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  "documentTitle": "Private Credits Next Act",
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  "notes": "Includes data on partnership types (origination vs portfolio sale) across North America and Europe.",
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      "text": "North America and European private credit partnerships",
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      "text": "Origination partnership | Portfolio sale | Origination partnership and portfolio sale | No partnerships",
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      "text": "Number of partnerships: 15",
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      "kind": "paragraph",
      "text": "We also note a trend in sales of significant lending portfolios to private credit firms, sometimes with a corresponding forward flow agreement. At least seven portfolio sales have been announced in the past year, and two since the beginning of 2024.",
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      "text": "From an asset perspective, direct and leveraged lending is the strategic focus of 12 of the 17 private credit partnerships with banks (See Exhibit 11). However, there looks to be increasing interest in partnerships that provide access to diversified assets outside of direct lending.",
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      "text": "1. As of April 18, 2024; 2. Largest banks in North America and Europe by billion dollars assets 2023. Source: Bank financials, industry press, Oliver Wyman analysis",
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      "kind": "title",
      "text": "Exhibit 10: North American banks are leading the way on setting up private credit partnerships",
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