AI Data Centers Give Private Credit Its Mojo Back: Shuli Ren

Private credit managers have proven their prowess in fundraising, but are falling short on dealmaking. With mountains of cash waiting to be deployed, they are latching onto the artificial intelligence data center boom, hoping to stay relevant as banks reclaim their dominant position in corporate lending.

The world’s largest asset managers, such as real estate investing giant Blackstone Inc., are going all in. Meta Platforms Inc. recently selected Pacific Investment Management Co. and Blue Owl Capital Inc. to lead a $29 billion financing for its data center expansion in rural Louisiana. Ares Management Corp. is aiming to raise more than $8 ...