Private credit has become an established global asset class and continues to grow as it serves the needs of a broad range of borrowers across sectors, while delivering steady returns to investors. The asset class has shown resiliency in challenging environments and seems only to become more attractive, but the trend toward consolidation and other developments could change the dynamics that have spurred private credit’s growth to date. To provide data and insights into the private credit market, the Alternative Credit Council (ACC) collaborated with EY to publish its tenth annual research report, entitled “Financing the Economy” (Report). The Report is based on a survey conducted by ACC and EY of 53 private credit managers and investors, as well as one-on-one interviews with industry leaders. Respondents to the survey collectively manage more than $2 trillion in private credit assets and are located across the globe – primarily in the U.S. and Europe. This article summarizes the key findings and insights from the Report. See “Emerging Industry Trends Include Rise of Evergreen Structures, Tax Complications and Private Credit Funds” (Jan. 9, 2025); and “Trends and Key Drivers in PE and Private Credit Seeding Transactions” (Jul. 11, 2024).