Federal Reserve Launches Private Credit Market Pilot Survey

The Federal Reserve Bank of New York and the Federal Reserve Bank of Dallas will launch a pilot survey of the private credit market following the conclusion of the third quarter of 2026. The initiative targets an industry valued at approximately $1.3 trillion, which has expanded as a primary debt financing source for higher-risk businesses since the 2008 financial crisis.

The survey will segment the market by borrower earnings before interest, taxes, depreciation and amortization into three categories: an upper middle market for those over $100 million, a middle market between $30 million and $100 million, and a lower middle market for those under $30 million.

Federal Reserve officials intend to address existing data gaps and a lack of transparency regarding lending standards. This effort is designed to help the central bank better assess the sector's implications for monetary policy and the broader economy. The findings from the pilot survey are expected to be published in the first quarter of 2027.