NEW YORK—Credit unions will likely soon have a new group of deep-pocketed competitors chasing after their members, according to a new report.
According to the Wall Street Journal, private fund managers such as Apollo, Ares, Blackstone and KKR, which have grown to dominate corporate finance over the past decade, are now targeting the biggest prize in the global economy: the U.S. consumer.
Getting Aggressive
“The firms are pushing aggressively into ‘asset-based finance,’ a kitchen sink of debt, including auto loans, credit cards, real-estate mortgages and loans backed by equipment such as fiber-optic networks,” the Journal said.
“Such financings touch almost every piece of the U.S. economy, and tapping into the market could mean riches for the fund’s executives and their shareholders,” the Journal added.
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