Private credit is an asset class comprised of higher-yielding, illiquid investment opportunities that cover a range of risk and return profiles. This includes debt that is secured and senior in the capital structure with fixed income like characteristics. It also includes distressed debt that has very equity-like risks and returns. It represents part of the broader alternatives universe, referring to non-traditional assets relying to some degree on an illiquidity risk premium to help drive excess returns. Private credit covers a broad spectrum, from opportunistic and distressed debt to middle-market investing, and specialty finance. This opportunity set can be accessed through a number of different vehicles, including closed-end commingled funds, private and public BDCs, and CLOs, amongst others.