Blackstone, Apollo, And KKR Are Quietly Writing The Same Credit Playbook

Private credit is often seen as highly customized lending that spreads risk, but a handful of large managers—like Blackstone (NYSE:BX), Apollo (NYSE:APO), and KKR & Co. (NYSE:KKR) —are increasingly converging on similar underwriting standards, deal types, and funding structures. 

According to a report released by the Financial Stability Board, at a global level, five large asset management groups account for about one-third of the aggregate loan commitments in the entire private credit and private equity industry.

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