KKR is putting its expanding credit business in the spotlight as Christopher A. Sheldon, the investment firm’s partner and co-head of Credit & Markets, prepares to speak at the Barclays Global Financial Services Conference on September 15. The appearance comes as private credit moves deeper into mainstream financial markets, competing with banks for corporate lending opportunities while expanding into asset-based finance, structured credit and other forms of private capital.

KKR puts credit strategy in focus as private lending reshapes financial markets

For much of the past decade, private credit has evolved from a specialist corner of alternative investing into a significant source of corporate financing. KKR is now preparing to give investors a closer look at how it intends to navigate that market.

KKR & Co. Inc. said Christopher A. Sheldon, partner and co-head of its Credit & Markets platform, will present at the Barclays Global Financial Services Conference on September 15, 2026, at 8:15 a.m. ET. The presentation will be webcast through KKR’s investor-relations site, with a replay expected afterward.

The announcement itself contains no new financial guidance or investment targets. Its significance lies instead in the executive selected to represent KKR. Sheldon oversees a platform spanning capital markets and credit, including leveraged credit, private credit and strategic investments. He joined KKR in 2004 and helped build its credit business from its early stages.

That makes the conference appearance potentially relevant to investors tracking one of the biggest structural changes in financial services: the migration of lending activity from traditional banks toward private capital providers.

KKR’s credit platform reported $293 billion in assets under management as of June 30, 2026, while KKR says credit AUM rises to approximately $331 billion when liquid strategies are included. Its credit capabilities span leveraged loans and high-yield bonds as well as private-market senior debt, junior debt and asset-based finance.

Why KKR’s credit platform matters

Private credit differs from conventional bank lending primarily in who supplies the capital and how loans are originated, structured and held.

Rather than relying exclusively on syndicated bank loans or public bond markets, companies can obtain financing directly from private credit managers. These lenders can structure bespoke transactions and, in many cases, hold loans through the life of an investment rather than distributing them broadly across the banking system.

For borrowers, that can mean greater flexibility around financing structures. For investors, private credit can provide exposure to contractual income streams and relatively senior positions in a company’s capital structure.

The model has also become increasingly competitive.

McKinsey’s 2026 Global Private Markets Report describes private credit as a maturing asset class facing tighter spreads, stronger competition and greater scrutiny around underwriting. Its analysis found U.S. direct-lending volume declined approximately 10% in 2025, while deal count fell about 16%, although activity remained well above pre-2024 levels.

At the same time, the largest managers continue to gain scale. McKinsey estimates that the seven largest private-credit platforms grew AUM at roughly 20% annually between 2022 and 2025, faster than the overall market.

KKR is clearly positioned within that consolidation trend.

Competition extends beyond traditional private credit

KKR’s competitive set increasingly includes firms such as Blackstone, Apollo Global Management and Ares Management, alongside large banks that remain active in leveraged finance and capital markets.

The distinction between these businesses is also becoming less straightforward. Alternative asset managers increasingly combine private credit, public credit, infrastructure finance, asset-based lending and insurance capital.

KKR’s own platform illustrates that convergence. Its Credit & Markets business combines private and leveraged credit with strategic investments, while the broader company operates across private equity, infrastructure, real estate and insurance.

That breadth can matter when financing opportunities cross traditional asset-class boundaries. A company seeking acquisition financing, infrastructure capital or a customized balance-sheet solution may increasingly encounter several forms of private capital from the same investment ecosystem.

Asset-based finance and AI infrastructure create new opportunities

One area likely to receive attention as private credit develops is asset-based finance (ABF).

McKinsey estimates that the potential U.S. addressable market for private credit could exceed $30 trillion across areas including asset-based finance, infrastructure, residential mortgages and commercial real estate. It estimates that $5 trillion to $6 trillion of assets could migrate toward nonbank lenders over the next decade.

Infrastructure is particularly interesting because the capital requirements associated with data centers, power generation and digital networks are increasing alongside the expansion of artificial intelligence.

That creates an unusual intersection between AI infrastructure and private credit. Financing demand is no longer limited to software companies or traditional leveraged buyouts; private capital can increasingly participate in the physical infrastructure required to support the AI economy.

What investors will be watching

Sheldon’s appearance gives investors an opportunity to assess how KKR views credit quality, competition, fundraising and deployment in a market that is becoming more crowded.

The questions are important because scale alone is no longer enough. McKinsey’s research suggests that private credit is entering a phase in which managers need to distinguish themselves through underwriting discipline, product breadth and access to differentiated opportunities.

For institutional investors, the discussion could provide clues about how KKR is positioning its credit franchise across public and private markets. For banks, it offers another signal of how aggressively nonbank lenders may continue taking market share. For corporate borrowers, the growing number of private capital providers means more alternatives to conventional syndicated financing.

The September conference therefore comes at a useful moment for the industry. Private credit is no longer simply a high-growth alternative-asset strategy. It is becoming part of the core architecture of corporate finance.

KKR’s September 15 presentation is unlikely to change that trajectory on its own. But with a $293 billion credit platform and exposure spanning private and public markets, what Sheldon says could offer investors an important read on where the next phase of private lending is headed.

Market Landscape

Private credit is entering a more mature phase. McKinsey estimates the global asset class had reached roughly $2 trillion in managed assets by 2023, while private lenders were financing more than 80% of middle-market sponsored deals.

The market is simultaneously broadening and becoming more competitive. Direct lending remains central, but asset-based finance, infrastructure credit, credit secondaries and semiliquid wealth products are gaining importance. McKinsey estimates closed-end private-credit fundraising fell 16% in 2025 to approximately $165 billion, even as the largest managers continued to expand rapidly.

For KKR, that environment favors platforms capable of moving between private credit, leveraged finance, capital markets and other sources of capital. Its $293 billion credit AUM gives the firm substantial scale, while its broader platform provides additional channels for institutional and wealth capital.

The competitive landscape includes Blackstone, Apollo, Ares and major global banks, with technology increasingly becoming part of the operating infrastructure behind underwriting, portfolio monitoring, risk management and investor reporting. Firms such as Microsoft, Amazon and NVIDIA are also indirectly relevant as the financing requirements of data centers, semiconductors and AI infrastructure create new demand for private capital.

Top Insights

• KKR will send credit executive Christopher Sheldon to Barclays’ September conference, highlighting the growing strategic importance of private credit and capital-markets businesses.
• KKR’s credit platform manages $293 billion, spanning leveraged credit, private credit and strategic investments, giving institutional investors exposure across multiple financing markets.
• Private credit is becoming more competitive as deal volumes normalize, spreads tighten and institutional investors demand stronger underwriting and differentiated sourcing capabilities.
• Asset-based finance and infrastructure lending are emerging growth areas, potentially opening private-credit opportunities linked to data centers, energy and AI infrastructure.

Get in touch with our fintech expert