Like, banks are part of the financial system and they're also significantly more leveraged than a private credit fund is.

例如，银行是金融体系的一部分， 它们的杠杆率也比私人信贷基金高得多。

Companies could take on a lot of debt for cheap, and investors could get a bigger return by putting money in private credit funds.

公司可以廉价地承担大量债务，投资者可以通过将资金投入私人信贷基金来获得更大的回报。

So Blackstone's private credit fund has about $50bn under management, which is a lot of money, but compared to the total size of Blackstone, as you say, $1tn, it's not giant.

所以黑石的私人信贷基金管理着大约500亿美元，这是很多钱， 但与黑石的总规模相比，正如你所说的1万亿美元， 这并不是一个巨大的数字。