July 29 (Reuters) - Regional lender Fifth Third Bancorp ( FITB )

is partnering with billionaire Todd Boehly's investment

firm Eldridge, the companies said on Tuesday, the latest in a

string of moves by banks to tap the red-hot private credit

market.

The partnership will offer private credit to Fifth Third's

commercial banking clients.

Private credit refers to lending to companies by

institutions other than banks. The market has grown rapidly in

recent years as tougher regulations made it more expensive for

traditional lenders to finance riskier loans.

In 2023, Wells Fargo ( WFC ) teamed up with Centerbridge

Partners to lend to North American middle-market companies. Last

year, Wall Street giant Citigroup ( C/PN ) joined hands with Apollo

for a $25 billion private credit program.

Eldridge, which manages over $70 billion in assets across

its asset management and insurance divisions, last year also

tied up with investment bank and brokerage firm Raymond James

to establish a private credit venture.