Private Credit and Banks: From Rivals to “Frenemies”
Private credit and the broadly syndicated market increasingly coexist—even within the same capital structures—through hybrid deals like first-lien syndicated loans paired with second-lien private credit. While private credit’s flexibility and certainty have helped it capture market share, a robust syndicated market remains vital for financing acquisitions. Collaboration, not competition, is shaping the future of this ecosystem.
