Private credit firms snapped up nearly 14 times as much consumer debt this year as in 2024, piling into riskier areas such as credit cards and buy now, pay later debt.
In 2025, private credit groups, including the likes of KKR, Blue Owl and Sixth Street, either purchased or struck so-called forward flow agreements to purchase $136bn of consumer loans, according to figures compiled by KBW analysts. That number compared with just $10bn in the previous year.
The rush of deals — such as KKR’s agreement to purchase a multibillion-dollar credit card portfolio from New Day, a private equity-backed company in Europe — raises concerns about underwriting standards and risk management by Wall Street firms that are quickly expanding their empires.
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