Private Credit: Asset Managers in Focus Webinar Recap

KBRA held its Private Credit: Asset Managers in Focus Webinar on March 3, 2026. Below is a summary of our key takeaways.

KBRA’s rated universe has expanded since 2019 to more than 60 asset managers globally, spanning private equity (PE) and private credit as well as real estate, infrastructure, and wealth management firms; AUM ranges from roughly $1 billion to more than $480 billion, with about one-fifth of managers based outside the U.S. (primarily Europe).
Alternative asset managers were described as among the structurally stronger asset classes within financial institutions, supported by recurring management fees, long-duration closed-end fund structures, modest management company leverage, and strong operating cash flow; ratings range from AA through below-investment grade categories.
Debt issuance is increasingly strategic—supporting co-investments, new strategies, mergers and acquisitions (M&A), and succession planning—with issuance rising from…