Just 59 traditional funds focused on private debt closed in the first half of the year.
Deferrals have become more common in the past several years and terms are now more borrower-friendly.
Family office allocations to private debt remain at roughly 2%.
Firms have been foraging in new areas to try to put their vast pots of client cash to profitable use.
Private debt has been a hot topic in the insurance industry of late.
A market is forming that would allow private credit investors to exit holdings.
Fund managers in this market are often valuing their loans more generously than others do.
Banks have begun trying to win back deals away from private lenders by sweetening terms and cutting pricing.
Private equity firms are having a harder time exiting their investments through sales or IPOs.
The cost of capital is going to be higher for the next five to seven years, he said.
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