Private credit managers extended nearly $560 billion in fresh financing to U.S. companies over the past three years. The Managed Funds Association (MFA) tied that surge to more than 6.5 million jobs.

The MFA report notes that private-market lenders have become a bigger pillar of business funding as banks pull back from higher-risk loans, Reuters reported. In addition, annual private credit origination was $163.6 billion in 2023, $157.6 billion in 2024, and $238.7 billion in 2025.

MFA also estimated that private credit activity since 2023 translated into about $897 billion in economic output nationwide, with California, Illinois and Texas representing the largest portions.

The report links the expansion of private credit to tighter rules that have pushed traditional lenders to scale back riskier deals, according to Reuters.

In the report, MFA chief executive Bryan Corbett said, “Alternative asset managers provide a meaningful contribution to the U.S. economy and everyday Americans. Regulators should ​continue fostering a regulatory framework that encourages these benefits nationwide.”

MFA said it built the analysis using private credit and hedge fund data from BlackRock's Preqin along with federal datasets.

Separately, the report pointed to growing institutional exposure to hedge funds, estimating allocations from pensions, university endowments, and nonprofit foundations at roughly $1.6 trillion.

Pensions accounted for $940 billion of that total, while nonprofit foundations were pegged at $510 billion, the report said.

New York, California and Texas were identified as the largest states for institutional hedge fund allocations.

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