It's called 'private credit' — and it could lead to big trouble on Wall Street - NPR

The private credit market — nonbank lending that is opaque and less regulated — has boomed but is showing clear signs of strain that are spilling into broader markets. Events such as Apollo limiting redemptions from its $15 billion private credit fund and large outflows at other managers add to evidence of looser underwriting, rising default risk, and growing liquidity stress. These developments highlight how private credit's rapid growth could have broader financial-system implications if pressures deepen.