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How Private Credit Exploded In The Last 10 Years

The Global Financial Crisis threw millions of Americans out of their homes and jobs, upending the entire economy. But for the private credit industry, it was actually an awakening of sorts. Over the past few decades, U.S. banks’ problems have signaled opportunity for the private credit market, and that’s particularly true of the Global Financial Crisis and the collapse of Silicon Valley Bank last March. When banks have issues, U.S. businesses’ desire for capital rarely wanes dramatically, and that leaves room for alternate lenders. At the Fortune Future of Finance conference on Thursday, Joshua Easterly, co-CIO and co-president of the global investment firm Sixth Street, explained how he was working at Goldman Sachs after the Global Financial Crisis in 2009, running a team that did public and private market transactions in distressed debt and special situations, when he came to the realization that the lending industry had changed forever. “It was the intended consequence, not the unintended consequence of regulations after the Crisis,” he said of the private credit boom. “Policymakers…wanted to figure out how to diffuse risk away from the taxpayer, but you couldn’t crush the economy by reducing credit, and so private credit history grew.” Easterly argued that the private credit industry has a “better model” than the banking industry when it comes to lending risk, because it holds more capital for loans on balance sheets. And that made him come to a startling realization in 2009. “Huh? I think I need to go find a new job,” he recalled saying to a colleague. “So [the move to private credit] was a little bit about necessity.” Carey Lathrop, partner and chief operating officer of credit at Apollo Global Management, echoed Easterly’s comments, noting that when he started in the private credit industry “it was clear how hard it was to get things done that made economic sense” in public markets after the GFC. 00:00 - Teaser 00:16 - Where Private Credit Went Wrong 01:59 - Distinguishing Between High Yield Market Leverage Loans 03:28 - Problems With Regional And Smaller Banks 06:03 - Banks' Responsibilities Going Forward 07:52 - Competing With The Bond Market 10:53 - Culture Within Sixth Street 13:11 - Leaving Major Banks Subscribe to Fortune - http://www.youtube.com/subscription_c... Fortune Magazine is a global leader in business journalism with 55 million monthly page views and a readership of nearly 32 million, with major franchises including the Fortune 500 and the Fortune 100 Best Companies to Work For. The new Fortune video channel dives into personal stories from business owners and entrepreneurs becoming successful in business and sharing their tips to help you reach your goals. Website: http://fortune.com/ Facebook:   / fortunemagazine   Twitter:   / fortunemagazine   TikTok:   / fortune   #credit #finance #fortune