The private credit industry is still in its early stages of growth, according to Blackstone Inc., the largest alternative asset manager globally.

Gilles Dellaert, the firm's global head of credit and insurance, believes that there is a long-term structural shift towards private credit, which will be driven by investment-grade assets.

In an interview with Bloomberg Television in Tokyo, Dellaert expressed optimism about the potential of this sector, stating that the current developments are just the beginning of a larger trend.

Blackstone expects private credit to play an increasingly important role in the financial landscape as the market continues to evolve.