The Grant Williams Podcast · Tuesday, November 3, 2026
Steve Clapham warns that private credit, which largely lends to private equity companies with two trillion in assets, operates in an entirely unregulated space with little oversight, raising concerns about where the next financial crack will appear.
“70% of private credit is to private equity companies. And there is two trillion of private credit. So there's quite a lot of debt sitting in some of those companies and some of those companies will go bust.”
“This is a huge area, particularly in the United States, and it's completely unregulated. Now IMF were writing about this two years ago. There's no data, there's no oversight, there's no nothing.”