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.

Recent Publications

• Private Credit: Q4 2025 Middle Market Borrower Surveillance Compendium: Stability at the Median, Stress at the Margins
• Private Credit: Framing AI and Software Risk
• Private Credit: From Acquisitions to Partnerships—Asset Managers’ Growing Role With Life/Annuity Insurers
• Private Credit: 2026 Outlook
• Private Credit: Business Development Company (BDC) Ratings Compendium: Third-Quarter 2025 and 2026 Outlook
• Private Credit: KBRA-Rated Private Equity and Private Credit Firms Demonstrate Resilience Through Market Challenges

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

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