1、Private CreditIs ReshapingWealth PortfoliosHuw van SteenisBen PhillipsLaura WatkinParth AgarwalPrivate Credit Is Reshaping Wealth Portfolios Oliver Wyman2WHY READ THIS REPORT?Individual investors are the next frontier for private credit.We estimate that wealth portfolios already account for 12%of th

2、e private credit assets of leading firms today and are growing four times faster than assets from institutional investors.There is an explosion of new funds and partnerships seeking to capitalize on the mainstreaming of private credit,particularly via“evergreen funds,”as investors increasingly barbe

3、ll their fixed-income allocations,combining low-cost bond exchange-traded funds(ETFs)at one end with higher-yielding,less liquid private credit at the other.Private credit evergreen funds are among the fastest growing parts of the investing world,we think.Those in interval fund envelopes are growing

4、 at an annualized rate of roughly 70%this year and those in non-listed business development companies(BDCs)by about 50%.Advisers and investment firms we surveyed suggest private credit assets from wealthy individuals could double to quadruple in the next five years as private credit increasingly bec

5、omes a core component in a broader credit,or alternatives,sleeve of a portfolio.As the lines become increasingly blurred between private and public credit,we explore what this could mean both for investors portfolios and the investment firms serving them.Oliver Wyman3Private Credit Is Reshaping Weal

6、th Portfolios GATES OPEN FOR AFFLUENT TO INVEST IN PRIVATE CREDITOnce the domain of pension funds,insurers,and the uber-wealthy,private credit is undergoing a quiet transformation.Product innovation and technological advances are rapidly opening the door to a new class of investor:individuals who ar