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Private credit is now the buzziest corner of Wall Street. These loans to companies charge floating rates, and the Federal Reserve's tightening campaign has lenders collecting double-digit yields.
The subpoenas will seek financial statements and tax returns for a number of entities, including ones that manage some of Black’s $9 billion wealth. They will also go to Apollo and entities that help manage his art collection, the New York Times said.
Now that TPG Capital has steered its $88 billion of investments through the first phase of the coronavirus crisis, co-Chief Executive Officer Jon Winkelried is turning his attention to other issues, like picking up the pace of dealmaking.
Apollo and Blackstone are displacing Wall Street amid a growing shift to large-scale direct lending.
The company asserted in the statement that S&P’s action was driven more by the distressed trading levels of Serta’s loans in the secondary market rather than the company’s “financially solvent” status.
Schwarzman says a dramatic change in tax policy under Democratic lawmakers or a rise in interest rates by the Federal Reserve could be a shock to the economy.
