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Solitaire Insights
Our firm prides itself on bringing the best opportunities to our closed circle of investors. Part of that means rigorously monitoring markets and staying ahead of trends.
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Dimon’s warning about more cockroaches in the system is ultimately about foresight
The recent Tricolor collapse shows what happens when credit optimism outruns risk discipline. The lesson is that risk strategy is about both growth and anticipating where fragility hides.
APAC Private Credit to Hit $92 Billion by 2027 as Banks Pull Back
The Asia-Pacific private credit market is on track to reach $92 billion by 2027, up from $59 billion in 2024, marking a 16% compound annual growth rate, according to a new report by the Alternative Investment Management Association, Alternative Credit Council, Simmons & Simmons, EY, and Broadridge. The boom comes as banks retreat from corporate lending, leaving room for alternative lenders to fill the gap. A Bloomberg survey of major firms, including Apollo, Blackstone, KKR,
Capital Structures Are Converging, and Credit and Equity Are No Longer Opposites
The balance of power in private markets is shifting. As Brookfield’s Head of Private Equity Anuj Ranjan told Bloomberg at Riyadh’s Future Investment Initiative, “I wouldn’t say it edged out private equity.” He’s right. Private credit has grown into a $2.1 trillion asset class, while private equity still holds more than $8 trillion globally. Firms like Brookfield (AUM $900 billion+) now operate across both, using credit and equity as complementary tools. Credit offers yield an
Private markets are maturing. The data shows an asset class evolving from exclusivity to broad-based participation.
• $592bn raised by private equity in the year to June 2025 - a seven-year low, but part of a healthy reset after a decade of excess liquidity. • ELTIFs have surged to €25bn (56% YoY), while LTAFs reached €8bn (46%) - retail and wealth channels are finally open. • Private equity continues to deliver 13-14% net annualised returns. Private credit averages 9%, roughly 200 bps above high yield. • Pensions such as BCI and OMERS are expanding in-house private capital teams, reinforc
Banks are quietly underwriting the private credit boom.
Since 2016, U.S. bank lending to non-depository financial institutions (NDFIs) has surged nearly 300%, far exceeding growth in commercial, consumer, or real estate credit. Outstanding loans to NDFIs reached $1.14 trillion in Q1 2025, growing at an average annualised rate of 26% since 2012. The lines between traditional banking and private credit are now blurred. Banks are no longer competitors, they’re financiers. Roughly $300 billion in loans now fund private credit managers
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