# Private Credit Funds and Firms 2026: Who Raised and Who Lends > Private Equity List tracks 227 private credit firms, 132 of them in the US and 55 in Europe. The biggest credit funds of 2026, the firms to know and how to find a lender for a deal. Guides · 17 October 2026 · by Giorgio Fenancio · https://privateequitylist.com/intelligence/private-credit-funds-and-firms **Key takeaways** - **The firms:** Private Equity List lists 227 private credit and debt firms. 132 are in the US and 55 in Europe, 29 of them in the UK. - **What it pays:** US middle-market direct loans earned 10.4% in interest in 2025 and returned 9.3% after losses, by the Cliffwater Direct Lending Index. - **Contacts:** 225 of the 227 have investment-team contacts in their profiles, 3,151 people in total. - **New funds in 2026:** 26 private credit funds so far this year, with $17.2B across the 22 that disclosed a size. The typical fund is $511M. - **Biggest raises:** Monroe Capital's $2.8B Private Credit Fund V, HarbourVest's $2.4B credit secondaries strategy and Oaktree's $2B Asset-Backed Finance Fund. - **Strategies:** direct lending, asset-based finance, CLOs, venture and growth debt, and real estate and infrastructure credit all raised new money in 2026. - **Sectors:** by profile tags, the most common are financial services (179 firms), healthcare services (136) and fintech (114). - **227**: private credit firms (in Private Equity List) - **55**: in Europe (29 in the UK) - **26**: new credit funds (2026, to 16 October) - **$17.2B**: raised by them (where the size is known) **Private credit firms by headquarters** | | Value | |---|---:| | United States | 132 | | United Kingdom | 29 | | Canada | 10 | | India | 8 | | France | 7 | | Hong Kong | 5 | | Australia | 5 | | Luxembourg | 4 | | Switzerland | 4 | Source: Private Equity List database **Sectors private credit firms back, number of firms** | | Value | |---|---:| | Financial services | 179 | | Healthcare services | 136 | | Fintech | 114 | | Real estate | 105 | | Business services (B2B) | 104 | | Energy | 100 | Source: Private Equity List database ## What is private credit: loans from funds instead of banks **Private credit:** loans that investment funds make directly to companies, outside banks and the public bond market.\ **Who borrows:** mostly mid-sized companies, many of them owned by private equity firms, that want money faster or on terms a bank will not offer.\ **Who lends:** private credit funds raise money from pension funds, insurers and endowments, lend it out and pass the interest back to those investors.\ **Private debt:** another name for the same market. Direct lending, where a fund lends straight to one company, is one strategy inside it. ## What private credit pays: about 10% a year in 2025 - **10.4%**: interest income (US direct lending, 2025) - **9.3%**: total return (after losses, 2025) - **$1.7T**: private credit market ($800B of it direct lending) - **$80M+**: average loan (since 2022) **What lenders earn:** US middle-market direct loans paid 10.4% in interest income in 2025 and returned 9.3% for the year, by the Cliffwater Direct Lending Index of about 21,000 loans ([Cliffwater](https://digital-release.kxan.com/business/press-releases/cision/20260331LA23388/cliffwater-direct-lending-index-data-supports-strength-of-private-credit)).\ **Versus bank loans:** the extra spread private credit charges over syndicated leveraged loans has narrowed to below 200 basis points in recent years ([Federal Reserve](https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html)).\ **Floating rate:** almost all private credit loans are floating rate, so the interest a borrower pays moves with base rates ([Federal Reserve](https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html)).\ **Market size:** private credit reached nearly $1.7 trillion, about half of it direct lending ([Federal Reserve](https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html)).\ **Who invests:** pension funds hold about 31% of private credit fund assets; insurers and individual investors about 9% each ([Federal Reserve](https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html)). ## Biggest private credit funds of 2026: HarbourVest, Oaktree and Nuveen - **[HarbourVest Partners](https://privateequitylist.com/investors/harbourvest-partners-llc)** reportedly raised $2.4B for its private credit secondaries strategy, which buys stakes in existing credit funds from the investors who hold them. - **[Oaktree Capital Management](https://privateequitylist.com/investors/oaktree-capital-management)** closed its first Asset-Backed Finance Fund at its $2B target, with US public pension plans and sovereign wealth