Private credit is now a serious rival to mainstream lending for all kinds of businesses, from real estate firms to tech start ups. But the market in Europe is yet to take off in quite the same way as the US -- and concerns remain about the industry's opacity and its ability to cope with a prolonged recession.Tristram Leach, Partner and Head of Investments for Credit and Hybrid in Europe at Apollo joined Stephen Carroll and Lizzy Burden on Bloomberg Daybreak Europe to discuss.