Private credit has grown steadily over the past decade, notwithstanding significant volatility in public and private markets. To understand the drivers behind private credit’s ascension and its future as an asset class, in the first quarter of 2023 Mergermarket surveyed 30 senior executives (Survey) from alternative asset managers that allocated at least 10% of their assets under management to private credit strategies. Mergermarket recently presented the Survey results and its analysis in a report examining the factors propelling private credit’s rise; the opportunities and challenges managers face in the asset class; and the strategies managers are adopting to attract capital in a competitive market. This article summarizes the report and key findings relevant to fund managers. For coverage of previous Mergermarket surveys, see “Survey Finds Regulatory Issues Are Key Driver of PE CFOs’ Evolving and Expanding Role” (Oct. 4, 2022); and “Key Investor, Regulatory and Industry Trends Identified in Dechert and Mergermarket’s 2022 Global PE Outlook” (Dec. 7, 2021).