Once a niche corner of the financial world, private credit (Non-bank business lending) has transformed into a trillion-dollar industry, minting billionaires at an unprecedented rate. While hedge fund managers and private equity moguls once dominated Wall Street’s wealth rankings, today, the new financial elite are the masterminds behind private lending firms. These individuals have quietly built vast fortunes by providing direct loans to businesses overlooked by traditional banks and bond markets.
Private credit has seen exponential growth over the past decade. With assets under management surpassing $1.6 trillion, institutional investors and wealthy individuals have flocked to private loans, drawn by the promise of higher yields and lucrative fees. The result? A financial revolution that has created some of the wealthiest individuals in the industry.
The biggest beneficiaries of this boom operate within firms that specialize in direct lending. Ares Management, Apollo Global Management, HPS Investment Partners, Blue Owl Capital, Golub Capital, Oak Hill, and Cliffwater are among the key players, collectively generating $61 billion in wealth for their top executives. While many of these industry leaders have worked behind the scenes for years, their influence and financial power are now impossible to ignore.
Ares Management, one of the earliest movers in private credit, has seen its stock price soar, making its founders among the wealthiest in finance. Co-founder Tony Ressler leads the pack with a net worth of $13.8 billion, followed by other Ares executives like Michael Arougheti, David Kaplan, and Bennett Rosenthal, whose fortunes have surged alongside the company’s success.
Apollo Global Management, long associated with leveraged buyouts, has pivoted toward private credit in a major way. Marc Rowan, Apollo’s CEO and co-founder, has amassed a fortune of $11.1 billion as the firm aggressively expands its lending business. Apollo’s credit operations now account for the majority of its $751 billion in assets under management.
HPS Investment Partners, founded by former Goldman Sachs and JPMorgan executives, has also capitalized on the private credit boom. Scott Kapnick, the firm’s CEO, has built a net worth of $4.3 billion, while other top executives, including Scot French and Mike Patterson, have also become billionaires.
Blue Owl Capital epitomizes the meteoric rise of private credit firms. Founded in 2021 through a merger of multiple lending firms, Blue Owl has produced four billionaires in just a few years. Co-founders Doug Ostrover, Marc Lipschultz, Michael Rees, and Craig Packer have all seen their wealth skyrocket as the firm aggressively expands its market presence.
The Golub brothers, Lawrence and David, have built Golub Capital into a major force in direct lending, with a focus on mid-sized businesses. Their firm, which manages over $75 billion, has made both brothers billionaires.
Oak Hill Advisors and Cliffwater have also emerged as key players in the space. Oak Hill’s Glenn August saw his wealth surge after selling the firm to T. Rowe Price for $3.3 billion, while Cliffwater’s Stephen Nesbitt built his fortune by advising institutions and managing private credit investments.
Despite their wealth, these private credit moguls share a common background. Most are veterans of the junk bond era of the 1980s, having cut their teeth at firms like Drexel Burnham Lambert, Goldman Sachs, and Apollo. Many also hail from elite universities, with Ivy League graduates making up the majority.
Private credit’s rise isn’t just about individual wealth—it’s reshaping Wall Street itself. The largest investment firms, including BlackRock and Fidelity, are aggressively expanding into the space, competing for a share of the lucrative private lending market. With firms like Ares planning to nearly double their assets in the coming years, the influence of private credit is only set to grow.
This shift reflects a broader trend in global finance. As banks pull back from corporate lending due to regulatory constraints, private lenders are stepping in to fill the gap. This creates both opportunities and risks, as private credit firms take on increasingly complex loans. But for now, the private credit billionaires are thriving, cementing their place among Wall Street’s new financial elite.