Cracking the code on private credit: Rick Jain on the $40B liquidity boom

Private credit is undergoing a liquidity revolution - and secondaries are at the heart of it. Once a niche market, private credit secondaries have exploded, growing from $5 billion in annual deal flow to nearly $40 billion in just five years. But according to Rakesh (Rick) Jain, Partner and Global Head of Private Credit at Pantheon, at SuperReturn Private Credit US, we’re still in the early stages of this transformation.

Key takeaways from our conversation with Rick Jain:

✅ Private credit secondaries are booming: What once was a $5 billion market is now closing in on $40 billion in annual deal flow.
✅ LPs & GPs are driving liquidity demand: Investors are more open than ever to structured solutions that provide capital flexibility.
✅ Market volatility creates opportunity: Disruptions in traditional financing models are fuelling demand for secondary transactions.
✅ We’re just getting started: Private credit secondaries remain a high-growth segment with ample room for innovation.

Want to dive deeper into the future of private credit? Join industry leaders at SuperReturn Private Credit Europe, where top LPs, GPs, and investors will unpack the biggest trends shaping private credit and secondaries.