Leaders | Private’s progress

Private markets remain attractive, even in a higher-rate world

Private credit, not buy-outs, is stealing the limelight

Apr 27th 2023

A decade of low interest rates turbocharged a spectacular boom in private markets. As pension funds and other institutional investors hunted for yield after the global financial crisis of 2007-09, they ploughed money into private-markets firms, which in turn invested it across private equity, credit, property and infrastructure. The three biggest listed such firms—Apollo, Blackstone and KKR—manage more than $2trn in assets between them, up from $187bn in 2008.

This article appeared in the Leaders section of the print edition under the headline “Private’s progress ”