The Alternative Credit Council (ACC), an affiliate of the Alternative Investment Management Association, in partnership with Dechert, recently released a report (Report) based on in-depth interviews with leading figures in the private credit industry and a survey of 60 private credit managers representing $260 billion of deployed private credit capital and an additional $116 billion in dry powder. A recent ACC/Dechert program presented the central findings of their research, with insights from representatives from private credit firms. Jiří Krόl, global head of the ACC, moderated the discussion, which featured Benjamin Fanger, founder and managing partner of ShoreVest Partners; Joseph Glatt, general counsel of Apollo Capital Management, L.P.; Richard Horowitz, partner at Dechert; Olga Kosters, head of private debt secondaries at Tikehau Capital; and Elissa Von Broembsen‑Kluever, partner and managing director at Omni Partners LLP. This two-part series summarizes the key takeaways from the presentation, with relevant information from the Report. This first article outlines the drivers of private credit’s growth; issues relating to transparency and benchmarks; fee considerations; and responsible investing factors. The second article will explore the overall outlook for private credit. See “Current Trends and Issues in Hedge Fund Direct Lending” (Aug. 15, 2019); and “The Current State of Direct Lending by Hedge Funds: Fund Structures, Tax and Financing Options” (Oct. 27, 2016).