The value of deals tied to both private-credit and buyout funds has grown sharply in recent years, leading to some concern about unintended cross-exposure for limited-partner investors in both strategies.

On average though, roughly 85% of net asset value resides in buyout compared to just 15% in private credit - a stark contrast to the 50-50 equity-debt breakdown that asset owners might expect.  Even at inception, private credit rarely accounts for more than one-third of NAV and that share steadily declines over time.