funds among the backers. The money goes to loans against equipment leases, transportation, consumer finance, real estate and infrastructure. - **[Nuveen](https://privateequitylist.com/investors/nuveen)** held a $700M first close for its latest Australian commercial real estate debt fund. - **[Claret Capital Partners](https://privateequitylist.com/investors/claret-capital-partners)** raised €575M ($632.5M) for its fourth fund. The London firm lends to European growth companies that want capital without selling more equity. - **[Granite Asia](https://privateequitylist.com/investors/granite-asia)** passed the $500M target of its pan-Asia private credit strategy. - **[Allianz Global Investors](https://privateequitylist.com/investors/allianz-global-investors)** held a $270M first close for an Asia-Pacific infrastructure credit fund. - **[Lendable](https://privateequitylist.com/investors/lendable)** closed its second MSME fintech credit fund at $255M. Its loans go to fintech companies in emerging markets. - **[Orbit Capital](https://privateequitylist.com/investors/orbit-capital)** closed Growth Debt Fund II at €107M ($117.7M) for scale-ups in Central and Eastern Europe. **Also new in 2026:** Private Equity List records Monroe Capital's $2.8B Private Credit Fund V, Arcmont's $1.65B Capital Solutions Fund II, Sound Point's $1.5B Strategic Capital Fund III, Brigade's $1B Private Credit Solutions Fund, Nuveen Green Capital's $1B C-PACE lending fund IV, Eagle Point's $559M Defensive Income Fund III and Canyon Partners' $400M CLO Fund IV. ## Largest private credit firms: Blackstone, Apollo, KKR and Ares The biggest firms that run private credit are multi-strategy managers. Ranked by total assets under management on their Private Equity List profiles; credit is one part of each total.
#FirmHeadquartersAssets under management, all strategies
1BlackstoneNew York$1.3T
2Apollo Global ManagementNew York$908B
3KKRNew York$700B
4AresLos Angeles$622B
5The Carlyle GroupWashington$475B
6BaringsCharlotte$442B
7Blue Owl CapitalNew York$307B
8Oaktree Capital ManagementLos Angeles$205B
9HPS Investment PartnersNew York$193B
10Sixth StreetSan Francisco$135B
11Antares CapitalChicago$95B
12Benefit Street PartnersNew York$93B
13Golub CapitalNew York$90B
**Credit specialists:** of the 13, HPS, Sixth Street, Antares, Benefit Street Partners and Golub Capital are built mainly around lending.\ **Left out:** multi-asset managers such as BlackRock and Goldman Sachs Asset Management also run credit funds, but their totals are mostly other assets, so they would distort a ranking of private credit firms. ## Private credit firms to know in the US and Europe
FirmHeadquartersWhat it lends
BlackstoneNew YorkCredit, alongside real estate, private equity and infrastructure
Apollo Global ManagementNew YorkCredit and other flexible capital across market cycles
Blue Owl CapitalNew YorkLoans to companies with and without a private equity owner
HPS Investment PartnersNew YorkCredit across the capital structure
Golub CapitalNew YorkUnitranche loans to sponsor-backed companies, a format it pioneered
Sixth StreetSan FranciscoDirect lending, plus energy, infrastructure and real estate financing
Oaktree Capital ManagementLos AngelesCredit strategies, including asset-backed finance
Antares CapitalChicagoMiddle-market loans, backed by the Canada Pension Plan Investment Board
Churchill Asset ManagementNew YorkFinancing for US middle-market private equity firms and their companies
Monroe CapitalChicagoDirect lending, venture debt and structured credit in the US and Canada
Benefit Street PartnersNew YorkDirect lending, structured credit and real estate debt
Hercules CapitalPalo AltoVenture loans to life sciences and technology companies
Intermediate Capital Group (ICG)LondonFlexible capital for growing companies, since 1989
Arcmont Asset ManagementLondonPrivate debt across Europe, an early mover in the market
Hayfin Capital ManagementLondonDirect lending, special opportunities and hybrid capital
Pemberton Capital AdvisorsLondonLoans to mid-sized European companies, through ten offices
KartesiaLeudelangeLending to lower mid-market companies across Europe
Orbit CapitalPragueVenture debt in Central and Eastern Europe
## More private credit lenders by region Firms beyond the two tables above, chosen from the debt funds in Private Equity List whose profiles describe credit as a main business. The [debt funds list](https://privateequitylist.com/investors/debt-fund) has all 227. ### Private credit lenders in the United States **132 of the 227 firms are in the US.** These ten specialise in credit, from middle-market loans to special situations, and all ten are listed at $100M or more.
