Wells Fargo said its exposure to private credit firms was approximately $36.2 billion in Q1, with software companies accounting for 17%. This news comes as investors are keeping a close eye on all of Wall Street's exposure to private credit, given the current volatility.

Other banks have been calling out their private credit exposure as well, as they aim to cull investors’ concerns.

Citigroup has $22 billion in private credit firms in Q4 2025, with less than 1% of its loans to non-bank financial institutions going to BDCs, Bloomberg reported.

JPMorgan Chase CFO Jeremy Barnum said during the company's Q1 earnings call that the bank has about $50 billion in private credit exposure within a broader $160 billion exposure to non-bank financial institutions (NBFIs).

JPMorgan CEO Jamie Dimon added, "You have to have very large losses in private credit before at least it looks like banks are going to get hit. It doesn't mean you won't feel some stress and strain, and you might have to do something about it. But I'm not particularly worried about it."

Dimon said he's more worried about how the system is going to react when there is a credit cycle. 

"There are positives and negatives as you look at what's going to happen if there's a cycle. Of course, we always worry about what happens with every cycle. Like I said, I think it'll be worse than people expect," he added.

Major players in private credit, such as Blue Owl Capital (NYSE:OWL) and Apollo Global Management (NYSE:APO) have exposure to business development companies (BDCs). Parts of the private credit/non-traded BDC space have seen elevated redemption requests, as investors grow more concerned about liquidity, valuations, and overall sector risk.

Earlier this month, Blue Owl capped redemptions in both its funds at 5% after investors requested withdrawals of 22% and 41% in its private credit and technology-focused funds, respectively.

The firm attributed the above-average number of requests to “heightened market concerns around AI-related disruption to software companies.”

Morgan Stanley, BlackRock, and JPMorgan have also recently capped redemptions, citing similar market concerns. 

Meanwhile, Congress has asked major private equity firms — including Apollo Global Management, KKR & Co., Carlyle Group, BlackRock, and Blue Owl Capital— for detailed disclosures on their private credit operations.

The U.S. House Financial Services Committee wants info on sales practices, leverage, fees, incentives, audits, risk management, and potential economic vulnerabilities, as investor concerns have risen to new levels, according to Bloomberg.

Wells Fargo | Photo courtesy: Rob Wilson / Shutterstock.com