Pimco Chief Executive Emmanuel Roman cautioned that global private markets may be vulnerable in the next significant economic slowdown, saying the asset class "hasn’t been tested" by a steep downturn. Roman, who oversees the $2.1 trillion bond manager, urged investors to "constantly think about what can go wrong" and scrutinise liquidity and valuations in private credit and other non-public assets. His remarks, reported by the Financial Times, add to growing concerns that years of low interest rates and rapid fundraising have pushed risk into corners of the financial system that lack transparent pricing and well-established secondary markets. Roman’s warning follows a sharp rise in private-market assets over the past decade and comes as policymakers debate the resilience of non-bank financial institutions.