Private markets have exploded into a $13 trillion powerhouse as traditional banking retreats, with private credit alone tripling from $517 billion in 2015 to over $1.7 trillion today. Harvey Schwartz, CEO of Carlyle Group—one of the world's largest private equity firms managing over $450 billion—warns we're in the early days of this financial transformation, with regulators increasingly concerned about systemic risks in this largely untested shadow banking system.