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The status quo has been upended by high rates, a boon for private credit funds which mostly offer floating rate debt and can still get cash through regular interest payments.
Warburg’s move underscores the rise of money managers in providing complex forms of debt as banks pull back on lending amid a new regulatory environment.
In 2016, HPS Investment Partners bought itself out of JPMorgan in a deal valuing it at close to $1 billion. Today, it could be worth roughly eight times as much.