Private equity’s center of gravity has shifted from ownership to lending.

Apollo now manages $690B in credit vs $150B in equity. Blackstone, KKR, Ares, same story. Credit scales faster, offers yield, and fills the gap left by banks retreating under regulation.

With insurance capital fueling long-duration mandates, these firms can underwrite 8-12% private loans at scale, often to the same companies they once sought to buy.

They’re now showing up in Series B/C rounds, competing directly with VCs. Founders prefer structured credit to avoid dilution; LPs prefer steady coupons to binary outcomes.

The result: asset classes are converging. Private markets are no longer about ownership or lending, they’re about velocity of capital.