FirmCityCheque sizeWhat it lends
AGL Credit ManagementNew York$100M+Corporate credit, launched in 2019
Audax Private DebtNew York$100M+Tailored debt for middle-market companies
Brigade Capital ManagementNew York$100M+Credit investments for institutions
Canyon PartnersDallas$100M+Corporate, structured and real estate credit
Centerbridge PartnersNew York$100M+Private credit next to private equity and real estate
Crescent Capital GroupLos Angeles$100M+Corporate credit, exclusively
Marathon Asset ManagementNew York$100M+Public and private credit
MidCap FinancialBethesda$100M+Flexible debt for middle-market companies
Silver Point CapitalGreenwich$100M+Direct lending, capital solutions and real estate lending
Sound Point Capital ManagementNew York$100M+Credit strategies, over $44B in assets
### Private credit lenders in the UK and London **29 firms, nearly all in London.** ICG, Arcmont, Hayfin and Pemberton are in the table above; these eight add NAV finance (17Capital), lower mid-market debt (Apera, Beechbrook) and lending in emerging markets (Lendable).
FirmCityCheque sizeWhat it lends
17CapitalLondon$100M+NAV finance: loans to private equity funds
Park Square CapitalLondon$100M+Senior and subordinated debt, mid-market direct loans
Apera Asset ManagementLondon$50–100MPrivate debt for lower mid-market companies in Western Europe
LendableLondon$50–100MAsset-backed capital for financial companies in emerging markets
Beechbrook CapitalLondon$10–50MPrivate debt for lower mid-market companies
Cheyne CapitalLondon$10–50MCredit, real estate and equities
Pollen Street CapitalLondon$10–50MPrivate credit and equity in financial services and technology
AriniLondon$5–10MPublic and private credit, focused on Europe
### Private credit lenders in Europe **26 firms, led by France, Luxembourg and Switzerland.** Kartesia and Orbit Capital are in the table above; these five add Copenhagen, Madrid, Zurich, Amsterdam and Paris.
FirmCityCheque sizeWhat it lends
BlueOrchardZurich, Switzerland$50–100MImpact debt in more than 100 countries, owned by Schroders
Colesco CapitalAmsterdam, Netherlands$50–100MPrivate credit for climate-tech scale-ups
Capital FourCopenhagen, Denmark$10–50MCredit asset manager
Tresmares CapitalMadrid, Spain$10–50MFinancing across the capital structure for SMEs
Trocadero Capital PartnersParis, France$10–50MEquity and debt for European SMEs
### Private credit lenders in Asia-Pacific and Canada **40 firms outside the US and Europe, led by Canada, India, Hong Kong and Australia.** Metrics Credit Partners in Sydney describes itself as one of Asia's largest specialist private debt investors.
FirmCityCheque sizeWhat it lends
ASK AlternatesMumbai, India$100M+Private credit, part of the Blackstone-backed ASK group
QualitasMelbourne, Australia$100M+Real estate credit and equity
SC LowyHong Kong, Hong Kong$100M+Private credit and opportunistic lending, Asia-Pacific and Middle East
Ascertis CreditSingapore, Singapore$50–100MGrowth capital loans in India and Southeast Asia
Neo Asset ManagementMumbai, India$50–100MPrivate credit, real assets and core credit in India
Tor Investment ManagementHong Kong, Hong Kong$50–100MAlternative credit in Asia
Fiera Private DebtLaval, Canada$10–50MSecured loans
Metrics Credit PartnersSydney, Australia$10–50MDirect corporate lending, acquisition and real estate finance
Northleaf Capital PartnersToronto, Canada$10–50MMid-market private credit, private equity and infrastructure
## Private equity lenders: direct lending to buyouts and the middle market **Who they are:** direct lenders that finance private equity buyouts, mostly of middle-market companies. Golub Capital, Antares, Churchill and Audax Private Debt lend this way in the US; Arcmont, Pemberton and Kartesia in Europe.\ **Unitranche:** one loan that replaces separate senior and junior debt. Churchill, Brightwood and CVI offer it; more in our guide to [private equity lenders](https://privateequitylist.com/intelligence/private-equity-lenders).\ **Middle market:** companies with $10M–$1B of annual revenue; the average private credit loan has been above $80M since 2022 ([Federal Reserve](https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html)). ## Private credit strategies: what the funds lend against **Direct lending:** loans straight to mid-sized companies, often owned by private equity. Golub Capital, Antares and Churchill lend this way in the US; Arcmont, Pemberton and Kartesia in Europe.\ **Asset-based finance:** loans secured on assets such as equipment, leases and consumer loans. Oaktree's first fund for this strategy closed at $2B in 2026.\ **Mezzanine and junior debt:** loans that rank after senior debt and before equity. HPS Investment Partners, Audax Private Debt and Churchill run mezzanine funds; 59 firms are in our guide to [mezzanine lenders](https://privateequitylist.com/intelligence/mezzanine-lenders-and-funds).