Private credit: Start of a new financial meltdown?

A little-known corner of the investment world is sending worrisome signals to the broader market, said Shawn Tully in Fortune. Until recently, it was “a glorious time to make money” if you happened to have parked your cash with one of the institutional investors that operates a private credit fund. These funds provide loans to companies that are too high risk to be serviced by traditional banks, and they became one of Wall Street’s “hottest investment crazes” when interest rates were high. But private credit is an opaque market...