The reopening of the US economy from the pandemic is setting up a contest between the most powerful investment firms on Wall Street.
Private capital groups including Blackstone, Apollo Global Management and Carlyle Group built up sharply different portfolios before and during the pandemic, putting billions of dollars to work even as the first wave of infections gathered pace last spring.
While the US Federal Reserve’s injection of trillions of dollars of new money into the financial system lifted the value of almost all their bets last year, their fortunes may now take divergent paths.
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