Private credit firms with $30 billion to $70 billion in assets will be the firms to watch. And it's not just the traditional money managers, private equity firms are also using acquisitions to strengthen their private credit capabilities and market presence. McGahan said private credit firms with between $30 billion and $70 billion in assets under management will be the ones to watch. If you're a private equity manager, you're paid with carried interest, or a percentage of profits generated from the firm's investments. He added there are also operational differences and gave the example of a private credit firm using treasury functions daily versus a private equity firm that uses a couple times a month.

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Persons: Greg McGahan, PwC, McGahan, Martin Small, Larry Fink, Rob Kapito, Small, You've, you've Organizations: Business, BlackRock, HPS Investment Partners, Goldman Sachs Locations: New York