Executives at companies including Ares Management, Blackstone, KKR and Apollo Global Management said the private credit industry is the subject of misinformation regarding the bankruptcies of Tricolor and First Brands. Private credit accounted for only 2% of First Brands' balance sheet, Ares co-President Blair Jacobson said. KKR co-founder Henry Kravis said the bankruptcies do not seem to indicate systemic risk in private credit.

Firms such as Blackstone, Blue Owl Capital and The Carlyle Group are amplifying their marketing to retail investors, including sports sponsorships and creative advertising. Blackstone is airing an ad campaign on major TV networks, while the logos of Blue Owl and Carlyle are appearing at tennis tournaments and Formula 1 races, respectively.

Blackstone President Jonathan Gray said the "golden age" of double-digit private credit returns has ended as lower base rates and tighter spreads cut yields. While quarterly earnings beat expectations, Gray noted that private loans still outperform public debt, and renewed dealmaking shows financing conditions are easing.

The first nine months of this year saw $148.4 billion of fundraising in alternative investments, led by public nontraded business development companies, with $34.5 billion, Robert A. Stanger & Co. says in a report. Meanwhile, nontraded REITs' aggregate net asset value reached $90 billion in the third quarter, marking an uptick from $89.9 billion in Q2, according to a Stanger report.

Qualified Opportunity Zone funds brought in $436.8 million more in equity during the third quarter, down from $1.14 billion in Q2, according to Novogradac. The fundraising decrease indicates caution among investors ahead of the Opportunity Zones 2.0 debut, which is set for Jan. 1, 2027.

Blackstone President Jon Gray said recently that investor sentiment in real estate is improving and noted that "flows ultimately follow performance." Gray said that commercial property values have been strengthening since December 2023, and he pointed to improvements in the cost and availability of capital. Gray also touched on the strength of BREIT's portfolio. "BREIT's exposure to data centers, now almost 20%, continues to be extremely helpful in driving its results," he said.

The Federal Reserve announced a quarter-point reduction in its benchmark interest rate, marking the second rate cut of the year. A statement from the Federal Reserve noted that "job gains have slowed, and the unemployment rate has edged up but remained low through August."

Current Federal Reserve board members Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder have been confirmed as the five finalists to succeed Jerome Powell as chair of the Federal Reserve, Treasury Secretary Scott Bessent said. Bessent said he hopes to present President Donald Trump a "good slate" of candidates after Thanksgiving, while Trump said he expects to make a nominee decision by the end of the year.