Private credit's rapid expansion is increasing scrutiny around where leverage, liquidity risk and refinancing exposure now sit across the broader financial system. Growing interconnectedness between insurers, banks, BDCs, NAV financing structures and secondary markets is also intensifying debate around whether private credit is creating new systemic vulnerabilities or building a more diversified and resilient lending ecosystem beyond traditional banking channels.  

This debate will examine whether opacity, liquidity mismatch and complex financing chains could amplify contagion risks across increasingly connected public and private credit markets. Panellists will also debate whether the growing integration of insurer capital, long-duration liabilities and balance-sheet financing structures ultimately strengthens stability across private credit markets or creates new forms of systemic interconnectedness across the broader credit ecosystem.