Matt Levine’s Money Stuff: Banks Want In on Private Credit

Private credit

Just from first principles it is weird that, if you are a company or a private equity sponsor looking to borrow a lot of money, and you go to a gigantic bank like J.P. Morgan Chase & Co., the bank will say “yes, I would be happy to help you find that money.” Whereas if you go to an alternative asset manager like Blue Owl Capital or Ares Management Corp., the alternative asset manager will pull out a bag with a dollar sign on it and say “yes, here is money.” If you asked the average person “who has ...