Private credit is reportedly increasing in emerging markets, with asset managers expanding their debt teams to meet rising allocations. Some firms, such as Apollo and BNP Paribas, are also stepping up their efforts in private credit, although the industry is facing scrutiny, including a reported probe by the US SEC. The growth of private credit is being driven by various factors, including a shift towards alternative forms of financing and a growing interest in decentralized finance and onchain credit markets.