The world's largest alternative asset manager — $1 trillion in assets across private equity, real estate, private credit, and hedge funds. Its private credit platform is one of the fastest growing. Blackstone's fee-related earnings are highly predictable and grow with assets under management.
Pioneered leveraged buyouts and has since built one of the largest private credit platforms in the world. Its credit business now manages more assets than its private equity business. KKR is systematically turning individual retail investors into private credit customers through new fund structures.
Apollo runs the world's largest private credit strategy. Its Athene insurance subsidiary provides a captive pool of long-duration capital to deploy into private loans. This insurance-plus-private-credit model is Apollo's structural competitive advantage.
Specialises in private credit — direct lending is its largest and most profitable business. Serves middle-market companies that are too small for investment banks and too large for traditional bank loans. Ares is the closest thing to a pure-play on the private credit boom.
The largest publicly traded Business Development Company (BDC) — essentially a listed private credit fund. Lends directly to US mid-market companies and passes most income through as dividends. Yields typically 9-11%, making it a popular income investment.
Linked to Alternative Assets. Customers include JPMorgan Chase and Bank of America. Competes with Charles Schwab and Morgan Stanley.
Linked to Credit Markets. Customers include JPMorgan Chase and Goldman Sachs. Competes with Moody's and Intercontinental Exchange.
Linked to Credit Markets. Customers include JPMorgan Chase, Goldman Sachs and Morgan Stanley. Competes with S&P Global and MSCI.
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