SS&C says private credit still has room to grow, but underwriting discipline faces rising scrutiny

• SS&C analysis flags private credit growth headroom, with the asset class at about 10% of global corporate lending exposure.
• Market conditions look broadly resilient, though the sector has not faced a major economic downturn that would test underwriting discipline.
• Rising competition is pressuring documentation, with more borrower-friendly terms; covenant strength becomes as important as yield for LPs.
• Increased PIK usage is highlighted as a potential early warning signal of borrower stress before defaults show up in headline metrics.
• Evergreen structures are expanding, with the note warning liquidity promises must match the underlying illiquid loan assets.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. SS&C Technologies Holdings Inc. published the original content used to generate this news brief on October 09, 2026, and is solely responsible for the information contained therein.