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Private Credit Is Evolving — Here’s Where Opportunity Is Growing

Retail access, rising career demand, and the niches worth watching. Let’s get into it.

Author

James Howl-Newton
May 02, 2025

📰 Welcome to career.credit

Good morning!

Welcome to our first Friday edition! — not just the headlines, but the shifts that matter to professionals looking to grow. From innovative fund launches to increasing demand for niche talent, the opportunities are there — if you know where to look.

Let’s dive in.

🏦 This Week’s Private Credit Headlines

📊 KKR & Capital Group Bet on Retail

This week, KKR and Capital Group launched hybrid funds offering a mix of public and private credit — with entry points as low as $1,000.
It’s a direct move to open private markets to retail investors, with 60% allocated to public debt and the rest to private credit.

“We want to give access to the 95% who’ve traditionally been left out,” said KKR co-CEOs Scott Nuttall & Joseph Bae.

💡 Proskauer Default Index Shows Stability

Private credit default rates dipped slightly to 2.42% in Q1 2025, down from 2.67% in Q4 2024.
The Proskauer index tracks $148B in senior-secured/unitranche loans — signaling continued strength in underwriting discipline.

Credit fundamentals remain resilient even in choppier conditions — a positive sign for dealmakers and allocators alike.

🔄 Secondary Market Activity Heating Up

Volatility is pushing LPs to seek liquidity.
Pantheon raised $5.2B for a private credit secondaries fund, and managers at HarbourVest report a growing wave of inquiries.

Credit secondaries may finally be stepping into the spotlight — keep an eye on this space if you’re on the buyside.

🤝 CVC Eyes Golub Capital in $75B Potential Deal

CVC is reportedly exploring a $75B acquisition of Golub Capital, signalling consolidation and rising strategic value of credit platforms.
Golub is not actively seeking a buyer — but the interest speaks volumes.

💼 Career Insights: What’s Moving the Market

Hiring activity remains strong, particularly for mid-level professionals:

  • 🔥 Private credit & structured finance saw a hiring rebound in 2024

  • 💰 Internal comp lifts: +6% base / +11% total

  • 🚀 External hires averaged 21% total comp increases

  • 🧠 Demand is highest for Senior Associate, VP, and Director levels (3–10 YOE)

If you’re mid-career with live deal exposure, this market still has room to reward you.

🧠 Deep Dive: How to Specialise in Private Credit (and Why You Should)

As direct lending gets crowded, the edge is shifting to specialisation.
High-growth verticals in the next 24 months may include:

🔹 NAV Lending
🔹 Asset-Based Lending (ABL)
🔹 Litigation Finance
🔹 Royalty Financing
🔹 Special Sits & Opportunistic Credit

Professionals who gain traction in one of these spaces are already commanding a premium — both in compensation and access.

Specialisation builds career durability. If you can underwrite niche risk, you’re instantly more valuable to both GPs and LPs.

More to come on this in Tuesday’s issue.

💬 Final Thought

Private Credit is expanding — in structure, in access, and in opportunity.
The challenge now? Picking your lane and leaning in before it becomes the consensus.

See you Tuesday with a new asset drop.
— James
Founder, career.credit & Futura Search Partners