Will Private Credit Cause the Next GFC?

Published on April 20, 2026

Given the misunderstanding linking subprime mortgages and private credit, I discuss how leverage and derivatives, layered atop subprime mortgages, were at the heart of the GFC. A better understanding of that event will help advisors and investors better assess whether recent woes in private credit are an omen of another crisis or an overstated concern.