For the gp: the other side of the risk/reward coin is that private credit has limited upside. They're going to get the margin between the private 6/7/8/9/10% lo

For the gp: the other side of the risk/reward coin is that private credit has limited upside. They're going to get the margin between the private 6/7/8/9/10% loan and their funding source + admin. Whereas PE can go “to the moon” if things work out. morningstar had a nice writeup of the changing winds https://dbrs.morningstar.com/research/469893/2026-private-credit-outlook-negative-margin-compression-and-rising-leverage-are-key-challenges https://dbrs.morningstar.com/research/469893/2026-private-cr...