Assertion Supported AI assessment confidence: 90% certainty 4/5 debate potential 1/5

Acito: Pre-crisis $3 billion credit firms have grown into $30 billion platforms

Chris Acito · Chris Acito – Credit Where Credit is Due (Capital Allocators, EP.33) · Dec 11, 2017 · at 38:00

Chris Acito, CEO and CIO of Gapstow Capital Partners, discusses the scale and institutionalization of alternative credit management firms since the 2008 financial crisis.

0:00 / 0:08exact quote · 8.6s

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“Prior to crisis would have been a terrific business at three and four billion dollars. Now they're 30 and forty billion dollar businesses.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

Alternative credit managers that were $3 billion to $4 billion businesses prior to the 2008 financial crisis have grown into $30 billion to $40 billion businesses.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

The evidence supports Chris Acito's 2017 characterization of the post-crisis growth trajectory of alternative credit managers. Major direct lending and private credit managers that managed approximately $3 billion to $5 billion prior to the 2008 financial crisis expanded tenfold into the $30 billion to $40 billion range by 2017. For instance, Intermediate Capital Group (ICG) grew from €3B–€5B pre-crisis to €27.2B (approx. $32B–$34B USD) in late 2017; Ares Management's direct lending strategy reached approximately $41B in 2017 from single-digit billions pre-crisis; and Golub Capital grew from $2.5B–$3.5B (2007–2009) to $20B–$25B in 2017 (and over $45B shortly thereafter). Aggregate industry data from Preqin and the Alternative Credit Council also corroborates that the broader private credit asset class expanded roughly tenfold across this period.

Intermediate Capital Group (ICG) managed €3B to €5B pre-crisis and reached €27.2B (~$32B–$34B USD) in total AUM as of September 30, 2017.
Ares Management's direct lending strategies alone reached approximately $41B in AUM by late 2017, having operated in the low single billions in the mid-2000s.
Golub Capital grew from $2.5B in 2007 ($3.5B in 2009) to $20B–$25B by 2017 across direct lending and middle-market credit platforms.
Preqin and Alternative Credit Council data showed aggregate global private debt AUM expanding from ~$108B–$189B in 2007 to over $600B by 2016–2017.

Checked against

[1] substack.com [2] privateequityinternational.com [3] privatedebtinvestor.com [4] privatedebtinvestor.com [5] thehedgefundjournal.com [6] edgar-online.com [7] spglobal.com [8] sec.gov

"Golub Capital" AUM "2007" OR "2008" OR "2017" "billion" "Ares Management" credit AUM 2007 OR 2008 2017 "Ares" "credit" AUM 2007 2017 "billion" "Intermediate Capital Group" AUM "2007" OR "2008" "billion" "Intermediate Capital Group" AUM "2017" "billion" "Golub Capital" "assets under management" OR "AUM" "2007" OR "2008" "Golub Capital" "2017" "20 billion" OR "25 billion" OR "30 billion" "Golub Capital" AUM 2007 OR 2008 2017 "Golub Capital" "assets under management" OR "capital under management" "2017" "billion" "GSO Capital" AUM 2007 OR 2008 2017 "GSO Capital Partners" AUM "2007" "billion" "alternative credit" managers AUM growth 2007 2017 Preqin

assessed as of 2026-09-02

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Mentioned

2008 financial crisis alternative credit managers

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Assertion Not checkable as stated

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Assertion Supported

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Acito: Pre-crisis $3 billion credit firms have grown into $30 billion platforms

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