I just reviewed something that has been causing quite a buzz in the financial markets lately. Private credit funds are facing an unprecedented wave of rescues, and we’re talking about a market that moves around 2 trillion U.S. dollars. Institutions like Blackstone, BlackRock, Morgan Stanley, and Oaktree Capital are seeing their private credit products hit rescue limits consecutively, exposing a fundamental problem: the mismatch between sources of funds and their use.

What’s interesting is understanding what’s driving this pressure. Industry professionals point out that there are two key factors at play. First, artificial intelligence is disrupting traditional business models of software companies, creating uncertainty about expected returns. Second, there’s a notable increase in the proportion of PIK, the payment-in-kind or deferred interest mechanism that sounds good on paper but hides real risks.

What worries me is that these 2 trillion in private credit are not an isolated market. If something collapses here, the risks could quickly spread across borders. The industry is warning about this cross-border transmission of risks, and honestly, it seems many investors still don’t fully grasp what could happen if this adjustment accelerates. It’s worth paying attention to how this situation develops in the coming months.