The private meeting – the first between the Private Equity Growth Capital Council (PEGCC) and the U.S. regulators over the issue – underscores many buyout firms’ reliance on leveraged loans for outsized returns in their debt-fueled acquisitions of companies. It also highlights the willingness of the OCC and the Fed to engage with parties they do not regulate. Private equity firms are typically regulated by the U.S. Securities and Exchange Commission.