advent.com | info@advent.com Private Credit and the Pandemic: Uncertainty Creates Opportunity THE OPERATIONAL FOUNDATION FOR SUCCESS2 | Private Credit and the Pandemic: Uncertainty Creates Opportunity In a different financial environment leading up to 2020, private credit emerged as the rising star among alternative investors. Though not as large as hedge funds or private equity, its growth trajectory in the decade following the 2008 financial crisis outpaced other alternative investment sectors, bolstered by demand from both borrowers and investors. According to alternative research analyst Preqin, assets under management in private credit (or private debt—the terms are used interchangeably) reached $812 billion in June 2019, nearly tripling the preceding ten years. 1 A 20

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