Remove Capital Remove Passive Investors Remove Professional Services
article thumbnail

Private Credit, Meet “Higher for Longer”

Blackstone

From March 2009 when the S&P 500 traded at 13x earnings to August 2020 when it peaked at 23x, a passive investor in the market earned 16% per annum. First, managers focus on first lien seniority When economic environments are uncertain or choppy, sitting up in the capital stack can be beneficial for investors.