High returns, high fees – life is good in private credit. A once unloved investment class has turned hot property as cashed-up families and asset managers chase yields from floating-rate loans that have risen in lockstep with interest rates.

But behind the euphoria and the rush – firms from David Di Pilla’s HMC Capital to Phil King’s Regal Partners are piling in, bringing new products to their backers – is plenty of disquiet.