Federal Reserve Banks Launch Pilot Survey of Private Credit Market

The Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York have announced a joint pilot survey to explore lending trends in the US private credit direct lending market. The survey aims to provide insights into the availability of credit, credit provision, and the evolution of lending standards in private credit markets.

Following rapid growth in recent years, the US direct lending market is estimated to be over $1.3 trillion USD, comparable in size to both the high-yield bond and broadly syndicated loan markets. Unlike public credit markets, where conditions can be tracked through public market data, visibility into new private credit lending activity is more limited.

The survey will segment the direct lending market by borrower size: upper middle market (> $100 million EBITDA), middle market ($30-$100 million EBITDA), and lower middle market (<$30 million EBITDA). The findings of the survey will not be used for supervisory purposes, but rather as a part of ongoing market intelligence gathering efforts.

The survey is expected to launch following the end of Q3 2026, with publication of aggregate level findings anticipated in Q1 2027. Participation will be voluntary and participant criteria are available on the Federal Reserve Bank websites.