Private Credit: Staying Flexible as Markets Shift | PIMCO U.S.

1. Post-GFC Regulatory Reforms and Lending Gaps

• Structural Market Shifts: Since the Great Financial Crisis (GFC), the market has seen a continuous roll-out of regulatory and accounting reforms [00:00:03].
• Capital Migration: These regulatory frameworks created distinct lending gaps within traditional banking networks. Direct lending and broader private credit channels emerged specifically to fill these structural voids [00:00:09].