The Globe and Mail reports in its Thursday edition that Bank of Canada Governor Tiff Macklem is calling for market regulators to examine the rising trend of private credit, as alternative lending poses potential risks to the global financial system. The Globe's Jameson Berkow writes that in a speech in Toronto, Mr. Macklem addressed the growth of businesses borrowing large sums from non-bank lenders, emphasizing that while the private credit market now reaches trillions of dollars, it lacks the transparency of public debt markets. Mr. Macklem said: "Private credit is more opaque. Unlike public credit markets, private credit positions are not regularly marked to market. Assessing underwriting standards, covenant quality and the true degree of embedded leverage can be difficult." Regulators need better visibility into the inner workings of the expanding world of private credit, he said, adding "the interconnections between private credit and banks" also need to be better understood. His concerns align with issues raised by investor advocates about the limited disclosures offered by private debt funds. Those funds have faced mounting controversy as a growing number of them have blocked investors from cashing out.