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ARTICLE · 02 DECEMBER 2025

Dispelling Misperceptions Around Emerging Market Private Credit

Addleshaw Goddard
Addleshaw Goddard
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Addleshaw Goddard

Addleshaw Goddard

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As perceptions around risk evolve, emerging markets are drawing new attention from institutional investors.

United KingdomFinance and Banking

As perceptions around risk evolve, emerging markets are drawing new attention from institutional investors. Steven Ward explores the triggers behind the shift, highlighting the influence of development finance institutions.

Emerging markets currently represent less than 10% of the $1.7trn global private credit market 1. But as institutional investor appetite gathers momentum, this could be about to change.

While most emerging market debt has historically been raised in the form of bond issuances, we are now seeing a growing number of private funds being raised to issue privately negotiated loans to emerging markets borrowers.

Gramercy Funds Management, for example, has amassed $760m and is already eyeing its next fund. Ninety One is poised to close a fund on $500m early next year. Legal & General, meanwhile, has committed up to $100m to a new women-led firm ImpactA Global, which will provide infrastructure debt financing to address climate challenges and

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