Private Credit Funds Attract $48 Billion from Wealthy Americans in First Half of 2025
Private credit funds have become the preferred wealth management route for affluent Americans, with $48 billion flowing into these vehicles in the first six months of 2025—already surpassing 2023's total. The industry is on pace to break 2024's record of $83.4 billion as individual investors fill the void left by retreating pension funds and endowments.
Blackstone dominates the space, with its Bcred fund raising $6.5 billion this year alone, swelling total assets to $73 billion. Competitors like Cliffwater and Apollo are gaining ground, with $11 billion and $6.4 billion raised respectively. Evergreen structures, such as non-traded BDCs, are particularly appealing for their flexibility.