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Private credit is encroaching on yet another banking stronghold, as firms race to finance the power plants, grid upgrades and backup generation needed to support the data-center boom fueled by artificial intelligence.
After decades running and regulating banks, Joseph Otting has moved on to a booming Wall Street credit sector that’s unencumbered by many of the rules that rein in traditional lenders.
CIO Rich Hall says the increased exposure will lead to higher expected returns for the endowments, which had $68.2 billion in assets at the end of April.