France’s G7 presidency has published its summary of a technical workshop on private credit, the fast-growing market in which non-bank funds lend directly to companies. The French Treasury posted the readout on October 23, 2026. The workshop itself took place on September 30, 2026, and was organized with the Banque de France and France’s financial markets regulator, the Autorité des marchés financiers (AMF).
The presidency’s conclusion is measured. It found several vulnerabilities, including liquidity mismatch in some vehicles with exposure to private credit, opacity and growing complexity. It said these are not systemic at this stage but must be monitored closely given the sector’s rapid growth.
For companies that borrow from private credit funds, and for the banks, insurers and asset managers connected to them, the readout shows where official scrutiny in the G7 finance track is pointed as the year closes.
A commitment from the May communiqué
The workshop delivers on a pledge in the communiqué issued after G7 finance ministers and central bank governors met in Paris on May 18, 2026. In paragraph 20 of that text, ministers said industry developments and potential risks in the private credit ecosystem, “including the interconnections with banks and insurers, call for continued monitoring.” They committed to a G7 workshop on private credit in the second half of 2026.
The same paragraph backed the Financial Stability Board’s (FSB) recommendations on non-bank financial intermediation and encouraged FSB work this year on non-bank data availability, quality and information sharing.
The September session was held under the Chatham House Rule. According to the presidency summary, it brought together private credit market participants, G7 financial authorities and the FSB. Discussion covered recent market developments, including funding structures, valuation and retailization, meaning the opening of private credit products to individual investors.
What the FSB has found
The workshop drew on recent FSB analysis. In its Report on Vulnerabilities in Private Credit, published May 6, 2026, the FSB estimated the market at between $1.5 trillion and $2 trillion. It said private credit is increasingly used by larger companies and is becoming more accessible to retail investors.
The FSB said interconnections between private credit funds and banks, insurers and private equity firms are deepening. It also noted that private credit at its current size and scope “has not been tested during a severe economic downturn.” The report covers leverage, liquidity mismatches, concentration, cross-border links and gaps in data.
What to watch before year-end
The French presidency says it will continue to pay close attention to these issues through the end of the year, in coordination with international work, notably at the FSB. It has not announced a further G7 deliverable on private credit.
The areas named so far by the G7 and the FSB are consistent: data on non-bank lenders, liquidity terms in vehicles sold to individual investors, and the links between private credit funds and regulated banks and insurers. Firms active in the market can expect those themes to appear in further FSB publications and in any closing G7 finance statements under the French presidency.
Sources
- French Treasury (DG Trésor): G7 technical workshop on private credit, presidency communiqué (October 23, 2026)
- G7 Presidency: G7 Workshop on private credit, high-level summary (English, PDF)
- G7 Finance Ministers and Central Bank Governors’ Communiqué, Paris (May 19, 2026, PDF)
- Financial Stability Board: Report on Vulnerabilities in Private Credit (May 6, 2026)
- French Treasury: France’s 2026 G7 presidency, finance track
