The private credit market is largely dominated by a few large firms, with approximately 75% of the capital raised last year attributed to just 15 companies. Size and scale play a crucial role in successfully sourcing deals, negotiating terms, and deploying capital. However, there are alternative entry strategies for new players, such as purchasing loans originated by others. This route taps into the emerging secondary market for private credit, which is essential for newer entrants looking to establish themselves in the industry. Reports indicate that hedge funds currently account for about 20% of direct lending loan sales, yet accessing secondary deals remains challenging due to limited availability and lenders' hesitation to sell loans that might have been priced more favorably in the past. The development of these platforms and their approaches to the secondary market will be key indicators of their future success, making the ongoing observation of market dynamics and individual players crucial for understanding this evolving sector.