Asia’s private credit markets set to grow, driven by region’s wealth creation: Blackstone exec

SINGAPORE – The high interest rate environment has supercharged activity in private asset and private credit markets, where there are higher returns, according to Mr Jon Gray, president and chief operating officer of Blackstone Group, a global New York-based asset management firm.

“We have seen a consistent move towards private assets for almost 40 years,” he said. “It started with a relatively small number of investors – mostly pension funds, sovereign wealth funds and endowments – allocating in private equity, real estate and credit to get higher returns. But what’s been happening increasingly in the last 10 years is the broadening of private asset classes and investor types.”