Big investors are trading private credit gains for infrastructure bets. Here's where else they're putting money.

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Private credit, just recently one of the hottest asset classes for institutional investors to park their money, is losing ground to other strategies, according to a new report from Canoe Intelligence.Private credit accounted for 6.8% of institutional investors' alternative-asset holdings in the fourth quarter of 2025, down from 9.7% December 2024. However, the asset class's net asset value increased roughly 20% from June 2024, according to Canoe. The decline reflects a shift in portfolio composition as other assets grew faster, rather than a contraction in private credit assets.