Non-US investors, family offices drove redemption requests at Ares private credit fund
The firm’s perpetual nontraded BDC once again offered to repurchase 5% of shares outstanding in the second quarter to facilitate exits but was met with excess demand

LPs press pause on private credit allocations as demand cools—Coller
Fewer institutional investors plan to increase their private credit allocation targets over the next 12 months and some are worried about systemic risk, according to a survey conducted by Coller

Exit requests tick up at Morgan Stanley’s semi-liquid private debt fund
Share redemption requests at perpetual nontraded BDCs continue into the second quarter, with Morgan Stanley Investment Management being the latest to report a quarter-over-quarter increase in requests

Exit requests for Apollo’s semi-liquid direct lending fund increase to 16.8%
Share redemption requests at perpetual nontraded BDCs are continuing, as Apollo follows Blackstone and BlackRock HPS in reporting a quarter-over-quarter increase in the amount of investors seeking an exit

Semi-liquid private credit funds lose USD 1bn in net assets – Morningstar
Capital inflows into semi-liquid private credit funds, such as perpetual nontraded BDCs, are losing momentum while private equity products see a rise in demand

Illinois, Sacramento County among systems targeting asset-backed, real estate debt
Illinois commits USD 250m to direct lending, USD 35m to real estate debt; Sacramento, Louisiana pensions commit to USD 8.5bn Ares Pathfinder III

Direct lenders trade USD 5bn Dun & Bradstreet private credit loan at 95 cents on dollar
EXCLUSIVE: The giant USD 5bn unitranche, which brought together more than 20 direct lenders to back Clearlake’s acquisition of Dun & Bradstreet last year, is now being shown to private credit managers at a discount

BlackRock HPS reports exit requests over 13% for semi-liquid direct lending fund
HLEND, the private credit fund designed for individual investors, will repurchase 5% of shares outstanding to create around USD 620m of liquidity for investors

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

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

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

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

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

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