Nobody Publishes That Number
Korea's benchmark fell 10.84% on Tuesday. The BIS published, the same day, that lending to AI firms is 8% of all private credit. The Bank of England will not tell you the level of the leverage connecting the two.
Topic
Private Credit
Direct lending, the systemic question, and the search for floating-rate yield.
Latest in Private Credit
Private Credit
Private Credit's Redemption Caps Are Working - and Moving the Liquidity Risk to Investors
The recent limits do not yet amount to a system-wide credit crisis. They reveal the bargain inside semi-liquid funds: the loan portfolio is protected by making investors wait, find another buyer or accept a discount.
The GP Manages the Clock
Private markets promised long-horizon investors an illiquidity premium. They did not promise that capital calls, redemptions, collateral, distributions, and sponsor demands would remain separate events.
Private Credit's $500 Billion AI Stress Test
Software became direct lending's favourite trade. Now AI is repricing software economics in real time — and the first cracks will show up not as defaults, but as recognition risk. What universal owners must ask now.
You own the AI build-out. Now you're lending to it.
For two years the AI build-out has been an equity story — a thing universal owners owned, through their Nvidia and hyperscaler
Research
The universal owner is now the lender of the AI build-out
Research & Commercial Insight · June 22, 2026 · UAO Research There is a tidy story large allocators have told themselves about artificial intelligence:
Private Credit
Sizing Private Credit: A Due-Diligence, Liquidity and Covenant Checklist
A practical checklist for committees: separate skill from leverage and illiquidity premia, stress your own liquidity assuming gates, and read the covenant package before the yield.
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