Tech firms clearly want to become banking apps and receive special charters, private equity and crypto are jostling for position in worker 401(k) plans, and the tech right in general wants to supplant big banks as the go-to director of conservative business policy. The deals being made are perverse and irrational; there are huge mismatches between the life cycle of the assets being funded and the amount of time it will take to pay them off. Blue Owl, a private credit fund, owns the majority stake in the SPV; it put in a small amount of equity, and the SPV carries the debt.
Author: The American Prospect
Published at: 2025-11-19 22:05:05
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