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Story summary
- Steffen Meister, chairman of Partners Group, warned private credit defaults could double due to AI's economic impact.
- Defaults have averaged 2.6% annually over the past decade.
- AI could cause disparities in corporate performance, hitting private credit harder than private equity.
- The $2 trillion private credit market faces increased scrutiny amid concerns about credit quality and bankruptcies.
- JPMorgan Chase and BlackRock have adjusted loan valuations and limited withdrawals.
