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  "notes": "The chart shows a significant decline in performance for four major private credit entities between early 2025 and March 2026.",
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      "text": "Private credit distress worsened by \"SaaS-pocalypse\" fears and opaque valuations. Private credit faces elevated risk from high exposure to software companies. Zooming out, private credit has seen extraordinary growth, raising USD 1.3tr of new capital.",
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