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Private Credit's Sketchy Marks Get Warning Shot From Top DOJ Cop - Bloomberg BusinessWeek
Nov 25, 2025 Latest Videos from Bloomberg Radio
Wall Street’s top prosecutor has a warning for private-market players getting creative with their numbers. Stark divergences in how competing firms value private assets in their portfolios are drawing increasing attention from market participants, academics — and, now, the Department of Justice, according to Jay Clayton, the head of its Manhattan outpost. “There are definitely some areas of concern for me in private markets,” Clayton said in an interview. “People should know that the financial regulators and the department are looking at those.” Private equity firms have faced increasing questions over the value of their portfolio companies as they hold onto assets for longer. Private credit, meanwhile, has swelled in recent years, as asset management giants unleashed billions of dollars in financing to corporations — filling the void as banks pulled back in an era of stiffer capital rules and low interest rates. Bloomberg News Chief Wall Street Correspondent Sridhar Natarajan joins Bloomberg Businessweek Daily to discuss. He speaks with Carol Massar and Tim Stenovec.
Wall Street’s top prosecutor has a warning for private-market players getting creative with their numbers. Stark divergences in how competing firms value private assets in their portfolios are drawing increasing attention from market participants, academics — and, now, the Department of Justice, according to Jay Clayton, the head of its Manhattan outpost. “There are definitely some areas of concern for me in private markets,” Clayton said in an interview. “People should know that the financial regulators and the department are looking at those.” Private equity firms have faced increasing questions over the value of their portfolio companies as they hold onto assets for longer. Private credit, meanwhile, has swelled in recent years, as asset management giants unleashed billions of dollars in financing to corporations — filling the void as banks pulled back in an era of stiffer capital rules and low interest rates. Bloomberg News Chief Wall Street Correspondent Sridhar Natarajan joins Bloomberg Businessweek Daily to discuss. He speaks with Carol Massar and Tim Stenovec.