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  "documentTitle": "Private Credits Next Act",
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  "notes": "Includes a conceptual diagram showing the relationship between specialty finance and asset-based finance.",
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      "text": "Specialty finance (part of the broader asset-based lending market) is the most promising segment — a $5.5 trillion financing market where private credit currently has less than 5% share.",
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      "text": "Exhibit 3: Specialty finance is a subset of asset-based finance",
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      "text": "Specialty finance, a broad range of lending that is secured against physical assets or pools of contractual cash flows, such as equipment finance, aircraft leasing, or music royalties.\nAsset-based finance, which we see as a broader category.",
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      "text": "TAM: $5.5 trillion",
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      "text": "© Oliver Wyman",
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      "kind": "paragraph",
      "text": "Definitions in private credit vary widely — including what on earth private credit is. As one CEO argues, isn't everything on a bank's balance sheet private credit? This article looks at two opportunity sets:",
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      "kind": "paragraph",
      "text": "Private credit is looking to catch another wave of growth — in asset-based lending. Our analysis suggests the private credit sector overall is at least 50% larger than typically reported — closer to $3 trillion than the $1.7 trillion often reported.",
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      "kind": "title",
      "text": "SIZING THE PRIVATE CREDIT OPPORTUNITY IN ASSET-BASED FINANCING",
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