How is private credit evolving, beyond direct lending, through ABF, specialty finance, and structured funding models; and what is driving continued growth in SME lending, consumer finance and niche asset classes? What risks and challenges are becoming more visible as the private credit market matures, including asset performance, refinancing risk, concentration, transparency and recent high-profile restructurings or bankruptcies? How are the lines blurring between private credit and securitisation, looking at ABF, structured leverage, risk transfer, and capital markets execution; and what does this mean for market structure and scale? Where is private credit bridging the funding gap, and in what areas are we seeing increased bank partnership activity? Can private credit sustain this growth trajectory while maintaining underwriting discipline, investor confidence, and resilience through the credit cycle? What role will structured finance play in supporting the next phase of private credit growth?