Story perspectives

Blackstone, KKR Face Risks Amid Alternative Asset Concerns

3/5/2026

Summary

Story summary

Concerns rise in the alternative asset sector as Blackstone and KKR shares fall due to late-cycle loan quality and AI risks.
Gray emphasized that lowly-leveraged loans could outperform liquid credit despite liquidity challenges.
Moody's Ratings warned private credit's high-return, retail-like liquidity balance will be tested as the sector evolves.
Barrett stressed targeting appropriate markets and liquidity structures, noting semi-liquid products may face liquidity pressure first.

1 of 1

Story summary

Concerns rise in the alternative asset sector as Blackstone and KKR shares fall due to late-cycle loan quality and AI risks.
Gray emphasized that lowly-leveraged loans could outperform liquid credit despite liquidity challenges.
Moody's Ratings warned private credit's high-return, retail-like liquidity balance will be tested as the sector evolves.
Barrett stressed targeting appropriate markets and liquidity structures, noting semi-liquid products may face liquidity pressure first.