Private Credit

Innovation at Work: The New Private Market Ecosystem

December 2025 – 5 min read

Private markets are innovating fast, opening new paths to diversification, income, and downside protection beyond traditional equities and bonds.

Private markets have entered a new phase, where secular shifts are redrawing the lines between public and private credit. The result—call it Private Credit 2.0—is a broader, more connected opportunity set that spans the private market spectrum, with innovation driving improved access, new opportunities, and risk control for sophisticated allocators.

But innovation in private markets isn’t just about new products—it’s about rethinking architecture and access. As platforms scale and investor needs evolve, three areas stand out for how they’re reshaping participation: collateralized loan obligations (CLOs), asset-based finance (ABF), and portfolio finance.

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Martin Horne

Co-Head of Global Investments

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