The chart of the week looks at the makeup of some of the largest alternative investment managers. The chart highlights how many of the largest private equity firms have evolved into major players in private credit, reflecting a broader shift in the alternative asset landscape. Firms like Apollo Global Management and Blackstone now manage substantially larger private credit assets than private equity, underscoring where growth has been strongest. The private credit industry has experienced significant growth in recent years, driven by tighter bank lending standards and strong investor demand for yield. Direct lending funds have increasingly stepped in to provide financing to middle-market companies, often offering more flexible terms than traditional banks. As illustrated in the chart, assets under management in private credit have expanded steadily, reflecting both capital inflows and the rising number of deals. This growth has also been supported by institutional investors reallocating portfolios toward alternative assets to enhance returns and diversification. With some recent turmoil in these markets, private credit worries have been on the minds of investors, and they have responded by redeeming from the asset class. Monitoring the credit quality and asset flows of the space with be important for investors moving forward.