Feb 24 (Reuters) - JPMorgan Chase ( JPM ) said on Monday

it was setting aside another $50 billion for its direct lending

push, as the Wall Street giant looks to expand its foothold in

the rapidly growing private credit market.

Traditional lenders such as JPMorgan ( JPM ), Citigroup ( C/PN ), and

Wells Fargo ( WFC ) are rushing to grab a bigger slice of the

booming market that has been dominated by private capital

providers.

The asset class is expected to expand to $3 trillion by

2028, reflecting stronger momentum than in the past two years,

according to Moody's.

JPMorgan ( JPM ), since 2021, has already deployed over $10 billion

across more than 100 private credit transactions serving

corporate and sponsor clients, the bank said.

It has also tied up with multiple co-lending partners that

have allocated nearly $15 billion more to the private credit

push.

"Pairing our vast origination platform with our lender

client base has supercharged our ability to deliver in size for

borrowers and increased deal flow for lenders," said Kevin

Foley, global head of capital markets at JPMorgan ( JPM ).

Banks have increasingly also joined forces with investment

firms to further their push into the private credit market.

Citigroup ( C/PN ) last year teamed up with asset management giant

Apollo for a $25 billion private credit platform, while

Wells Fargo ( WFC ) in 2023 partnered with investment firm Centerbridge

Partners on a $5 billion direct lending fund.