Ares, Blackstone and others dominated the business of funding leveraged buyouts after the pandemic. Now bank-led bond and loan markets are back and more competitive. Terms will keep converging between the two worlds, meaning lower returns for the $2 trln private credit market.
In the years following the pandemic, so-called direct lenders became the kings and queens of the leveraged finance world. It was partly because the rival banking sector was pummelled by paper losses on buyout loans, including for Elon Musk’s $44 bill… [4743 chars]
Source: Reuters | Published: 2025-12-30T07:00:25Z
Credit: Reuters
