Private Credit Props Up Growing Tech Firms Amid IPO Market Lull

Private credit lenders are flocking to finance large, fast-growing technology companies gearing up to go public, taking advantage of a lackluster market for initial public offerings and helping them get access to liquidity in the meantime.

This week, Blackstone Inc. led a private loan of just under $4 billion for Clario, a drug-trial software company looking to go public this year. And earlier this month, a group of lenders including Blackstone, Apollo Global Management Inc. and Blue Owl Capital Inc. inked a $2.75 billion term loan for Databricks Inc., one of the most valuable private software companies in the ...