As investment managers reflect on an incredibly productive 2021, many are now looking ahead to 2022. What will the new year bring? With a measure of caution, we present the following themes shaping our outlook for 2022:

• Activity levels. 2021 was characterized by the unleashing of pent-up private credit demand from issuers and investors, much of which was attributable to the virtues of the asset class highlighted by the pandemic: relative yield, less correlation and lower defaults. Will these benefits hold in 2022, or weaken from competitive pressures?