Private Lenders Hire Restructuring Pros as Defaults Loom
- Barings, HPS and Blackstone among firms bolstering teams
- Around 76% of private credit executives expect higher defaults
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After riding the relentless credit boom of the past decade, some of the biggest players in the $1.4 trillion private credit market are now amping up hiring of restructuring pros as they brace for an uptick in defaults.
Firms including Barings and HPS Investment Partners are beefing up their teams of workout specialists, who have expertise in managing investments during a downturn, as rising interest rates and a darkening economic climate take their toll on corporate America.