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Tobias True, CFA, FRM
Partner, Investment Strategy and Risk Management
Jian Zhang, CFA
Partner, Investment Strategy and Risk Management

Although private credit funds have rapidly grown into a standalone asset class over the last decade, little is known about the aggregate performance of these funds. To provide a first look at absolute and relative performance, we utilize the Burgiss database of institutional quality private credit funds. Our analysis evaluates 476 private credit funds with nearly $480 billion in committed capital, including a subset of 155 direct lending funds.