The private credit markets continue to evolve. As more capital flows into the market, private credit firms are chasing fewer deals and borrowers have greater negotiating power, according to the speakers at K&L Gates’ 2025 Asset Management and Investment Funds Fall Conference. The program examined the current state of the private credit market, including competition for PE deals; the evolving roles banks play in the market; and the challenges facing lenders, including weak loan covenants, concerns over lack of transparency, regulatory uncertainty, risks around retail capital and concerns over loan valuations. The program featured K&L Gates partners Ed Dartley and Adam J. Tejeda; Sean Coleman, CEO of private credit fund Eyre Street Capital; and Daniel Leger, senior managing director and partner at private lender Metropolitan Partners Group. This article synthesizes their remarks. See “ACC and EY Report Examines Growth Trajectory and Recent Trends in Private Credit” (Mar. 6, 2025).