Private credit remained steady in the second quarter of 2026, while private equity rebounded, according to new research by index provider MSCI.

The MSCI Global Private Credit Closed-End Fund Index gained 1.7 per cent in the second quarter, up from 0.9 per cent in the first quarter, the firm said.

Opportunistic lending led the group, according to MSCI research, with a 2.4 per cent return, compared with one per cent for both direct lending and real estate debt.

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The news comes as the risk of AI disruption to software companies has persisted over the past two quarters, causing concern among private credit investors given the market’s high exposure to these companies.

This has been reflected in redemptions from business development companies (BDCs), which have also continued into the second quarter of 2026, with higher levels experienced in the first quarter.

“Private credit continued to deliver steadier returns,” MSCI said in its research.

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Private equity, meanwhile, had a stronger rebound in the second quarter, with the MSCI Global Private Equity Closed-End Fund Index returning 5.6 per cent, up from 0.6 per cent in the first quarter.

Venture capital also stood out, with a 12.7 per cent quarterly return, accelerating from 4.5 per cent in the first quarter.

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