Credit Investing is the process of lending capital to entities with capital appreciation through i) interest payments and ii) return of the principal amount. Within credit investing, the primary channels are private and liquid credit. Private credit refers to privately negotiated loans made by non-bank lenders (asset managers, insurance companies, private funds), with many deals structured as sponsor-style deals. Liquid credit refers to publicly traded debt that can be bought and sold on secondary public markets. The global private credit market is estimated to have $3.5T AUM, with deployment expected to peak at $5T by 2029.