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

Fund performance – April 2025
April returns show small improvement, but CLO funds struggle

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  

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

Tariffs will increase defaults – Blackstone
The alternative asset management giant also said the private credit market is providing financing that previously would not have been available in times of dislocation like this

Marathon ditches distressed strategy to raise USD 2.7bn for opportunistic credit
EXCLUSIVE: The asset manager originally launched the fund with a distressed debt strategy but has since switched the focus to making opportunistic private credit and equity investments  

Oaktree lowered its distressed debt fundraise to USD 16bn
The market and investment environment for distressed debt shifted, and investors asked whether the original target was too big.

GP-led deals to reach 50% of credit secondaries volume in 2025: Jefferies
Private credit secondaries volume will be increasingly driven by GP-led transactions this year, said Jefferies in a report

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

Altice France reminds creditors that unrestricted subsidiaries can be freely spun-off
Altice France's debt documents permit the XpFibre spin-off, and most credit agreements and high yield bond indentures permit the distribution of the equity in unrestricted subsidiaries

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

Europe still leads US in SRT as banks diversify types of risk transferred
Despite copious headlines about the arrival of US banks to the significant risk transfer (SRT) market, Europe continues to lead the charge

European direct lending firms raise record funds in third quarter
European direct lending fundraising jumped up a notch last month, as year-to-date figures almost doubled in a few final closes

Fund performance
CLOs feel the heat from corporate long-short and ucits funds in July; top ten credit funds in July 2024

German manager launches two new private credit fund-of-funds
YIELCO Investments, a German alternative asset manager, is planning a 2024 first close for two newly launched private debt fund-of-funds

Connecticut pension allocates USD 300m to Oaktree’s distressed credit fundraising
Connecticut pension system commits to Oaktree latest flagship distressed credit fund

Blackstone reports 18% return from private credit over last 12 months
Blackstone's private credit and liquid credit returns outperform private equity investments in the last 12 months

M&A activity on fire in private credit despite overall M&A slowdown
The M&A market has had a rough time in the past 12 to 18 months, but there’s one area that’s bucking the trend: private credit

Funds roundup: June 2024
Private credit funds keep getting larger — some reaching billion-dollar status — while demand for niche solutions, such as interval funds and special situations, continues to escalate

Secret structured credit product becomes talk of the town as US opens up
What was once an opaque corner of structured credit has been in the spotlight, as the booming SRT market draws attention from growing numbers of banks and investors.

CLO funds maintain strong start to 2024 to stay top year to date
The first quarter of 2024 has been a memorable one for CLO funds, as the category continues its dominant spell, claiming 7 of the top 10 spots in March

Funds round-up: Feb-2024 - managers turn to European wealth
European private credit managers turn to the wealthy in our roundup of notable fundraising in February 2024. 

Wave of legal hires becomes a tsunami
In February alone legal heavyweights Allen & Overy, DLA Piper, Fried Frank, Kirkland & Ellis, Proskauer Rose and White & Case all announced the arrival of partners in the credit space

Managers advise caution despite upbeat outlook for private credit
The golden age of private credit isn’t over yet. In fact, industry experts remain bullish, anticipating continued growth in our breakdown of recent outlooks for the market

Private credit hit by growing pains as agreements get longer and execution slows
The rapid rise in private credit continues to stir up excitement among borrowers. But, despite the sector’s competitive advantages — such as speed of execution and light regulation — deals are taking longer to close as the industry expands.