Investors still pivoting to fixed income – Oaktree’s Wayne Dahl
Both large individual and institutional investors are continuing to rotate their portfolios into fixed income, says the co-portfolio manager of global credit and global credit investment grade strategies at Oaktree Capital Management, on the latest edition of the ‘Credit Exchange’ podcast with Lisa Lee

CalPERS hires Dutch pension alum to head private debt
The new hire fills the empty seat left by Jean Hsu, who retired from the position last year

Pantheon closes oversubscribed private credit secondaries fund
The secondaries specialist raised USD 2.2bn for its Pantheon Credit Opportunities III fund and related vehicles

Default expectations rise as tariff threats to North America deepen – IACPM survey
Credit portfolio managers across the world see tariff-related headwinds for both the US and Canada

Sound Point hires former Alcentra president as CFO steps down
CFO Kevin Gerlitz is retiring from the role after 16 years

Paradigm shift in US economy lessens likelihood of tariff-induced recession – Sound Point’s Stephen Ketchum
The founder and CEO of Sound Point Capital Management told Creditflux managing editor Lisa Lee on the latest edition of the ‘Credit Exchange’ podcast that he currently sees credit markets as being in a state of “reasonable balance”

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