Private Credit: Asset Managers 2Q26 Performance Recap—Relatively Resilient but Dispersion in Performance Pronounced

This report summarizes key quarterly performance trends and thematic takeaways across KBRA’s rated universe of 70 asset managers, as well as key performance results across publicly listed alternative asset managers in North America and Europe.

Key Takeaways

Alternative asset managers entered 2H26 from a position of relative strength, with 2Q results highlighting the sector’s resilience despite continued macroeconomic, geopolitical, and market uncertainty.
Assets under management (AUM) and fee-paying AUM trends for leading North American and European alternative asset managers were generally constructive in 2Q26, supported by fundraising, deployment, and continued expansion across credit, infrastructure, insurance, and private wealth strategies. Artificial intelligence (AI) also remained a prominent theme across the sector, representing both a significant investment opportunity and an emerging portfolio risk.
However, performance dispersion across managers and…