This optimism surrounding the private debt market continued in 2018 despite some underlying concerns. Last year was not a record fundraising year, but it was certainly a strong one with $135 billion raised over 153 funds. However, the risks remain and the asset class is starting to feel some pressure as managers work hard to deploy capital stored up over the course of several successful fundraising years. It may be a time for more cool-headed reflection as we look not only at how far the industry has come, but also at how far it has yet to go.