Private credit managers find “white space” even as capital concentrates among the few – Mercer
Institutional investors commit most of their capital to established private credit firms of scale, but they’re often more willing to take a chance on newcomers in strategies outside of direct lending

Connecticut Retirement Plans and Trust Funds plans to commit additional USD 300m to Crescent Capital
Connecticut, Maine among pensions with recent expansions in private credit; Maine, Texas, Los Angeles pensions also disclose recent private credit investments

Blue Owl, Voya partner to bring private assets to US retirement accounts
The new private market products will be offered on Voya’s retirement platform, which oversees USD 630bn in defined contribution assets for more than 9m plan participants

Seven managers make up 90% of private credit fundraising – Morningstar
Over the last five years, Apollo alone accounted for 29% of all capital raised for private credit

Investcorp passes halfway mark on second GP stakes fund
EXCLUSIVE: USD 600m raised to date against USD 1bn target of a strategy that was launched in 2019 and focuses on mid-market

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

PGIM shakes up credit platforms in major reorganization
The reorganization eliminates the separation between PGIM Private Capital and PGIM Fixed Income. The insurer-led firm appointed a single head of public and private fixed income  

Fortress rolls out hybrid, evergreen asset-based credit fund
The Asset-Based Credit II fund allows investors to roll commitments and earnings into successor funds in the same series

Turning Rock hires head of credit
The new head of credit joins from Z Capital Group, where he oversaw both funds and CLOs

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  

CalPERS invests USD 16.2bn in private debt, mostly through custom accounts
The institutional investor committed USD 12.2bn to the asset class across 17 customized investment accounts in the past 12 months  

New York, Texas among pension systems taking new private credit actions
New York State Common Retirement Fund commits over USD 700m to ICG strategies, while Texas, DC, Los Angeles pension funds also disclose recent private credit investments

Some LPs wary of retail capital in private market products— Edelman Smithfield
A new survey from the global financial communications advisory firm shows more than a fourth of LPs want private funds managers to keep their capital separate from retail investors

Silver Rock raises USD 3.4bn, approaches final close for tactical private credit fund
EXCLUSIVE: The firm will invest across the private credit markets, pursuing deals in areas such as corporate credit, real asset credit and specialty lending

Connecticut, San Francisco among funds making new private credit moves – Public Pensions, Private Pursuits
EXCLUSIVE: Connecticut plans commitment to Anchorage Capital distressed credit funds; San Francisco, North Dakota, and Dallas funds disclose recent commitments

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

Direct lenders ‘cruise,’ but watch for tariff impact
Private credit managers, investors of all types and service providers gathered in Nashville for DealCatalyst’s annual private credit conference

New York, New Mexico pensions lead recent private credit investment
New York State, New Mexico pension systems disclose recent private credit investment worth USD 800m

Defined benefit plans shift focus to private credit, secondaries - NEPC
Some corporate defined benefit plans are shifting their private market allocation to favor shorter-duration strategies as part of a de-risking plan

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

Wyoming, Texas among state systems making new private credit commitments – Public Pensions, Private Pursuits
Wyoming invests USD 300m in TPG AG and Kennedy Lewis private credit funds, and Texas pension system invests USD 250m in Penfund, SKY Leasing direct lending funds

Leveraged loan, HY defaults to pick up as tariff pause adds more uncertainty - Goldman
The bank expects macro challenges to continue despite the tariff pause  

State Street launches public-private market fund, leaning on Apollo
The new fund is designed for the US retirement channel and provides private market exposure through a pooled investment vehicle managed by Apollo