HSBC Holdings Plc (NYSE:HSBC) has not yet deployed its nearly $4 billion in dry powder from its asset managers’ private credit funds.
Last year, the bank announced that it would be looking to expand in the private credit space, with a goal of competing with major firms such as Blackstone and Apollo Global in the $1.8 trillion private credit market.
Despite the lag, a spokesperson for HSBC told Bloomberg that they are “committed to the asset managers offering in private credit funds.”
HSBC recently recorded a $400 million loss linked to a loan extended to Apollo’s Atlas SP Partners unit, which had financed U.K.-based mortgage lender Market Financial Solutions before its collapse into bankruptcy proceedings amid fraud allegations, Reuters reported earlier this month.
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