Blackstone, Apollo and KKR have agreed to participate in a Bank of England stress test of how the fast-growing private credit market would fare in a major crisis, according to people briefed on the matter.
The BoE is expected to announce this week that it is pressing ahead with plans for a groundbreaking assessment of the resilience of the private credit market, after securing the voluntary co-operation of enough big US private capital groups.
Ares Management and CVC are among the other groups to have agreed to take part next year in the BoE’s so-called “system-wide exploratory scenario”, which will examine how the more lightly-regulated market of non-bank lenders would handle a serious shock.
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