Is There Still Demand for Private Credit?

Back when interest rates were at zero and the 10-year yield did practically nothing, we saw a lot of institutional interest in private credit. Now that rates have come up quite a bit, Fed is just coming up on 5%. Is there still the same demand for that sort of private credit when there is an alternative? You're no longer competing with a 1.5% 10-year? How does that play in? I think the private credit industry has really come into its own since this rate hike cycle began. And demand for absolutely private credit has increased disproportionate to a lot of other asset types that are more dependent.