mid-market and large corporate borrowers access debt, with bank lending increasingly supplemented or replaced by direct lending funds, particularly following post-2008 bank regulatory tightening. The projected growth to $3.4 trillion by 2030 implies continued strong demand for documentation, structuring, and regulatory advice across the asset class. The broadening product range, especially into NAV lending and asset-backed structures, creates new legal complexity around security, enforcement, and cross-border regulatory treatment.
On the Ground
This story activates leveraged finance, private credit, fund finance, and structured finance practice areas. As private credit expands into more complex products, demand rises for specialists in unitranche documentation, intercreditor arrangements, and asset-backed security structures. Firms with strong direct lending practices are best positioned to capture this mandate flow. No specific advisers are named in the source. A trainee on a private credit matter would assist with facility agreement schedule preparation, security document review, CP (conditions precedent) checklist management, drawdown and utilisation request coordination, and legal opinion coordination across jurisdictions where security is granted.
Interview prep
Question you might get
“How has the growth of private credit changed the legal work involved in leveraged finance transactions, and what new complexities does it introduce?”
Sign up free to see the full answer
A model answer you can lift into an interview — how to frame this story for a partner.
Sign up freeMy notes
saved