Private credit is undergoing “healthy correction”—Third Point
Retail capital is flowing out, and the industry may see business development companies buy each other or liquidate, panelists said during the iConnections Global Alts conference last week

TPG Credit raises USD 5bn for core, upper mid-market direct lending deals
EXCLUSIVE: The alternative credit arm of TPG has launched a new direct lending strategy and raised third-party capital from institutional investors and insurance companies, sources familiar told Creditflux

US levfin community raises USD 4.3m in annual melanoma research fundraiser
The networking evening at the Museum of Modern Art in New York City brought together members of the leveraged finance community across banks, private credit firms, law firms, LPs, private equity shops and more

APG leans into private credit, seeks managers with ESG alignment
The Dutch pension investor giant is increasing its exposure to the asset class and evaluating various private credit sub-strategies to create a diverse portfolio

Ares raises USD 8.5bn for alternative credit in under six months
Pathfinder III, which held a final close, was oversubscribed and will focus on asset-based finance investments

CalPERS expands Goldman Sachs credit commitments, South Carolina picks Barings fund
CalPERS commits another USD 750m to West Street credit vehicles; South Carolina RSIC allocates USD 250m to a Barings fund

North Carolina, Wyoming among systems pursuing alternative credit strategies
North Carolina commits USD 500m, plans another USD 2.8bn; Wyoming, Texas, Illinois target ABL, tactical, opportunistic strategies

Crescent raises USD 10.8bn for direct lending, targeting lower mid-market
The firm’s fourth US direct lending fund was oversubscribed and exceeded its target by more than USD 2.5bn

First Eagle taps AlbaCore alum for alternative credit product sales
Edward Berry joins as a managing director in London and will help distribute the firm’s alternative credit products, including those under the Napier Park brand

Older, US direct lending funds hold more equity positions, adding risk – MSCI
EXCLUSIVE: Around 15% of the total assets across US senior direct lending funds tracked by MSCI are equity positions of some kind, MSCI head of private credit research Patrick Warren told Creditflux

Ares’ semi-liquid BDC boosts borrowing capacity
Ares Strategic Income Fund, a semi-liquid private credit fund designed for individual investors, increased the amount of liquidity available on hand after an uptick in investor exit requests

New Mexico, Los Angeles systems make tactical credit allocations
New Mexico re-ups USD 550m for Silver Rock's tactical allocation strategy; Los Angeles pension commits USD 80m to Hayfin's European credit fund

ECB warns of private credit cross-border risks, opacity
Private credit in isolation poses limited risks to financial stability, but the European Central Bank says it is still concerned about spillover

Growing private-equity, private-credit fund sizes threaten IRR—Texas TRS
EXCLUSIVE: The US pension giant told Creditflux that it wishes both private equity and private credit managers would raise smaller funds and focus on returns rather than AUM growth 

Around half of private credit originators use AI tools—Armentum
EXCLUSIVE: Nearly all of the 150 private credit managers surveyed by Armentum Partners this year said they use AI for research, and around 20% are specifically using AI tools as part of underwriting

Energy demand creates opportunities in EM private credit – Ninety One
The credit specialist remains “highly committed” to emerging market private credit as demand for energy grows

Barings raises more than USD 19bn for global direct lending strategy
The firm raised capital from institutional, insurance and private wealth investors globally

Citi, HPS strike EUR 15bn private debt program
BlackRock-owned HPS and Citi are working together to offer private capital solutions to sponsor-backed and corporate-owned borrowers

Temasek taps Pinegrove for venture debt partnership
The Singaporean state investment firm intends to lend directly to growth stage technology and life sciences companies

Golub shakes up leadership with co-CEOs, co-Presidents appointments
The alternative credit manager will have three co-presidents after promoting Spyro Alexopoulos and hiring two new executives

New SEC enforcement director puts private credit funds under the microscope
The US regulator is monitoring stresses in some portfolios as well as risks related to liquidity, valuations, conflicts of interest, and fees, the new enforcement chief said in a speech

New York, Connecticut among systems pursuing alternative credit strategies
NYSCRF allocates USD 450m to net-lease, GP stakes funds; San Diego, San Mateo pensions commit to asset-based finance funds

Antares raises USD 8.5bn for senior direct lending
The alternative credit manager held a final close for its third Senior Loan Fund after raising capital from new and existing investors

KKR to support FS KKR BDC with USD 300m via investment, tender offers
The listed business development company will focus on reducing leverage, repurchasing stock, and managing existing investments instead of deployment

Abry Private Debt acquires USD 330m private credit portfolio
Abry partnered with Coller Capital on the credit secondaries transaction