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Private credit just pulled off its biggest heist yet. Meta handed over $29 billion for data center financing to PIMCO and Blue Owl instead of traditional banks, marking the industry’s largest investment-grade coup. Meanwhile, European defense contractors are watching $10 billion chase deals originally sized under $2 billion as investors scramble for NATO spending exposure.

But here’s the twist: while private credit celebrates these mega-wins, its fundraising machine is sputtering. The industry is tracking toward its weakest year since 2018 while hedge funds just grabbed $25 billion in a single quarter. Trump’s 401(k) executive order promises access to $12 trillion in retirement savings, yet investors are already rotating toward liquid alternatives.

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