UBS forecasts strong private credit returns in 2025, but also downside risks
UBS Global Research has tipped double-digit returns for US investors in its 2025 private credit outlook, but emphasised the risks are skewed to the downside

Credit funds at a glance
Fund performance, recent hires, recent fundraising

This time around, BlackRock will be poised to be a shaper of the move
USD 12bn seems a lot to pay for HPS. But BlackRock urgently needed to catch up in private credit

BNP Paribas AM hires from AXA and LFPI to build unitranche strategy
BNP Paribas Asset Management has created a new European direct lending strategy focused on unitranche and junior debt investments with the help of two senior hires

NY Life Investments acquires stake in European mezz specialist
New York Life Investments and affiliate Candriam has agreed to take a 40% stake in Andera Partners, a European investment manager specializing in PE investments and mezzanine debt

BlackRock launches first evergreen private markets fund for Europe’s wealthy
BlackRock has announced the launch of an innovative evergreen private markets platform for wealthy investors in Europe

BlackRock acquires HPS in USD 12bn deal
BlackRock has acquired HPS Investment Partners for USD 12bn in an all-stock transaction, creating a private credit franchise with a combined USD 220bn in client assets

Blue Earth launches evergreen impact private credit fund
Swiss-headquartered Blue Earth Capital has announced the first close of its first evergreen, semi-liquid impact private credit strategy fund

Aviva Investors seeds private debt fund targeting UK DC pensions with EUR 750m of capital
Aviva's Multi-Sector Private Debt Fund will invest across the private debt spectrum including real estate debt, infrastructure debt, structured finance and private corporate debt

HSBC Asset Management launches venture debt strategy with new hire
HSBC Asset Management turned to an SVB Capital veteran for a newly created position, head of innovation credit, to build out a venture lending strategy

Barings prices Europe’s first ever private credit CLO
Barings and BNP Paribas have priced Europe’s first ever private credit CLO, achieving a historical feat that had eluded the region so far

Private credit lenders don’t have to put up with exotic assets and complex structures — they can choose SRTs
If rapid growth and diversification into exotic asset classes, complex structures, opaque valuations, PIK-ing, etc, all sound a bit 2008, there are alternatives. Private credit is not a monolith nor, in some parts, is it a crowded trade.

AshGrove raises EUR 650m for European direct lending fund
AshGrove Capital recently announced the final close of its most recent fund, AshGrove Specialty Lending Fund II

Apollo and Mubadala extend capital solutions originations partnership
Apollo and Mubadala Investment Company have extended a private debt partnership established in 2022 that focuses on finding larger deals that require bespoke capital solutions

Beechbrook raises GBP 151m for SME credit fund
Beechbrook has announced the first close of its latest SME credit fund, UK SME Credit IV, with GBP 151m raised out of a target of GBP 250m

Freshfields appoints global co-head of private credit and capital solutions
Law firm Freshfields has hired three lawyers in London, including Paul Stewart, who will serve as global co-head of private credit and capital solutions

Ares negotiates sub line lending solutions with banks
Ares Management is upping its subscription line lending activity. It has agreed a new partnership with Investec and is talks with a number of other banks

AlbaCore’s new hire Luke Gillam sees space for smaller private credit managers in Europe
Gillam, who started this week at AlbaCore as its new head of senior direct lending, spoke to us about the opportunities for smaller managers in European direct lending

Corinthia eyes EUR 1bn first close for maiden European direct lending strategy
Corinthia is on the cusp of holding a EUR 1bn first close for its inaugural European direct-lending strategy, four sources familiar with the situation said. 

Wendel announces purchase of majority stake in Monroe Capital
French investment firm Wendel announced on Tuesday it has agreed to acquire 75% of US private credit firm and CLO manager Monroe Capital for USD 1.13bn, as part of its planned expansion into third-party asset management.

Apollo raises USD 4.8bn for large cap direct lending
Apollo Global Management has closed its Apollo Origination Partnership Fund II, raising approximately USD 4.8bn of investable capital

Blue Owl and other managers seek organic private credit growth in Europe
Memo to US investment firms seeking to attract European capital: you may want to set up shop here

Diversification is driving direct lending allocations in Italy and Canada
In recent visits to Milan and Toronto, we heard how private capital is becoming accepted as a core allocation in institutional investment portfolios

Nuveen Private Capital taps Ares partner for private wealth distribution
The platform encompassing Churchill Asset Management and Arcmont Asset Management, has hired Moshe Bajnon for the newly created position of global head of private wealth

Adams Street raises additional USD 289m for evergreen fund
Adams Street Partners has corralled an additional USD 289m for an evergreen direct lending fund that launched in 2020