The private credit market is experiencing concerns, with concerns similar to the 2008 financial crisis, but many believe these fears have been exaggerated. Private credit, which grew after the financial crisis to a $1.8 trillion global market in 2025, is up from a roughly $250 billion market during the Great Recession. However, fears rose after high-profile collapses of First Brands and Tricolor, highlighting significant fraud and weakness in the sector. Shares of alternative asset managers with the most exposure to enterprise software have also fallen. Despite these concerns, there are differences between now and the Great Financial Crisis, which suggest the financial system is better positioned to handle stress. The investor base for private credit is largely made up of institutional investors, unlike depositors during the crisis.