The "all-weather" thesis for European private credit still stands. Demand continues to outstrip supply, banks remain constrained, and a substantial illiquidity premium persists. This paper addresses the concerns currently shaping market sentiment: high-profile non-private credit defaults such as First Brands, AI disruption, and BDCs. It also examines comparisons to the 2008 financial crisis and explains why none of these concerns fundamentally alter the investment case.

Use The BEAT™ as your timely resource for the markets. Each edition gives you ideas and insights that show you how to navigate the current investment environment.

Morgan Stanley Investment Management announced today that funds managed by Morgan Stanley Expansion Capital have led a $33 million growth financing for Subtle Medical (the Company), a medical imaging software company using artificial intelligence to improve imaging workflow efficiency and image quality across MRI, PET and CT.

A tough year for quality stocks challenged investors in 2025. Explore why factor investing remains relevant and how multifactor strategies may help.