BND: Strategy Room Bonus - BlackRock and Blackstone both remove Private Credit CEOs!

This video is a clip from BND: Strategy Room Live Stream on August 2, 2026. BlackRock and Blackstone both removed private credit executives in July. BlackRock removes Phil Tseng, CEO of their private credit business development company (BDC). He was removed over company performance and an ongoing federal valuation probe. Jonathan Bock resigned from his position as Co-CEO of Blackstone’s BCRED and BXSL private credit funds. Bock also stepped down as Co-CEO of Blackstone’s Secured Lending Fund, which is Blackstone’s publicly traded BDC. Bock resigned over the performance of the private credit funds. Furthermore, Blackstone is partnering with Vanguard Group and Wellington Management to create two new private credit funds for individual investors. Goldman Sachs is launching a private credit collective investment trust to make investing in private assets available in 401(k) retirement plans.