How new asset classes are reshaping private credit in 2026

Angus Whelchel, Managing Director and Head of Private Capital Markets at Moelis, brings expertise in structured finance and investment-grade private credit markets. Speaking at the Private Placements Industry Forum 2026, Angus explored how new asset classes and innovative financing structures are transforming private credit, with 2026 poised to be a pivotal year for the industry.

The transformative growth of private credit in 2026

Private credit markets are entering a new era of growth and innovation, driven by emerging asset classes and evolving market dynamics. At the Private Placements Industry Forum 2026, Angus Whelchel, Managing Director and Head of Private Capital Markets at Moelis, shared insights into how structured finance and investment-grade private credit are reshaping the market.

Key drivers of market growth

Angus highlighted two major forces driving the private credit market in 2026: the rise of new asset classes and the increasing use of private credit as a core financing tool. Structured finance is expanding rapidly, with innovative asset classes like music royalties and energy PDP financing contributing significantly to market growth.

Emerging asset classes transforming the market

The rise of innovative asset classes is reshaping private credit. Angus pointed to music royalties, which have grown from zero to $5 billion in volume, and energy PDP financing, which has similarly created a $5 billion market in just a few years. Other areas, such as sports finance, AI infrastructure, and data centres, are also gaining traction, offering new opportunities for investment-grade issuers and investors alike.

Investor themes for 2026

Angus identified three key themes for investors in 2026:

Yield and credit spreads: With credit spreads at their lowest levels since the 1990s, investors are seeking opportunities to achieve higher returns.

Diversification: Investors are increasingly looking for off-the-run opportunities to balance their portfolios.

Allocation efficiency: Maximising returns for the resources invested in underwriting is a growing priority.

The role of private equity in private credit

Private equity firms are playing an increasingly significant role in investment-grade private credit. By partnering with insurance companies, these firms are driving volumes and catering to demand in sectors like infrastructure, AI, and data centres. This trend is providing diversification and enabling insurance companies to deploy large amounts of capital efficiently.

2026 Insights

Angus’s insights reveal a private credit market undergoing significant transformation. With the rise of new asset classes, innovative financing structures, and a growing role for private equity, the market is set to redefine how capital is raised and deployed in 2026.

Discover more exclusive insights and join the community with industry leaders at Placements Industry Forum Europe 2026, Europe’s only dedicated private placements event. Join us 15–16 September 2026 in Amsterdam.