A Structural Comparison of Today's Private Credit Risks Against the 2008 Global Financial Crisis
Private Credit: 2008 Revisited — Or Something Different?
Today's private credit market shares the structural DNA of the 2008 crisis — opacity, leverage embedded in non-bank intermediaries, liquidity mismatch, and mark-to-model valuation — but the geography of that risk has fundamentally shifted.
In 2008, the fault lines ran through bank balance sheets and consumer mortgage debt.
Today they run through non-bank intermediaries, private credit funds, and the retail investor channels that have quietly become the marginal buyer of illiquid private assets.
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