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Private credit has evolved from a fast-growing niche into a core component of corporate financing, with direct lenders playing an increasingly prominent role in sponsor-backed transactions and middle-market refinancing. As banks pull back and refinancing needs grow, private credit is reshaping how companies access capital. At the same time, increased scrutiny around liquidity, valuations, and borrower quality has sharpened the focus on underwriting discipline. This session will explore how deployment conditions are evolving, how competition with syndicated markets is shaping structures and pricing, and whether recent turbulence reflects a cyclical correction or more systemic stress.