Private U.S. credit firms are selling debt to themselves at a record rate. Wall Street braced for a private credit meltdown.
Private credit firms sold a record amount of debt to themselves last year as the buyout sector’s slowdown pushed them to find new ways to generate cash from loans to companies owned by private equity. Private lenders struck so-called continuation deals worth $15bn globally in 2025, up from almost $4bn the previous year, according to …