\ **Venture and growth debt:** loans to venture-backed companies that would rather not sell more equity. Hercules Capital, Claret and Orbit Capital work here; 37 firms are in our guide to [venture debt lenders](https://privateequitylist.com/intelligence/venture-debt-lenders-and-funds).\ **CLOs and structured credit:** pools of company loans sold to investors in slices. Canyon Partners added a $400M CLO fund this year.\ **Real estate and infrastructure credit:** loans against buildings and projects. Nuveen, Cheyne Capital and Allianz Global Investors raised such funds in 2026.\ **Credit secondaries:** buying existing stakes in credit funds. HarbourVest's $2.4B strategy is the largest 2026 example in Private Equity List. ## Private credit vs private equity: lending to a company or owning part of it **Private equity:** a fund buys a stake, often control, and earns its return when it sells the company.\ **Private credit:** a fund lends money, takes no ownership and earns interest until the loan is repaid.\ **Same firms, different funds:** Blackstone, Apollo, KKR, The Carlyle Group and Bain Capital run both private equity and credit funds.\ **For a founder or adviser:** credit keeps the cap table as it is, but the company needs steady cash flow to pay the interest. ## How to find private credit lenders for a deal **Start with the type:** the [Debt funds list](https://privateequitylist.com/investors/debt-fund) in Private Equity List holds all 227 firms.\ **Narrow it down:** in [search](https://privateequitylist.com/search), filter by sector, headquarters and cheque size. 52 of the firms write cheques of $100M or more and 100 write $10–50M.\ **Check who just raised:** a fund that closed this year has money to lend. The [new funds tracker](https://privateequitylist.com/new-vc-funds) lists each one as it is announced.\ **Reach the team:** profiles list partners and investment staff with their roles. CSV export comes with the Pro+ plan.\ **Deal by deal:** independent sponsors, who buy companies one deal at a time without a fund, raise debt from these lenders for each deal; see [independent sponsors](https://privateequitylist.com/intelligence/independent-sponsors).\ **Compare data sources:** for what PitchBook, Preqin and other databases cover and cost, see our [investor database comparison](https://privateequitylist.com/intelligence/investor-database-comparison). ## Data and methodology **Firms:** the 227 are Private Equity List profiles tagged as debt funds, counted on 17 October 2026; the lenders in the tables were checked against each profile's description. Headquarters, cheque size and assets under management are as on each profile.\ **Funds:** fund records and verified announcements from the Private Equity List new-funds tracker, with sizes as announced.\ **Yields and market size:** not Private Equity List data; they come from [Cliffwater](https://digital-release.kxan.com/business/press-releases/cision/20260331LA23388/cliffwater-direct-lending-index-data-supports-strength-of-private-credit) and the [Federal Reserve](https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html), linked in the text.

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227 debt funds with investment-team contacts, filtered by sector, country and cheque size.

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## FAQ ### What is private credit? Private credit is lending by investment funds directly to companies, outside banks and the public bond market. The funds raise money from pension funds, insurers and endowments and earn interest on the loans. Private Equity List lists 227 private credit and debt firms. ### Who are the largest private credit firms? Among the best-known private credit managers are Blackstone, Apollo, Blue Owl, HPS Investment Partners, Golub Capital, Sixth Street and Oaktree in the US, and ICG, Arcmont, Hayfin and Pemberton in Europe. In 2026 the biggest new credit funds in Private Equity List came from Monroe Capital ($2.8 billion), HarbourVest ($2.4 billion) and Oaktree ($2 billion). ### What is the difference between private credit and private equity? Private equity buys ownership in a company and earns its return when it sells. Private credit lends money, takes no stake and earns interest until the loan is repaid. Many large firms, such as Blackstone, Apollo, KKR and The Carlyle Group, run both. ### What is direct lending? Direct lending is a private credit strategy in which a fund lends straight to one company, usually a mid-sized business owned by a private equity firm. Golub Capital, Antares, Churchill, Arcmont and Kartesia are direct lenders. ### How do I find private credit lenders for my company or a client? Start with the Debt funds list in Private Equity List, then filter by sector, headquarters and cheque size. Funds that closed this year have money to lend. Profiles list partners and investment-team contacts, and CSV export comes with the Pro+ plan.