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Jonathan Gray

Jonathan Gray

President and COO, Blackstone Inc.

Appears in 1 story

Notable Quotes

Gray has said that private credit markets are ‘expanding from their origins in non-investment-grade corporate credit and direct lending to become a key mechanism for financing the real economy.’

Stories

U.S. regulators dismantle post-crisis limits on leveraged lending

Rule Changes

High-profile champion of expanding private-credit markets

In March 2013, U.S. bank regulators issued joint supervisory guidance on leveraged lending to prevent a return of pre-2008-style underwriting excesses, with examiners informally anchoring scrutiny around a roughly six-times-EBITDA leverage benchmark. Over the next decade, banks' pullback shifted riskier deal finance toward private-credit funds, CLOs, and other nonbanks—expanding an opaque "shadow banking" ecosystem even as regulators maintained the guidance was supervisory, not a binding rule.

Updated 7 days ago