The Flight to Collateral: Why Asia’s Investors Are Leaning Into Asset-Backed Lending
Private credit is having an uncomfortable year. After a decade of near-uninterrupted growth, 2026 has brought the loudest round of scrutiny the asset class has seen since the global financial crisis: a string of high-profile defaults in leveraged direct lending, business development companies trading below net asset value, and semi-liquid funds facing redemption pressure they were never quite built to absorb.
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