New teams will have a “flat structure” with up to 50:1 ratio of individual contributors to managers, according to an internal memo. 

Shares of some of the biggest private-credit managers dropped sharply Tuesday after Blackstone said outflows topped inflows by a record amount in its largest private-credit fund last quarter. Blackstone shares dropped as much as 8.8% to trade down almost 50% from their 2024 all-time high. Blue Owl 

A Consumer Reports investigation in 2021 found that destination fees often