Private Credit & Private Equity Continue to Get Crushed 4-13-26 - Becker Business

Summary2 min read

Episode Overview

Podcast: Becker Business
Host: Scott Becker
Episode Title: Private Credit & Private Equity Continue to Get Crushed 4-13-26
Date: April 13, 2026

In this succinct episode, Scott Becker delivers a focused overview on the recent struggles within the private equity and private credit markets. Despite some early signs of a recovery in deal volume, leading alternative asset management firms have faced significant market declines year-to-date. The discussion zooms in on performance data for industry giants like Blackstone, KKR, Apollo Global Management, and IRIS Management, giving listeners a clear snapshot of current trends and challenges in the sector.

Key Discussion Points & Insights

Market Overview (00:30–01:40)

Scott Becker opens by emphasizing that private credit and private equity continue to get "crushed" in the markets despite a slight recovery in deal activity.
He provides a year-to-date performance breakdown of four major firms, painting a sobering picture of a tough period for the industry:
- Blackstone:
  - Largest alternative asset fund company, with over a trillion in assets under management.
  - Down 25.5% year to date.
- KKR:
  - "One of the great names in private equity."
  - Down 28% year to date.
- Apollo Global Management:
  - Strong presence in both private credit and private equity markets.
  - Down 28% year to date.
- IRIS Management:
  - Leading firm in predominantly private debt/private credit.
  - Down 39% year to date ("almost 40%").
Headline recap: The substantial declines reiterate that the sector is still under significant pressure.

Memorable Quotes & Moments

Scott Becker (00:34):
"Today's discussion is private credit and private equity continue to get crushed in the markets, even though they're starting to see a little bit of a recovery in deal volume."
Scott Becker (01:05):
"Blackstone is down 25.5% year to date and it's the largest of the private equity alternative asset fund companies with over a trillion assets under management."
Scott Becker (01:22):
"IRIS Management is currently down almost 40% year to date. That's the biggest sort of predominantly private debt type of firm."

Timestamps for Important Segments

[00:30] – Scott Becker introduces the current market conditions and theme of the episode.
[00:40] – Performance of Blackstone.
[00:55] – Performance of KKR.
[01:00] – Performance of Apollo Global Management.
[01:22] – Performance of IRIS Management.
[01:40] – Recap of the headline and closing statement.

Episode Summary & Takeaways

The episode delivers a blunt update: The biggest names in private equity and private credit have suffered steep declines in 2026, despite a glimmer of hope in deal flow.
With declines ranging from 25% to nearly 40% year-to-date among leading firms (Blackstone, KKR, Apollo, IRIS), the sector faces substantial headwinds.
Scott Becker’s tone is direct, providing listeners with clear, numerical evidence of recent market struggles—essential information for professionals and observers in finance and business.

For those interested in the health of alternative assets, this episode gives a clear, data-driven snapshot of current conditions and signals caution amid ongoing volatility.

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Transcript3 lines

[00:00]
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[00:30]
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This is Scott Becker with the Becker Private Equity and the Becker Business Podcast. Today's discussion is Private credit and private equity continue to get crushed in the markets, even though they're starting to see a little bit of a recovery in deal volume. Just to give you a sense of how the biggest private credit and private equity firms are doing year to date. Blackstone is down 25.5% year to date and it's the largest of the private equity alternative asset fund companies with over a trillion assets under management. Second, kkr, one of the great names in private equity, is down 28% year to date. Third, Apollo Global Management. And all these are being in private credit. And private equity is also down about 28% year to date. Finally, fourth, in the same vein, IRIS Management is currently down almost 40% year to date. That's the biggest sort of predominantly private debt type of firm. Private credit, private debt. And so they're down about 39% year to date. So again, the headline today, private equity and private credit continue to get crushed. And there's a rundown of four of the big firms. Thank you for listening to the Becker Business and the Becker Private Equity Podcast.
[01:47]
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