Heron Finance releases "State of Private Credit Benchmark Report" analyzing 71 of the largest private credit funds

SAN FRANCISCO, Jan. 28, 2026 /PRNewswire/ -- Heron Finance today announced the release of its State of Private Credit Benchmark Report (Q1 2026 edition), a comprehensive analysis of risk and performance trends across 71 of the world's most established private credit funds.

To read the State of Private Credit Benchmark Report (Q1 2026 edition), visit heronfinance.com/blog/the-state-of-private-credit-benchmark-report-q1-2026

The report is based on quarterly, fund-level data, as of Q3 2025, derived from SEC filings and reporting by fund managers that represent more than $1 trillion in aggregate private credit assets under management. Metrics are presented over a two-year historical period to highlight evolving trends in borrower health, fund leverage, and return dynamics across the private credit market.

"This report focuses on key risk and performance metrics on a quarterly basis," said Khang Nguyen, Heron Finance's Chief Credit Officer. "While certain pressures are emerging at the margin, there are no signs of systemic stress. In particular, non-traded BDCs outperformed publicly listed BDCs across credit quality measures such as PIK interest and non-accruals."

Key findings from the State of Private Credit Benchmark Report (Q1 2026 edition) include:

The report benchmarks 11 core private credit metrics, including:

Each metric is accompanied by historical trend charts to provide additional context and comparability across market segments.

To read the State of Private Credit Benchmark Report (Q1 2026 edition), visit heronfinance.com/blog/the-state-of-private-credit-benchmark-report-q1-2026

About Heron Finance

Heron Finance provides individual investors and family offices with diversified private market investment portfolios, offering exposure to 20+ funds and more than 10,000 underlying private credit, private equity, and private infrastructure investments.

Through a fully digital investing experience, Heron Finance enables access to private markets with low minimums, monthly subscriptions, no capital calls, no multi-year lockups, and a single consolidated tax form.

Individual investors can invest with Heron Finance in three steps: receive a personalized portfolio recommendation, fund an investment through a standard or IRA account, and monitor returns and portfolio composition on an ongoing basis.

Learn how to invest in private markets at heronfinance.com.

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State of Private Credit Benchmark Report data sources:

All metrics are calculated as of Q3 2025 as the median quarterly fund data, based on SEC filings and fund reporting from 71 private credit funds managed by firms with greater than $1 trillion in aggregate private credit AUM. Lower MM refers to lower middle market companies, which report annual EBITDA of less than $25 million; core MM refers to core middle market companies, which report annual EBITDA greater than $25 million but less than $75 million; and upper MM refers to upper middle market companies, which report annual EBITDA greater than $75 million.

Disclosure:

Any financial forecasts or returns are for illustrative purposes only and are not guarantees of future results. Private credit investments involve risks, including credit, liquidity, and interest-rate risk. Investors may lose principal and accrued interest in the event of borrower default.

SOURCE Heron Finance