State Street Global Advisors (with Apollo), Bondbloxx and Virtus have all filed in the last 10 days to launch actively managed private credit ETFs.

Investments from retail into private credit ETFs could be large, and there might be a first mover advantage.

Private credit investment managers are trying to grow assets – as there is a view that scale is a significant advantage. As competition for private credit assets heats up, the logic is that the largest managers will be able to invest most in asset sourcing, platforms and brand – and so will disproportionately win deals.