For the gp: the other side of the risk/reward coin is that private credit has limited upside. They're going to get the margin between the private 6/7/8/9/10% loan and their funding source + admin. Whereas PE can go “to the moon” if things work out.

morningstar had a nice writeup of the changing winds https://dbrs.morningstar.com/research/469893/2026-private-cr...