Bank Lending to Private Credit Funds Swells 145% in Five Years
Wall Street banks have emerged as the staunchest financial supporters of the $1.7 trillion private credit industry, with the volume of their loans to private debt funds soaring 145% over the past five years.
US banks, typically in fierce competition with private credit firms, are enabling their rivals' boom. Bank exposure to both business development companies (BDCs) — which pool direct loans — and other types of private debt vehicles reached about $95 billion by the end of 2024, according to a Federal Reserve report published last week.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
11 minutes ago
- Associated Press
AP top stories June 3
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world's population sees AP journalism every day.
TechCrunch
11 minutes ago
- TechCrunch
Unity CTO Steve Collins steps down after six months
Steve Collins, the CTO of the game engine developer Unity, is stepping down, a company representative confirmed to TechCrunch. He joined Unity just six months ago after serving as CTO of King, the mobile gaming company behind Candy Crush. According to Unity, Collins made the decision to leave the company of his own accord. 'We can confirm that Steve Collins has decided to leave Unity for personal reasons,' a company representative said. 'We're grateful for his contributions. As we continue our transformation, we're confident our world-class tech team will keep driving the strategy forward.' Unity has faced much internal strife over the last few years. In fall 2023, the company announced controversial changes to its pricing model that enraged the developer community. Though some of these changes were walked back, the company's CEO John Riccitiello resigned as a result. Months later, Unity laid off 25% of its staff, amounting to 1800 jobs. Though Unity now has some distance from those events, some game developers remain distrusting of the company. Collins' departure is not necessarily related to the Unity's struggles, but another executive shakeup could prove disruptive. Techcrunch event Save now through June 4 for TechCrunch Sessions: AI Save $300 on your ticket to TC Sessions: AI—and get 50% off a second. Hear from leaders at OpenAI, Anthropic, Khosla Ventures, and more during a full day of expert insights, hands-on workshops, and high-impact networking. These low-rate deals disappear when the doors open on June 5. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW
Wall Street Journal
15 minutes ago
- Wall Street Journal
CrowdStrike Cooperating With Federal Probes Into July Software Outage
CrowdStrike CRWD -5.21%decrease; red down pointing triangle said it is cooperating with federal authorities in connection with an incident last July, in which a bug in the company's software knocked millions of computers offline. The cybersecurity firm said the Justice Department and the Securities and Exchange Commission have requested information related to the incident and other matters, according to a Wednesday filing with the SEC.
