In connection with a recently released paper (Report), the Alternative Credit Council (ACC), an affiliate of the Alternative Investment Management Association, and Dechert co‑sponsored a roundtable in which they presented the key findings of their research. 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 second article details the outlook for private credit. The first article outlined the drivers of growth of private credit; issues relating to transparency and benchmarks; fee considerations; and responsible investing factors. See our three-part series on hedge funds as direct lenders: “Tax Considerations for Hedge Funds Pursuing Direct Lending Strategies” (Sep. 22, 2016); “Structures to Manage the U.S. Trade or Business Risk to Foreign Investors” (Sep. 29, 2016); and “Regulatory Considerations of Direct Lending and a Review of Fund Investment Terms” (Oct. 6, 2016).