DIY super funds and retail investors have been issued a fresh warning about the risks of joining the rush into the $200 billion private credit market, after a new report underlined the sector’s concentration in risky real estate lending. One of the fastest-growing segments of finance is private credit, which refers to lending that takes place outside the banking system. Instead of coming from bank deposits, the money loaned by private credit funds is raised from investors directly, including superannuation funds large and small. Savings held in superannuation funds has helped to fuel the growth of private credit. But the boom in private credit has also prompted scrutiny from regulators around the world, and a new paper commissioned by the Australian Securities and Investments Commission (ASIC) warns of the potential risks from this more opaque and less regulated form of financing.