The end of low-interest-rate policies and contracting central bank balance sheets mean the end of the 'easy money' era. We are entering a different market environment with rising inflation in Europe and the US and geopolitical volatility. Although investors have questioned if private debt markets will develop at the same blistering pace over the past decade, lending to tech companies, as a subset of the private debt market, will continue to grow but with a different approach. We expect lenders to become more selective on business models. Borrowers in less cyclical sectors with recurring revenue models and cash flow predictability will likely continue to attract investor interest. Greater selectivity should also lead to better discipline in transaction structuring and risk pricing.