On Oct. 15, two Wall Street titans offered radically different visions of the private credit market. JPMorgan Chase CEO Jamie Dimon warned investors that recent bankruptcies in private credit could be just the beginning: “When you see one cockroach, there are probably more.” Hours later, BlackRock CEO Larry Fink struck a defiant tone on his firm’s earnings call: “I’ve never been more excited about the future of BlackRock,” he said. BlackRock has bet $12 billion on private credit through its acquisition of HPS Investment Partners.
So who is right?
