The chapter explores the slow M&A volume amidst rapid market events, anticipating an uptick in M&A activity. It emphasizes the rising role of retail investors in private credit and the shift towards retail participation in private credit investments through perpetual private BDCs. Discussions also include fundraising trends in perpetual BDCs, challenges and opportunities in traditional and private BDCs, performance of VDCs, and the outlook on interest rates and default rates amidst a relatively good economy.