Squire Patton Boggs' Private Credit Head Discusses Trends

Gabriel Yomi Dabiri shares insights on the rapid growth and evolution of the private credit market

Published on Feb. 27, 2026

Got story updates? Submit your updates here. ›

In a recent fireside chat, Gabriel Yomi Dabiri, the Global Head of Private Credit and Direct Lending at Squire Patton Boggs, discussed the meteoric rise of the private credit industry from a $150 billion cottage market in 2008 to a nearly $2 trillion asset class today. Dabiri shared his unique perspective on the bifurcation of the market between large behemoth funds and specialized smaller players, the evolving partnerships between private credit and traditional banks, and the competitive advantages driving private credit's growth. He also addressed industry transparency concerns and the evolving skillset required for successful private credit lawyers.

Why it matters

The private credit market has grown exponentially in recent years, transforming from a niche alternative to an indispensable $2 trillion asset class. Dabiri's insights shed light on the key trends and dynamics shaping this rapidly evolving industry, which has become an increasingly important source of financing for businesses.

The details

Dabiri traced his 13-year journey in private credit, noting how the market has grown from obscurity to a sophisticated asset class with remarkable segmentation and specialization. The top 6-7 funds now control 70-80% of the market, while smaller players differentiate through specialization in sectors, geography, or company life cycle stages. Dabiri also explored the evolving relationship between traditional banks and private credit providers, with banks bringing client relationships and regulatory stability, while private credit offers flexibility where traditional lenders face constraints. He highlighted private credit's competitive advantages, including speed, continuity, flexibility, and creativity in deal structuring. Addressing industry criticism, Dabiri acknowledged the need for greater transparency, while noting the self-policing nature of the buy-and-hold strategy and the disciplined underwriting of the largest players.

  • Dabiri has over 16 years of legal experience spanning magic circle firms in London and Singapore to his current role in New York.
  • The private credit market has grown from a $150 billion cottage industry in 2008 to nearly $2 trillion today.

The players

Gabriel Yomi Dabiri

The Global Head of Private Credit and Direct Lending at Squire Patton Boggs, with over 16 years of legal experience spanning magic circle firms in London and Singapore to his current role in New York.

Squire Patton Boggs

A global law firm with a leading private credit and direct lending practice.

Got photos? Submit your photos here. ›

What they’re saying

“Buyer beware' applies equally to private credit and traditional lending”

— Gabriel Yomi Dabiri, Global Head of Private Credit and Direct Lending (ionanalytics.com)

The takeaway

The private credit market has undergone a remarkable transformation, evolving from a niche alternative to a sophisticated $2 trillion asset class. Dabiri's insights highlight the industry's rapid growth, the emergence of specialized players, the evolving relationship with traditional banks, and the need for increased transparency - all of which underscore the growing importance of private credit as a key source of financing for businesses.