Hedge funds including Point72, Millennium, and Third Point are increasingly seeking to expand into private credit markets. Alan Waxman, CEO of Sixth Street, criticized publicly traded rivals for commoditizing private credit and driving down returns, a trend he is resisting. Meanwhile, tech billionaires Palmer Luckey, Peter Thiel’s Founders Fund, and Joe Lonsdale are backing Erebor, a fully digital U.S. bank aimed at startups and crypto firms underserved by traditional banks, positioning it as a rival to Silicon Valley Bank. Additionally, venture capital firms such as Thrive Capital, General Catalyst, Khosla Ventures, and 8VC are adopting private equity-style 'roll-up' strategies to consolidate investments and enhance growth.