Here's the translated heading:

"Private equity groups like Platinum Equity and Clearlake Capital face increased default risk according to Moody's.

The report from Moody's highlights that the recent interest rate increases are significantly impacting the assets of fast-growing private equity groups. Clearlake, co-owner of the Chelsea Football Club, and Platinum Equity exhibit the highest debt ratios among the companies examined. While other companies have started to reduce their debt, these two groups continue to struggle with high leverage ratios.

Since 2008, Clearlake has increased its assets from about $1 billion to $90 billion today, while Platinum Equity has nearly quintupled its fund volume during the same period and now manages just under $50 billion. Despite these impressive growth figures, the market environment is becoming increasingly challenging. In the two-year period until August, portfolio companies of the leading twelve buyout groups recorded a default rate of 14.3 percent, twice as high as non-private-equity-backed companies.

Other private equity giants such as Apollo Global and Ares Management face similar problems.

Platinum Equity and Clearlake Capital have raised significant sums from institutional investors in North America in recent years, evolving from niche market players to powerful actors in dealmaking. Nevertheless, the rapid interest rate hikes, the largest in a generation, have significantly depressed valuations and strained the balance sheets of many highly leveraged portfolio companies.

Moody’s emphasizes that the growing private credit market complicates analysis, as these loans are more difficult to track than traditional forms of financing. "Private credit can obscure some problems in the portfolios of private equity firms," explains Julia Chursin, Vice President at Moody’s. "There could be hidden credit risk that the private credit sector absorbs, even though it is claimed that only solid loans are selected.

The situation questions the stability and future viability of the affected private equity groups. While some companies have already started to reduce their debt, uncertainty remains high as economic conditions continue to be volatile.