Affluent American investors funnel $48bn into hidden credit investment funds

In 2025, the private credit market is experiencing significant growth, with major players like Blue Owl, Apollo, Ares, and Cliffwater leading the charge. Among these, Blackstone's private credit fund, Bcred, is leading the growth in private credit investments.

According to recent reports, Bcred has raised an impressive $6.5 billion in 2025, adding to its total asset value of $73 billion. This growth is not limited to Blackstone alone, as multiple entities, including the aforementioned firms, are contributing to the expansion of the private credit market beyond Bcred.

The growth of the private credit industry in the United States is especially noteworthy. In the first half of 2025, wealthy US investors poured $48 billion into private credit funds. This surge in investment is more than the total amount raised by private credit funds in 2023, indicating a strong and consistent upward trend.

The private credit industry is on track to surpass the $83.4 billion raised in 2024. Moody's, a leading credit rating agency, predicts that the private credit market will continue to grow, potentially reaching $3 trillion by 2028. This projection is equivalent to a staggering £36 billion from wealthy US individuals.

Moody's expects the private credit sector to be worth $2.22 trillion by 2028, a figure converted from $3 trillion in US dollars. This forecast suggests that the private credit market is expected to grow significantly beyond its 2024 total.

Despite uncertain markets in 2025, private credit funds have been delivering attractive returns. This resilience, coupled with the ongoing expansion of the industry, indicates a bright future for private credit investments.

The growth of the private credit industry is not limited to the US. Major alternative asset managers worldwide, such as Albacore (part of First Sentier Investors Group), Allianz GI, Tikehau, and Coller, are also significantly expanding their credit divisions. However, specific top U.S. firms were not explicitly named in the available sources.

In conclusion, the private credit market is thriving in 2025, with Blackstone's Bcred leading the way. The industry's growth is expected to continue, potentially surpassing its 2028 predicted value of $3 trillion. This trend bodes well for both investors and the private credit industry as a whole.