Foreword

Welcome to Financing the Economy 2018, the fourth edition in a series of papers analysing the global private credit industry produced by the Alternative Credit Council (ACC), the private credit affiliate of the Alternative Investment Management Association (AIMA). This edition is again produced in partnership with Dechert LLP.
We are delighted to be publishing this research at a time when policymakers are re-evaluating their approach to the non-bank lending sector. The Financial Stability Board recently announced that it will no longer use the term shadow banking in its work. We warmly welcome this move as the ACC, and this report in particular, have consistently argued that this term was an inappropriate label for distinct, legitimate, regulated and transparent business models. We hope that this research will continue to build on the successful dialogue between our industry and policy makers. […]