The current global environment is challenging for markets and, especially recently, for banks that have been attempting to weather the knock-on effect of rising interest rates. Conditions that are trying for traditional banks may be creating circumstances for private credit funds to thrive, however. That dynamic, when coupled with organic growth opportunities available to the asset class, has private credit positioned to grow in the coming years. A panel at Sidley Austin’s recent annual private funds program discussed how private credit may take advantage of the current market conditions, structuring issues to consider when forming private credit funds, current trends in the asset class and expectations for 2023 (and beyond). The panel featured Sidley Austin partners Elizabeth Shea Fries, Simon M. Saddleton, Elizabeth R. Tabas Carson and Noam M. Waltuch, as well as Josie Liao, executive director, product specialist in alternative investment products at UBS. This article summarizes the experts’ insights and key takeaways from the presentation. For coverage of previous Sidley Austin panels, see “Operational and Tax Challenges of Hybrid Funds” (Nov. 5, 2019); and “Trends in GP-Led Secondary Transactions and Rep & Warranty Insurance” (Apr. 2, 2019).