Private Credit's Migration Into the AI Buildout

The same balance sheets discounted for buyout exposure are repositioning as the financing layer of the AI buildout. The two coverage threads converge — and so does the risk. When a dozen private-asset managers spend their first-quarter calls insisting that leveraged-buyout lending is a minor part of what they do, the instinct is to read it as damage control against a discounted tape. It is more interesting than that. The reframe is economically true — and the thing replacing buyout finance as the growth engine is the AI buildout.

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