Private Credit and the Rebuilding of American Industry

Rebuilding American capacity in semiconductors, energy, defense and advanced manufacturing will take trillions of dollars, far more than government programs or banks can supply on their own.

Private credit, backed by pensions and insurers with decades-long horizons, is built for exactly this kind of long-term lending, and it is already financing data centers, power plants, chip fabs and grid contractors across the country. This report explains how the private credit market works, where it has succeeded, the real risks it faces, and three steps policymakers can take to put more private capital to work building American industry.