Blackstone has said the era of excess returns in private credit has ended, with a golden age of mid-teens returns on private lending having given way to more muted investment results.
The world’s largest private capital group, which manages more than $500bn in credit and insurance-based assets, said that returns earned by its credit business were declining as central banks cut interest rates.
“Base rates and spreads have come down, so the absolute returns reflect that,” Blackstone president Jonathan Gray told the Financial Times.
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