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  "documentTitle": "mi guide to alternatives",
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  "notes": "The slide highlights regulatory and economic events (Sarbanes-Oxley, GFC, Dodd-Frank, Basel III) that correlate with the shift from bank lending to private credit.",
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      "text": "Global private credit AUM by type",
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      "text": "Global private credit AUM: $2,500bn",
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      "text": "Source: Federal Reserve, Preqin, J.P. Morgan Asset Management. (Right) 2025 data are as of 2Q25. *Other includes venture debt and fund of funds. Guide to Alternatives. Data are based on availability as of January 31, 2026.",
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      "text": "Private credit industry growth",
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