Blackstone Group has become one of the biggest buyers of a type of bank loan that has become a lifeline for the private-equity industry, exposing the company to risks generated by its own business.
The world’s largest buyout group, which manages more than $1tn in assets, has in the past year emerged as a big investor in risk transfer products that are underpinned by short-term loans used by private equity fund managers to close deals as they wait to receive cash from their backers.
Because of its sheer size, Blackstone has assumed risk on credit lines attached to its own buyout funds, though the firm said they only constitute “a single-digit percentage” of the portfolios on which it has exposure.
您已阅读11%（703字），剩余89%（5647字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。