The question is not if it will come but when. The black swan.
As early as 2014 I remember there was a lot of evidence that this shifting of bad credit from bank balance sheets to private markets as a solution by the banks could become a much bigger credit swamp than the subprime mortgages that would cause the credit bubble and the subsequent crisis.
For years I didn't hear anything about it in the mainstream media. Until this week when BNR's Edin Mujagic delivered his daily economic fare with the title: 'Next crisis not from the corner of government debts, but from private debts'. The ECB lowered its interest rates a few days later. The FD devoted attention to the Japanese debt mountain as a ticking time bomb in the Toevoegene Waarde Podcast with Anna Dijkman and Marijn Jongsma.
The reason this has to do with the global bond markets is because Japan not only has the largest percentage debt mountain, the largest aging population, but is also the largest holder of US government bonds and that could well come to an end, regardless of Trump's contributions to the appetite for US government bonds.
On June 6, Marco Vlot had an article in the FD with the title: 'Private credit seeps into the financial system, with all the associated risks'. The article briefly discusses:
- Non-bank business loans, also known as private credit, are becoming increasingly popular.
- This growth is increasingly intertwining with the broader financial system.
- This creates risks, partly due to the lack of transparency in the sector.
Response to the FD article:
Former director and co-owner of Eyevestor: Casper van Schothorst subsequently wrote the following response to the article in the FD. I could not have expressed the essence better.
Private markets are an opportunity - if properly set up
The recent attention to the risks of the rapidly growing private credit market, as described in the FD article "Private credit seeps into the financial system, with all the associated risks", on 7 July 2025, is justified. But the solution does not lie in pushing back private markets – in fact, the opposite is true: it is time to fully integrate these markets into the broader financial system, with the supervision, transparency and tools that go with it.
At Eyevestor, we see every day how powerful private markets can be for SMEs, startups and scale-ups that fall outside the purview of banks. Through our sharefunding platform, these companies gain access to growth capital, preferably in the form of equity rather than loans.
Unlocking private markets the right way
What is described as risky in the article – lack of transparency, lack of supervision, interconnectedness with banks – is precisely addressed on the Eyevestor platform:
• Transparency: each participating company shares standardized information about its capital structure, governance and shareholders via the platform. No vague contracts or unclear terms and conditions.
• Supervision: Eyevestor is supervised by the AFM and DNB, and facilitates shareholding via a regulated platform that is continuously monitored.
• No banking interconnectedness: companies acquire capital primarily through equity, not through debt or leverage structures. This not only reduces their risk, but also that of the broader system.
Private markets have a future – if we organise them well.
The call in the article for more supervision and transparency is therefore not a brake, but an opportunity. An opportunity to fully utilise the power of private markets, without the downsides. What is needed are platforms that have built these principles in from the ground up. Eyevestor is an example of this.
The future of financing lies in unlocking the potential of the private market – and this can be done safely, responsibly and transparently. Not despite supervision, but thanks to well-organised supervision. Not despite technology, but thanks to platforms such as Eyevestor. This is not a niche solution, but a necessary building block for a more stable financial ecosystem.
Want to know more about the right way to unlock private markets? Visit www.eyevestor.com and discover how we bring companies and investors together on a solid foundation.