After listening to private equity leaders and shorts talk about private credit. Its a non event.
The end conclusion is that if/when it blows up, doesn't matter. The FED will print and bail out pensions/teacher's unions etc etc.
What is the take away? More printing, you can go back in history to see what assets surged during this time.
The downside? We probably have to wait 5-10+ years before it even hints at blowing up, personally would prefer a wipeout tomorrow and 1-5 trillion dollar print to send assets up even more.