Credit managers are now making offers for almost multibillion-dollar loans. But as private credit heads into uncharted waters, the asset class's next big challenge could come from the very force that catalysed its growth.

Private debt funds’ share of buyout market financing has continued to climb, although they are likely to hit the ceiling eventually.

Fees have broadly stayed constant. But when it comes to fund economics, there is still a danger of LPs being dealt a weaker hand at the negotiating table.