WASHINGTON (March 25, 2026) – Stress in the private credit market is deepening. Large firms have started restricting investor withdrawals. Additionally, credit quality concerns are growing across the industry. Just this week, Apollo Global Management and Ares Management announced they are limiting payouts to investors amid a surge in redemption requests.
These developments intensify concerns about the longevity of the $1.8 trillion private credit market, especially given risk is concentrated in industries that could be vulnerable such as software, which JPMorgan Chase has suggested accounts for around 30% of industry loans.
Michael Rand, assistant dean for business and finance law at the George Washington University Law School, can elaborate on these unfolding risks. In his recent paper, Private Credit’s Public Consequences, Rand and coauthor Melinda Roth examine how the market’s rapid growth, combined with limited transparency and liquidity constraints, could amplify vulnerabilities.
To schedule an interview with Rand, please contact Claire Sabin at claire [dot] sabin
gwu [dot] edu (claire[dot]sabin[at]gwu[dot]edu).
-GW-