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BlackRock’s Tseng Steps Down Amid Private Credit Turmoil | Business and Finance News
Description
Private credit is under fire as BlackRock’s CEO of its BDC, Phil Tseng, steps down amid mounting losses and federal scrutiny. His firm marked down assets twice this year and is now under investigation — a rare leadership exit tied to performance and legal pressure. It echoes past auto lender scandals, where fraud led to bankruptcies and indictments. While some funds like Goldman Sachs remain stable, investors pulled $20B from BDCs in Q1 alone — a sign the sector’s troubles are reaching the top.
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