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20.03.26 - 06:51
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Out Of The BDC, Into The CLO: World′s Largest Private Credit Fund Repacking Loans As Bonds Hoping To Find New Investors (ZeroHedge)
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Out Of The BDC, Into The CLO: World's Largest Private Credit Fund Repacking Loans As Bonds Hoping To Find New Investors
When a motley crew of private credit loans (mostly to software companies) are all mixed in and thrown together into a messy melange known as a Business Development Company, then quietly all go sour and spark a redemption run, what's the frazzled investor to do? Why take them out of the melange, put them into a different wrapper, changing nothing except the name and pretending everything is now somehow different.
That's what Blackstone is about to do. According to Bloomberg, the firm's flagship private credit fund is planning to sell bonds backed by a broad swathe of its $82.5 billion of assets.
BCRED, the world's largest business development company, is looking to finalize the collateralized loan obligation (CLO) deal early next week, the Bloomberg sources said. Proceeds will be used to repay some existing debt, they added which the company desperately needs at it w...
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20.03.26 - 04:06
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Amazon founder reportedly eyeing US$100B AI fund to transform manufacturing (Digitimes)
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Jeff Bezos is reportedly in early discussions to raise a US$100 billion investment fund aimed at acquiring and modernizing manufacturing companies with AI, according to The Wall Street Journal. The proposed vehicle—described as a "manufacturing transformation" fund—would target sectors such as semiconductors, aerospace, and defense, signaling a major push to bring AI-driven efficiencies into the industrial economy....
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20.03.26 - 02:45
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Bezos Plots Colossal $100 Billion Fund To Transform Companies Using AI: WSJ (ZeroHedge)
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Bezos Plots Colossal $100 Billion Fund To Transform Companies Using AI: WSJ
Amazon founder Jeff Bezos is in early discussions to raise as much as $100 billion for a new investment vehicle aimed at acquiring and revitalizing manufacturing companies through the application of artificial intelligence, according to the Wall Street Journal.
The proposed fund, described in investor materials as a “manufacturing transformation vehicle,” would target companies in strategic industrial sectors such as semiconductor fabrication, defense and aerospace. Bezos has held preliminary meetings with some of the largest asset managers in Asia and the Middle East, though the talks remain at an nascent stage, the Journal said.
The initiative is closely linked to Project Prometheus, the AI startup Bezos co-founded and co-leads as CEO. Launched in late 2025 with $6.2 billion in initial funding—much of it from billionaire himself—the company is developing advanced AI models designed to understand and simulate ...
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19.03.26 - 19:51
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Another 2008 Analog: Goldman, JPM Offering Hedge Funds Ways To Short Private Credit (ZeroHedge)
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Another 2008 Analog: Goldman, JPM Offering Hedge Funds Ways To Short Private Credit
The big story last week, a narrative which we may have inadvertently started, was the recurring comparison across various sellside desks (and quite a few buysiders) of the current double crisis (private credit as an analog to the subprime crisis of 2007/2008 coupled with soaring oil prices which peaked at just below $150 in the summer of 2008 before crashing along with the start of the global financial crisis, similar to now). None other than Michael Hartnett dedicated his latest Flow Show to describing how "Wall Street Is Ominously Trading The 2008 Analog."
Well, we now have another very stark comparison to events from 2008.
Recall back then, while big banks like Goldman were actively pitching long RMBS trades to clients, seemingly oblivious of the subprime risk, they were quietly arranging transactions for their best clients - such as Paulson and Magnetar - to short the entire RMBS/housing stack in ...
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