Dunham: “Private credit direct lending plays a critical role in our economy, supporting countless small and midsized businesses across the U.S.”
WASHINGTON, D.C. – Today, the American Investment Council (AIC) released a new report examining the private credit landscape. The report features data from PitchBook that highlights how private credit provides businesses of all sizes with flexible, long-term capital when conventional financing is unavailable or insufficient.
“Private credit direct lending plays a critical role in our economy, supporting countless small and midsized businesses across the U.S.,” said AIC President and CEO Will Dunham. “The real-world stories highlighted in this report include a medical imaging company that helps doctors better treat patients, a heating and cooling business that keeps critical systems functioning, and a rural dental provider expanding access to care in the Southeastern U.S. Private credit continues to help businesses access the capital and resources they need to grow, hire workers, invest in new technology, and strengthen their communities. That’s good for local communities, good for workers, and good for the American economy.”
The report focuses on direct lending, a nearly $1.9 trillion segment of the private credit market that has become an increasingly important source of customized, long-term financing for midsized and large businesses. Direct lending helps meet growing demand for customized financing solutions that traditional banks often cannot provide.
Looking across industries including healthcare, manufacturing, and technology, the research highlights how private credit supports businesses by providing financing tailored to their long-term growth. Previous AIC research conducted with EY in 2024 demonstrates how the private credit industry supported more than 2.5 million U.S. workers who earned more than $217 billion in wages and benefits in 2024.
With the median private credit-backed company employing 182 workers, the report highlights how private credit helps businesses innovate, expand operations, and create jobs across the country through examples, including:
- Intelerad Medical Systems (Raleigh, N.C.): Intelerad provides software that helps hospitals and physicians manage medical imaging, making it easier to diagnose and treat patients. Private credit supported the company’s growth through acquisitions and investments in cloud and AI technologies, expanding its ability to help healthcare providers deliver more connected, efficient care. The company’s success culminated in its acquisition by GE HealthCare in March 2026 for approximately $2.3 billion.
- Service Logic (Charlotte, N.C.): Service Logic provides heating, cooling, and mechanical services to businesses nationwide, helping schools, hospitals, office buildings, and other facilities to keep essential systems running. Service Logic was acquired by Bain Capital and Mubadala in December 2025, backed by $4 billion in private credit, including one of the largest single loans of its kind. The additional capital will help the company grow through strategic acquisitions and by hiring and training more technicians to meet growing demand.
- SGA Dental Partners (Richmond Hill, G.A.): Started in 2018 to bring quality dental care to smaller, often rural communities in the Southeast that lack access to traditional dental care, SGA has been supported by private credit in nearly every stage of its growth. Because the founder-led company lacked the scale to access traditional bank financing, SGA has grown into a leading regional dental platform serving more patients and communities thanks to more than $1.2 billion in private credit over six rounds of financing.
- Nügredient Solutions (Ceres, C.A.): Nügredient makes plant-based and nut-based ingredients for food and nutrition brands amid growing demand for nutritious foods. Because the business depends on purchasing large volumes of agricultural products during seasonal harvests, the company’s capital needs are hard to predict on a set schedule. In March 2026, private credit provided the company with a flexible $110.5 million financing package that allowed it to draw funds as needs arose, offering flexibility that traditional bank loans couldn’t provide.
Read the full report here.