Private credit funds are attracting record inflows from wealthy individuals, with U.S. investors committing $48bn in the first half of 2025 alone, according to sources cited by the Financial Times. 

The figure surpasses all of 2023 and puts the market on course to break the $83.4bn record set in 2024.

The surge comes as institutional fundraising slows, highlighting the growing importance of private wealth for alternative managers. Moody’s analysts have called individual investors “one of the biggest new growth frontiers in the industry.”

In Europe, assets in evergreen private debt funds more than doubled year-on-year to €24bn by June, driven by rising demand and a wave of new fund launches.

Blackstone remains the dominant player through its Bcred fund, which has raised $11.7bn over the past year and grown to $73bn in assets. Rival offerings from Apollo, Ares, Blue Owl, and HPS Investment Partners are gaining traction, while Cliffwater has carved out a significant share with nearly $11bn raised.

The shift has been supported by regulatory changes, including a U.S. executive order allowing private equity and credit strategies in 401k retirement plans, further broadening access to alternatives.

Despite growing competition pressuring returns, private credit has firmly entered the mainstream, with high-net-worth investors now at the forefront of industry growth.

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