Private credit has been one of the defining success stories of the post-financial-crisis investment era. But in early 2026, that narrative is being tested. Public markets are signaling growing unease around credit-heavy alternative managers, as share prices across business development companies (BDCs) and credit-focused platforms have come under pressure.
Firms such as Blackstone, Apollo Global Management, and Blue Owl Capital have all experienced notable equity volatility, reflecting investo...
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