Mortgage calculator What is really striking is the volume of non-bank financing
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Only a quarter of Apollo’s $160bn-odd business is now focused on private equity. It has recently gobbled up so many corporate loans and bonds that its credit portfolio has exploded to more than $100bn, compared to just $4bn seven years ago. At Blackstone and KKR the switch is less dramatic: according to Bloomberg’s calculations, credit is just a quarter of their portfolios. But they are shifting focus too. Just last week, Blackstone announced plans to start extending mortgage credit as part of its property business.
Of course, a $100bn credit book is still smaller than that of JPMorgan. It home loan repayment calculator is bigger than many midsized American banks, however. And the asset managers’ economic footprint is expanding in other ways too. Blackstone’s portfolio companies, for example, now have 600,000 employees and $79bn of revenue. “The private equity houses today look like merchant banks were 100 years ago,” observes Jes Staley, formerly head of JPMorgan’s investment bank (who now works at BlueMountain Capital, an investment group). “They are very big and mortgage repayment calculator powerful.”
Only a quarter of Apollo’s $160bn-odd business is now focused on private equity. It has recently gobbled up so many corporate loans and bonds that its credit portfolio has exploded to more than $100bn, compared to just $4bn seven years ago. At Blackstone and KKR the switch is less dramatic: according to Bloomberg’s calculations, credit is just a quarter of their portfolios. But they are shifting focus too. Just last week, Blackstone announced plans to start extending mortgage credit as part of its property business.
Of course, a $100bn credit book is still smaller than that of JPMorgan. It home loan repayment calculator is bigger than many midsized American banks, however. And the asset managers’ economic footprint is expanding in other ways too. Blackstone’s portfolio companies, for example, now have 600,000 employees and $79bn of revenue. “The private equity houses today look like merchant banks were 100 years ago,” observes Jes Staley, formerly head of JPMorgan’s investment bank (who now works at BlueMountain Capital, an investment group). “They are very big and mortgage repayment calculator powerful.”