Global open-ended private credit funds have reported monthly growth over the past few years, with assets under management rising to $57.4bn (£42.8bn) despite heightened scrutiny facing the sector.
According to Morningstar data, assets under management in private credit open-ended funds have increased steadily, rising from $28.4bn in February 2024 to $36.7bn in February 2025 and reaching $57.3bn in February 2026.
The Morningstar data recorded as far back as March 2023, with assets in open-ended funds reported at $23.6bn at that point.
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The data also showed investor net flows into global private credit funds. While the second half of 2025 recorded large inflows, with the majority of months reporting more than $1bn in investor capital, the start of 2026 has seen a dip.
Morningstar’s figures show January recorded $513.5m in net flows into open-ended structures, while February saw a slight increase to $594.7m.
Morningstar said inflows into private credit have remained resilient despite the asset class “entering a more testing phase”, with greater attention on asset quality, leverage and valuation transparency.
It also comes as semi-liquid structures such as business development companies have come under intense scrutiny for their software exposure due to the potential impact of artificial intelligence.
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“So far, that pressure has not translated into a meaningful reversal of fund flows,” said Mara Dobrescu, senior principal at Morningstar. “Data through the first two months of the year suggests investors are continuing to diversify into private credit, albeit more selectively than before.”
“While a few high-profile semiliquid funds have faced elevated redemptions in the US, inflows into private credit funds have remained steady in Europe, where many investors are only just beginning to add private assets to their portfolios,” Dobrescu added.
Overall, net inflows have grown from $91.3m in March 2023 to $594.7m in February 2026. The highest recorded inflows into private credit open-ended funds came in May 2024, at $2.6bn.
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