The expanding asset class is offering customizable equity-like risk returns. : Wall Street sells what's hot. So, it's no secret that private credit is now the flavor du jour, said Paul Karger, co-founder and managing partner at TwinFocus, a $10 billion family office advisory. His firm has seen a recent uptick in underwriting for private credit strategies from, say, five years ago. You can blame it on the perfect storm that created equity-like risk returns in the credit space. Over the past two years, the rising risk-free rate pushed up the threshold for taking on more risk.