Key takeaways: In a more uncertain geopolitical and economic environment, investors are reassessing how private credit markets can help build diversified and resilient portfolios, manage liquidity and identify new sources of return But private credit is more than just U.S. direct lending – a traditionally core holding for many investors – with a private credit umbrella opportunity set spanning stressed and distressed credit, real estate, securitised assets, asset-backed finance and emerging markets debt (EMD) Regional opportunities are also in focus, with European credit and EMD offering compelling narratives with distinct sources of dispersion, depth and return potential As investors consider moving into less familiar areas of private credit, “knowing what you own” becomes even more important, requiring an understanding of a portfolio, a manager’s process and the risks being assumed Looking ahead, evolving fund structures may broaden access, but product development should not lead the investment case – portfolio fit, liquidity discipline and manager transparency should continue to come first