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

Ares 'bespoke' mid-market CLO unlocks UK insurance capital
Ares’ debut mid-market European CLO employs a highly unusual structure that allows it to attract investments from UK insurance firms

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  

Europe sees first reinvesting private credit CLO as Ares prices rare sterling deal
The second private credit CLO in Europe is comprised of over 50 middle-market companies based in the UK, primarily operating in defensive industries

Tikehau launches semi-liquid private debt fund for broader investor base
The new fund is the first semi-liquid private credit vehicle available to investors other than French life insurance companies

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

Aegon AM launches fund for subscription line financing
The new fund will raise capital from institutional investors in Europe and the UK

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

Pemberton raises EUR 6.1bn for senior direct lending funds
The asset manager held a final close for Mid-Market Debt Fund IV and Senior Loan Fund II

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

BNP Paribas partners with Scottish Widows, bringing private credit to retirement channel
BNP Paribas Asset Management will manage a diversified private credit portfolio for Scottish Widows’ new UK retirement product

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

TwentyFour Asset Management launches private asset-backed fund
It’s the first major move into private credit by the firm or its parent Vontobel Asset Management