Private credit is rapidly becoming a cornerstone of institutional portfolios, driven by attractive yields, tighter bank lending, and investor demand for floating-rate exposure. Global private credit AUM grew to approximately $2 trillion in 2024. Against a backdrop of macroeconomic uncertainty and evolving borrower fundamentals, how are allocators and managers dealing with concentration risk and ensuring underwriting quality as private credit allocations expand? What will it take to build scalable, cross-cycle private credit platforms that remain resilient through credit market dislocations and liquidity crunches?