In a bold move, Doug Ostrover proposed to Craig Packer the idea of starting a private credit firm to provide loans to risky businesses without traditional bank regulations.
The venture looked to operate like a bank but without the oversight, uniquely positioning itself to finance highly indebted companies seeking rapid funding.
Ostrover's vision was clear: to leverage substantial institutional funding, enabling the firm to dominate a competitive financial landscape and pursue potentially massive returns.
By aiming to start at a scale of $10 billion, the founders believed they could effectively change the dynamics within the niche of private credit.
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