KKR’s co-head of credit says ‘it’s adult swim only’ in markets
PODCAST: Christopher Sheldon, co-head of credit and capital markets at KKR, tells Lisa Lee on the latest episode of Credit Exchange that 2026 is set to be defined by avoiding mistakes rather than picking winners, with elevated defaults and downgrades resulting in a challenging investing environment

Tikehau not for sale, 'we see ourselves more as a consolidator' – co-founder
Tikehau co-founder Antoine Flamarion has said the firm sees itself as a consolidator of businesses and has no intention of selling itself to a larger US asset manager

Arini President Mathew Cestar says Europe’s missing AI boom provides opportunities
PODCAST: Europe has mostly missed the AI boom that’s driven a large part of US economic growth – but that actually makes European credit more appealing, according to the head of the alternative asset manager

PE is about more than leverage
Private equity should align the interests of owners, operators and investors, writes Randy Schwimmer

Apollo partners with Schroders on public-private credit
The two will launch a US collective investment trust in the second quarter for 401k defined contribution investors and create new products for UK wealth clients

Ares plans to raise a USD 6.6bn alternative credit fund in just six months
The alternative asset manager also said on its fourth quarter earnings call that it is preparing a final close for its latest opportunistic credit fund

Prepare for a swift credit pullback when the bullish run ends – Deutsche Bank
The likely new US Federal Reserve chair may be more hawkish, and the progress made in artificial intelligence could disrupt credits in the software sector, DB analysts warn

We’re looking at a multi-year M&A uptick – Morgan Stanley head of private credit and equity David Miller
PODCAST: Speaking on the latest episode of Credit Exchange with Lisa Lee, Miller highlighted the impact of the large amount of fundraising and deployment that occurred in the 2020-2022 period as significant for his positive outlook

EQT targets secondaries expansion with Coller Capital acquisition
The Swedish private equity firm has acquired credit secondaries specialist Coller Capital in a deal worth USD 3.2b

Private credit investors chase higher risk-return—Campbell Lutyens
A new survey shows investors are seeking higher returning strategies amid expectations of lower rates, while also turning away from the dominant North American market

PGIM rolls out private credit secondaries platform
The asset manager will deploy up to USD 1bn into private credit secondaries over the next two years

Pemberton reorganizes, appoints new private credit leaders
The firm’s chief credit officer is leaving at the end of March, the company said

Credit funds take aim at clubs and many other sports assets
Sports investing is no longer just a hobby for well-heeled executives. Private credit funds are providing debt and taking minority equity positions in deals a world away from the major US leagues, with examples including English football teams, sailing competitions, sports equipment firms, sports-related media and more

Huge lending from banks to private credit could cause systemic problems
There is little evidence of ‘cockroaches’ in credit. But in one sector, problems may just be hidden

Individuals account for nearly a quarter of private credit investor base – Alternative Credit Council
The global private credit market grew to around USD 3.5tn in assets at the end of 2024, according to a new report from the Alternative Credit Council and Houlihan Lokey 

Opacity and falling returns create pessimism around private credit – Morningstar
EXCLUSIVE: Morningstar’s Dan Kemp warns of too much money chasing too few opportunities, and urges investor caution in private credit

North American and European credit defaults to fall next year – S&P Global
Global credit default rates will remain contained next year with North American defaults falling to around 4% 

AI capex set to expand at unprecedented speed and scale – BlackRock
The 2026 outlook from the BlackRock Investment Institute notes that capital spending ambitions tied to the buildout of the artificial intelligence boom are so large that the micro is becoming macro

CLO issuance projected to hit new records in 2026 – KBRA
The ratings agency projects USD 220bn in issuance across US BSL CLOs and private credit CLOs as well as five to six European private credit CLOs next year

Concerns growing about potential turn in the credit cycle – Goldman 2026 outlook
Investors should monitor signs of late-cycle behaviours, with the possibility that pressure on leverage ratios may result in credit ratings downgrades, Goldman Sachs Asset Management said in its 2026 investment outlook

Morgan Stanley launches private market fund for European individual investors
The new product from Morgan Stanley Investment Management will invest across private equity, private credit, real assets and some public assets

CVC launches dedicated private credit secondaries platform
The alternative asset manager tapped Henri Lusa, a former managing director at Partners Group, to lead the new effort

Venture debt firms sound first notes of caution about AI
Venture debt loves a high-growth industry, and the growth story of the century has been artificial intelligence (AI). As some of the first investors in AI scale-ups, venture debt firms can take some credit for this success

Watch out for the cockroaches
After the collapse of First Brands, some of the biggest hitters in global finance have been quick to argue that any bugs in the system won’t affect them — but are bad news for everyone else

Private credit is too small to create a global financial crisis — but there are plenty of other storm clouds gathering
Total bankruptcy filings have climbed every quarter since June 2022