New Delhi, Aug. 28 -- Jefferies has flagged rising risks in the US private credit market, with loan defaults at some major private credit funds increasing to their highest levels since at least 2021, even as concerns mount over the sector's exposure to private equity and the software industry.

According to Jefferies' latest GREED & fear report, non-accrual rates at major private credit funds have risen sharply. Non-accrual rates at Ares Capital, Blue Owl, Golub Capital and Blackstone Secured Lending Fund increased to 2.4 per cent, 2.8 per cent, 2.9 per cent and 3.6 per cent, respectively, in the second quarter of 2026, from 1.5 per cent, 1.4 per cent, 1.2 per cent and 0.3 per cent in the first quarter of 2025.

"Loan defaults at some of ...