Private credit could become a $40 trillion market in five years, according to Apollo Global Management. “We’re going to get there really soon,” Akila Grewal, the firm’s global head of credit product tells Bloomberg News’ James Crombie and Bloomberg Intelligence credit analyst Matt Geudtner in the latest Credit Edge podcast. “We estimate it’s a $20 trillion market,” she adds, referring to the private market for bank loans, as well as trade, corporate and consumer credit, mortgages, and asset-backed securities. Grewal and Geudtner also discuss relative risk and returns between public and private markets, retail investment, real estate opportunities, advantages for borrowers to raising capital privately, and the fundraising environment.

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