KBRA Releases Private Credit: Asset Managers in Focus Webinar Recap

KBRA releases a recap of its Private Credit: Asset Managers in Focus Webinar held 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 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, and succession planning—with issuance rising from $1.5 billion in 2023 to over $6 billion in 2024 and over $9 billion in 2025; issuance is predominantly senior unsecured and 74% fixed-rate.
For 2026, KBRA maintained Stable Outlooks for the vast majority of rated asset managers, while recognizing the possibility of wider dispersion in performance amid a selective exit market, still-challenging fundraising, and ongoing product innovation (including semi-liquid and evergreen vehicles).
KBRA will continue to monitor risk discipline, infrastructure, artificial intelligence (AI)-related uncertainty, and redemption risk, but expects these risks to generally remain contained for the rated portfolio.

Click here to view the report.

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