Exclusive: Surge in GPs changing strategy to include more private credit
General partners are increasingly altering their asset allocations to include more private credit, according to exclusive figures obtained by Alternative Credit Investor.
Private credit data from alternative investing platform Dynamo Software, which conducts research each quarter with a global audience of alternatives investors, found fresh evidence of what is turning into a multi-year trend towards private credit.
Read more: Private markets allocations predicted to rise by two thirds of financial advisers
The most recent survey, conducted in March and April of 2025 with general partners (GPs) around the world, showed significantly increasing interest in credit and private debt. This interest has increased each year since 2023.
In 2025, 18.75 per cent of GPs said they plan to change their investment strategies in the next 12 months to include more credit and private debt. This is up from 6.7 per cent in 2023.
The figures are in the upcoming ‘Dynamo Frontline Insight Report: 2025 Trends, Challenges, & Insights from Global General Partners’.
“While most GPs remain focused on single-asset class strategies, we’re seeing a significant uptick in expected credit and private debt allocations,” said Hank Boughner, chief executive of Dynamo Software.
“These strategies, such as mezzanine funds, often fit nicely within the product offering of a GP’s fundraising efforts. This pivot also reflects limited partner investor demand for steady yields and downside protection.”
Read more: MSCI: Private credit fundraising ‘may face testing times’
Also important to note, he added, is there is an increase in private credit investment funds available for institutions.
“This is due to certain market considerations, coupled with regulatory capital constraints for large banks for this type of lending, thereby creating an opportunity for new and existing fund managers.
“Overall, it signals a broader interest toward lower-risk, income-generating opportunities as volatility becomes a more near-mid term fixture in the market,” Boughner said.
Read more: BlackRock sees $7.1bn of inflows into private markets in Q1
