Private Markets Alert Newsletter

Issue Number 023 - October 29, 2025 - Dueling Narratives & Regulatory Pivot

Author

The Editor
October 29, 2025 • Estimated Reading Time: 4 minutes

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✍️ Op-Ed: The Great Reassurance

Moody's head of global private credit Marc Pinto declared "one cockroach does not a trend make" just days after Jamie Dimon's warning sparked market turmoil. Yet Moody's own June research warned private credit could be a "locus of contagion" amplifying future crises. The contradiction reveals institutional fragmentation: Moody's Analytics sounds alarms while Moody's Ratings soothes markets. Meanwhile, SEC Chair Paul Atkins fast-tracks retail access expansion, VC investment hits $120.7 billion in Q3 with AI dominating, and US banks hold $300 billion in private credit exposure. The pattern repeats: official reassurance during rapid expansion precisely when systemic research suggests caution.

🤝Top Deals:

  • Anthropic raised $13 billion in Q3 2025's largest global VC deal, with xAI securing $10 billion and Mistral $1.5 billion, underscoring continued AI investment dominance across geographies. Read more →

  • US Banks hold approximately $300 billion in loans to private credit providers as of late June, while total lending to non-depository financial institutions surged to $1.2 trillion per Moody's analysis. Read more →

  • SEC Chair Paul Atkins accelerated retail investor access agenda, fast-tracking rule changes to expand private market participation without traditional rulemaking delays. Read more →

  • Global VC investment reached $120.7 billion across 7,579 deals in Q3 2025, marking fourth consecutive quarter of robust growth with exit activity rising for third straight quarter. Read more →

  • Moody's Marc Pinto publicly reassured markets that banking system and private credit remain sound despite bad loan worries, directly countering Jamie Dimon's cockroach warnings. Read more →

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