Private Credit Strategies: Who Uses Them, Who Benefits, and Why

30 APRIL 2026

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Private Credit has grown in recent years to become one of the primary ways companies raise capital. While the private credit market, which amounts to roughly $2.7 trillion¹, has been around for decades, its popularity began to grow in earnest in the wake of the 2008 financial crisis, when non-bank lenders stepped in to provide capital to companies after traditional banks pulled back from many types of lending.

This brochure offers an overview of the six main private credit strategies: direct lending, asset-based finance, distressed debt, mezzanine lending, special situations and venture debt. This discussion aims to provide an understanding of how each strategy works, what its key benefits and risks are, and how each strategy may fit within a private asset portfolio.

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¹PitchBook, 2029 Private Horizons report, May 1, 2025.

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Private Credit Strategies: Who Uses Them, Who Benefits, and Why

A brief overview of the six main private credit strategies: Direct Lending, Asset-based Finance, Distressed Debt, Mezzanine Lending, Special Situations and Venture Debt. We aim to provide a basic understanding of how each strategy works, its key benefits and risks, and how each strategy fits in a private asset portfolio.

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Summary Disclosures:

Risk Considerations
Investment involves risk.

The views and opinions are those of the author as of the date of publication and are subject to change at any time due to market or economic conditions and may not necessarily come to pass. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) and its subsidiaries and affiliates (collectively the Firm”), and may not be reflected in all the strategies and products that the Firm offers.

This material is for the benefit of persons whom the Firm reasonably believes it is permitted to communicate to and should not be forwarded to any other person without the consent of the Firm. It is not addressed to any other person and may not be used by them for any purpose whatsoever. It is the responsibility of every person reading this material to fully observe the laws of any relevant country, including obtaining any governmental or other consent which may be required or observing any other formality which needs to be observed in that country. Unless otherwise stated, returns and market values contained herein are presented in US$

This material is a general communication, which is not impartial, is for informational and educational purposes only, not a recommendation to purchase or sell specific securities, or to adopt any particular investment strategy. Information does not address financial objectives, situation or specific needs of individual investors.

Any charts and graphs provided are for illustrative purposes only.

Any performance quoted represents past performance. Past performance does not guarantee future results.

For the complete content and important disclosures, refer to the PDF.