US public pension funds pare allocations to private credit
Pullback underscores concerns about looser underwriting standards and rising credit risks
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Bond investors and banks are seeking greater premiums on new financing as a precaution before lending
Investors ditch private credit funds on rising worries over bad loans
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Pension funds scoop up ex-private equity executives
Prolonged downturn in dealmaking has meant fewer opportunities and squeeze on pay
We must be mindful of the risks of private credit
The sector remains untested in a severe or prolonged economic downturn
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