Private credit funds now hold $2.1T — regulators want to know what's inside the box

The private credit market has crossed $2.1 trillion in assets under management, according to data compiled by Preqin — a figure that would make it, if it were a single institution, the third-largest bank in the United States. It is not a bank. It is not subject to bank regulation. And increasingly, regulators in Washington and Brussels are asking what, exactly, is inside it.