(Corrects paragraph 5 to remove reference to Barclays which had no exposure to First Brands)
LONDON (Reuters) – Apollo Global Management, Blackstone and Ares Management had no exposure to U.S. companies First Brands and Tricolor at the time of their bankrupcies, executives said on Wednesday, blaming misinformation for linking private credit to their collapse.
“There has been a lot of misinformation on this credit,” Daniel Leiter, a senior managing director at Blackstone, told UK lawkmakers during a hearing into the rise of private markets and their financing of businesses.
Apollo’s Tristram Leach said bank lending was “predominantly” the source of funding for U.S. auto parts supplier First Brands and car dealership Tricolor.
The collapse of the two companies has rattled debt markets and focused scrutiny on private credit, a fast-growing market where companies have borrowed heavily from non-banks in recent years.
Several banks including Jefferies have reported exposure to First Brands.
(Reporting by Tommy Reggiori Wilkes, Editing by Iain Withers)
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