US pensions' push into European private credit involves local expertise pursuit, mid-market strategy differentiation
The European credit market is expected to benefit from recent fiscal stimulus announcements and lower primary tariff impact, while mid-sized managers are likely to see growing demand for differentiated strategies

Investors opt for debt as alternative to secondary sales to generate liquidity
Investors are increasingly seeking financing as an alternative to selling their fund stakes on the secondaries market

News in brief
US credit returns fail to reflect risk

As direct lenders seek efficient, scalable financing tools, private credit CLOs are growing fast
PCLOs have reached USD 135bn, or 13% of the overall CLO market

Pemberton expands into North America with new office, hires
The European private credit shop has established an office in New York

US pensions increasingly eye European private credit amid expanding allocations, diversification pressures
US public pensions have committed at least USD 4.4bn to European private credit strategies since July 2024  

Energy, not software, will drive the next decade – Apollo's John Zito
Private credit is poised to fund those necessary investments in energy and power and help large companies diversify their capital sources

PNC Bank to buy Aqueduct to grow fundraising service capabilities
The acquisition will add to the existing capital advisory services provided by PNC subsidiary Harris Williams

Former Platinum Credit MD joins multi-manager platform Schonfeld
Jordan Stevens previously served as a senior credit deal lead for Platinum Equity’s private credit platform

Invesco raises more than USD 700m for distressed debt, special situations investments
Invesco Credit Partners III has yet to hold a final close and has already surpassed the size of its predecessor

News in brief
Blackstone plays offense amid volatility

Are unusual deals from Clearlake and JPMorgan signs of things to come?
Deals that would have gone to public markets switched to private credit

Crestline raises USD 3.5bn for sponsor and nonsponsor-backed direct lending
The firm held a final close for its Crestline Direct Lending Fund IV

Metric raises EUR 1bn for fifth flexible private capital fund
Under the strategy, the asset manager provides flexible financing that does not fit into traditional private debt or private equity

Clearlake launches Clearlake Credit to chase private and public credit investments
The new platform will integrate the newly acquired MV Credit and WhiteStar Asset Management

Private credit’s golden era never really ended – Blackstone’s Michael Zawadzki
On the Credit Exchange podcast, Lisa Lee speaks with the CIO of Blackstone Credit and Insurance about opportunities in volatile markets and the durability of private credit premiums

Apera secures EUR 2.9bn for European lower middle market lending
The fundraise for Apera Private Debt Fund III is double the size of its predecessor vehicle

Private credit funds, partner banks present risks as global growth slows—IMF
Private credit funds and their partner banks can face losses as a slowing economy will challenge borrowers’ ability to repay loans

M&A rebound will come – Goldman Sachs’ Vivek Bantwal
Goldman Sachs' co-head of global private credit chats with Lisa Lee on the Credit Exchange podcast

Siepe hires two from US Bank to boost CLO, private credit tools
The software and technology service provider for CLO and private credit managers is expanding its team

Generali Investments, Partners team up on private credit secondaries fund
Generali Investments’ debut private credit secondaries fund will invest globally and is available to professional investors

Tariffs will increase defaults – Blackstone
The alternative asset management giant also said the private credit market is providing financing that previously would not have been available in times of dislocation like this

European direct lender Arcmont launches debut NAV lending fund
EXCLUSIVE: The European direct lender has tapped an AIMCo alum to head the new global strategy

Partners Group launches dedicated private credit secondaries effort
EXCLUSIVE: The firm already has experience in private equity secondaries, infrastructure secondaries and real estate secondaries

Dechert adds Paul Hastings partner to bolster private credit, CLO biz
Brian Whaley will bring his experience in private credit, securitization and structured products to the global finance group