This video is a clip from BND: Strategy Room Live Stream on August 2, 2026. BlackRock and Blackstone both removed private credit executives in July. BlackRock removes Phil Tseng, CEO of their private credit business development company (BDC). He was removed over company performance and an ongoing federal valuation probe. Jonathan Bock resigned from his position as Co-CEO of Blackstone’s BCRED and BXSL private credit funds. Bock also stepped down as Co-CEO of Blackstone’s Secured Lending Fund, which is Blackstone’s publicly traded BDC. Bock resigned over the performance of the private credit funds. Furthermore, Blackstone is partnering with Vanguard Group and Wellington Management to create two new private credit funds for individual investors. Goldman Sachs is launching a private credit collective investment trust to make investing in private assets available in 401(k) retirement plans.

BND: Strategy Room Bonus - BlackRock and Blackstone both remove Private Credit CEOs!

The Banker Next Door

BlackRock, let's get it. So Private Credit, two big resignations here in the last 30 days here. So the first one here, BlackRock CEO exits signals Private Credit shift. Now this is not Larry Fink, this is not, this is a CEO of a lower division for BlackRock. So this isn't Larry, don't get too excited that Larry Fink is going anywhere. But then we also have this one here, Jonathan Bach, and I'm going to see if I can make this a little bit more.

I'm going to see a little bit bigger here for everybody to see. Jonathan Bach resigns as co-CEO of Blackstones, CBRED and BXSL. So things were a little quiet here. They've been a little quiet in the private credit market. Things have kind of calmed down. We haven't had any major delinquencies here in the last couple of weeks. The withdrawal requests on some of the funds are still high but have kind of, you know, reversed a little bit bigger here.

But again, having these two, the fact that you had these two major resignations and the fact that there was basically been zero coverage of this tells you a lot. They're trying to do this very quietly without creating a big stir on this. But let's look at this for a second. So BlackRock CEO exit signals Private Credit shift.

So a steep, and that NAV is net asset value for anybody who doesn't know, but net asset value drop on a federal probe and a federal probe triggered a high-level departure at BlackRock. The private credit market's roughest stretch in years has claimed its first senior leader at a major asset manager.

BND: Strategy Room Bonus - BlackRock and Blackstone both remove Private Credit CEOs!

Read the full transcript

The candid version is on a podcast,
not the earnings call.

BND: Strategy Room Bonus - BlackRock and Blackstone both remove Private Credit CEOs!

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.