True ValueFor Blackstone, Private Credit Fears Miss the Big Picture
Private credit has turned from a growth opportunity to a source of worry for investors that own shares in big asset managers. Anxieties about how the rise of AI could hurt software companies that have borrowed hundreds of billions have escalated the concerns about the sector that started brewing last fall. In recent months, investors in several high-profile private credit funds have rushed to pull money out, in some cases forcing funds to cap their withdrawals. Meanwhile, shares in big...