Blackstone, Ares, Rivals Grilled by Congress Over Private Credit

Wall Street’s biggest private credit houses — including Blackstone Inc. and Ares Management Corp. — are facing pointed questions from the Democratic faction of the House Financial Services Committee, prying into how the firms and their investment funds are marketing, valuing and handling the asset class.

Their offices recently fired off inquiries to major firms, zeroing in on sensitive aspects of how they run private-credit vehicles such as business development companies, according to people with knowledge of the inquiries. Those facing questions also include Apollo Global Management Inc., BlackRock Inc., Blue Owl Capital Inc., Carlyle Group Inc. ...