War of words heats up as private credit bosses round on banks

Jamie Dimon has expressed concern over the low regulation of private credit

The war of words between banks and private credit ratcheted up on Wednesday, after a trio of bosses from private lenders rounded on claims their industry played a pivotal role in a string of recent debt-related collapses, branding it “misinformation”.

During a fiery evidence session in the House of Lords, executives from alternative investment giants Blackstone , Ares and Apollo said that far from causing the next credit crisis, their industry was helping prevent one, adding the lending landscape was safer now than the previous bank-dominated environment.

Tristram Leach, co-head of European credit at Apollo, told peers that banks by their nature had an “asset-liability mismatch”, which meant the systemic risk