Private credit is booming |
Private credit is booming |
Twenty years ago, swaggering hedge fund managers, leveraged buyout kings and corporate raiders would have dominated any list of masters of the Wall Street universe. Today another corner of finance has become a billionaire factory: the decidedly less glamorous business of making loans directly to companies—often small and medium-size ones, the kind that are squeezed out of the traditional bond market and are often deemed too risky for banks. This line of work has become broadly known as private credit. And it’s booming. The Bloomberg Billionaires Index calculated the fortunes of 18 beneficiaries of the private credit boom. Together, these individuals, who work at seven different companies, are worth $61 billion. |
