Citi CEO: We worry about credit decisions that smaller players will be making

Credit Quality Concerns - The industry believes credit quality is consistent across public and private markets [2] - Concerns exist regarding credit decisions made by smaller players lacking established standards, particularly those moving credit into mid-tier insurance companies [2] - The industry is monitoring potential bad credit decisions arising from FOMO (Fear Of Missing Out) and exuberance [3] Risk Assessment - Systemic risk is not a major concern; risks are more idiosyncratic to particular counterparties [4] - The industry is primarily focused on smaller spaces with less transparency [4] Investment Exposure - For a specific city, 80% of institutional exposure is investment grade globally [3] Private Asset Space - The industry is not concerned about the capacity being built in the private asset space, anticipating it will be utilized [1]