For years, investors were taught to search for yield in public markets, listed bonds, and fixed deposits. But in 2026, that is no longer enough for many affluent families. Rates remain sticky, inflation has not fully retreated, and public-market valuations can still look stretched even when growth slows. As a result, private credit investing has become a magnet for investors chasing higher income, tighter covenants, and returns that look less correlated to public equities. At the same time, regulators are warning that the very features that make private credit attractive — opacity, leverage, longer lockups, and bespoke lending structures — can also become sources of stress.