This story has been doing the rounds for the last few years and it just won’t go away. The narrative takes a number of different dimensions. There is too much money flowing to the sector and so the new deals must be getting much risker; private credit funds will soon start to generate GFC-type losses; there are too many new private credit managers with insufficient depth and expertise to do the job; the funds will freeze at the first sign of a downturn; the funds are too concentrated in real estate related debt; there is inadequate governance around private credit funds; and, f...