I’ve been watching the explosive growth of the $1.5+ trillion private credit market with a mix of fascination and caution. The narrative is usually focused on the lenders—how these non-bank funds are stepping in where traditional banks stepped out. But I wanted to take a step back and look at this from a different angle: ours. As equity investors—whether we are private equity sponsors, limited partners (LPs), or company founders—what does it actually mean when our portfolio companies borrow from private credit funds instead of traditional commercial banks? We are the ones holding the equity cushion that sits directly……