The SEC hasn't brought many enforcement actions over private lending, and Grewal didn't mention any specific firms or deals drawing regulatory attention. Still, his comments serve as a warning as some of the biggest names in finance increase their involvement. Although private credit has existed for decades, it's taken off since the 2008 financial crisis when banks pared their business lending to comply with stronger regulation. Firms like Blackstone Inc., Ares Management Corp. and Apollo Global Management Inc. have filled the lending gap left by banks, offering financing to businesses.