Private credit is no longer defined solely by large direct lending platforms. A new wave of specialized managers is carving out opportunities in asset-based finance, structured credit, and niche lending strategies. As banking sector consolidation continues, non-bank lenders are stepping in with tailored solutions that bridge public and private markets while addressing underserved sectors. The line between public and private markets continues to blur as investors seek yield in areas once dominated by traditional institutions. This evolution is driving innovation across asset-backed securities, specialty finance, and middle-market lending, where disciplined underwriting and active portfolio management are key to resilience. As these once-niche strategies move mainstream, investors are rethinking how to balance liquidity, transparency, and return potential across both public and private credit opportunities. How are managers leveraging insights from public markets to enhance performance and risk management in private credit strategies? What role will asset-based and structured finance play in shaping the convergence between public and private markets?