Investment in private credit for emerging markets more than doubled to $8.7 billion in the first half of 2026, up from $3.6 billion a year earlier. According to data from the Global Private Capital Association, the number of deals in the period was 215 and total transaction value was $6.7 billion, down from $11.8 billion a year earlier. For all of 2025, the number of deals was 373 and annual transaction value hit a record $22.5 billion. Jeff Schlapinski, the association's managing director of research, said institutional investors such as pension funds and insurance companies continue to show interest in growth markets, especially Asia-focused strategies, and pointed to the possibility of continued strong inflows, while also striking a cautious note that inflation risks, trade frictions and geopolitical conflicts are clouding the global credit outlook. Investment firm Ninety One plans to launch an emerging-market infrastructure debt fund of $500 million to $1 billion by the end of the year, with the International Finance Corporation, the Asian Infrastructure Investment Bank and Sweden's state-owned fund Swedfund having expressed commitments. According to the Alternative Investment Management Association, private credit has grown to a global market of $3.5 trillion, but less than 10 percent of that is invested in emerging markets.
Swedfund is named as having expressed a commitment to Ninety One's planned $500M-$1B emerging-market infrastructure debt fund.
