国际清算银行-私人信贷的散户投资者（英）-2025.7_8页_510kb

The BIS bulletin analyzes trends in retail investor participation in private credit from 2005 to 2025. It highlights a decline in leverage among retail investors and a shift towards pooled vehicles like mutual funds as the primary channel. The report examines key factors influencing retail investment, including regulatory changes, market access, and data-driven insights from institutional and retail segments. It includes detailed charts showing the distribution of institutional versus retail shares and leverage levels over time, noting challenges such as reduced market depth and retail investor fragility. The mutual fund channel plays a crucial role in facilitating retail access, but faces pressures from declining assets and increasing complexity. Overall, the study underscores the evolving landscape of retail private credit investment, emphasizing supervision and policy considerations for maintaining market stability.