As the private credit markets mature, some investors are looking to form longer-term or even permanent relationships with their fund managers, industry experts say. Low fixed-income yields, an aging population, and more experienced investors have resulted in an outgrowth of permanent, evergreen, and long-term fund structures in private credit. Private credit managers say that trend is likely to continue as the industry continues to grow. The boom in private credit markets began after the Great Financial Crisis, when banks were no longer able to use their balance sheets to lend money. “Banks really pulled back from the business after the Great Financial Crisis,” said Michael Ardisson, chief operating officer and president at Medalist Partners, a private credit firm.