Fidelity International and T Rowe Price are among firms making moves; Apollo says private credit will replace other fixed income.
First came the debt specialists and the private equity firms. Then, hedge funds and wealth managers saw an opening. Now everyone from sovereign wealth funds to venture capitalists are spouting Wall Street’s favorite buzzword: private credit.
Higher rates, banks’ lending retreat and strong fees are bringing a raft of newcomers to the product that has quickly turned from a niche to a must-have. Amid the proclamations of an industry poised for a multi-trillion-dollar boom, a few voices are whispering that it may all get ugly very soon.
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