Unitranche deals take off in Europe, setting new record – Houlihan
The European private credit market completed 570 unitranche deals in 2025, marking an all-time high since Houlihan Lokey started publishing its quarterly report

Maine, New Mexico systems eye large bets in senior direct lending
Maine PERS plans USD 375m for Blackstone funds; New Mexico SIC allocates USD 300m to Neuberger Berman; LADWP, Ventura County pensions also disclose recent moves

Blue Owl saw strong demand for USD 1.4bn of direct loans sold to investors
Blue Owl expanded the number of BDCs that sold private credit positions, including internet and software loans, to North American institutional investors at 99.7% of par value 

Inflows for nontraded BDCs slow while redemptions rise – Fitch
The negative investor sentiment seen last year for listed BDCs now hits perpetual, non-traded BDCs

NYS system commits USD 500m as Illinois plans private credit RFP
NYSCRF allocates USD 500m to BlackRock, Ares and Pearl Diver; Boston, San Joaquin pensions also reveal recent commitments; Illinois police pension plans private credit search in June

Group.ONE TLB and Cision loan fall on continued AI selloff
Market Comment: Software leveraged loans are under pressure on continued AI fears

Brigade raises USD 1bn for debut private credit fund
The firm will use the fund to make first-lien loans to companies in the lower and middle market

Software private credit names face refinancing risks amid AI fears – KBRA
ANALYSIS: The ratings agency also noted that software exposure alone is not a risk to BDCs, private credit CLOs and direct lending portfolios

Apollo readies offensive strategy for software valuation troubles
The alternative asset manager says it’s ready to step in as a lender or even provide equity to software companies as the market anticipates  challenges from artificial intelligence

Fund performance – December 2025
All categories end 2025 positively as Pictet Alt takes 12-month crown

Wisconsin, Texas systems increase commitments to opportunistic credit
Wisconsin Investment Board allocates USD 650m in 4Q25; Texas system commits USD 350m to LuminArx, Ares

AI’s improvements to workflow will be felt in months, not years – Carlyle co-president Mark Jenkins
PODCAST: Speaking on the latest episode of Credit Exchange with Lisa Lee, Jenkins predicts the next stage will involve how corporates implement AI tools into their workflows, and that the process is “really in the first innings of implementation”

PGIM makes credit secondaries push, eyes mid-market deals
The new platform will combine secondaries and direct lending capabilities in one unit, while PGIM will actively consider US, Europe GP-led and LP-led deals

LACERS stalls private credit consultant renewal, Connecticut system issues RFP
The Texas County & District Retirement System invests another USD 60m in Alcentra's Structured Credit Opportunities Fund V, while LACERS delays private credit consultant renewal over fees

Coller Capital expects more to come from evolving Asia secondaries ecosystem
Sponsor has USD 17bn to deploy in current cycle, optimistic about Asia; open mind, broad toolkit seen as essential to getting traction in Asia

Antares launches USD 1bn+ GP-led private credit secondaries deal
EXCLUSIVE: The firm is back in the market with its second continuation vehicle and has hired advisors to help run the process

Private credit investors chase higher risk-return—Campbell Lutyens
A new survey shows investors are seeking higher returning strategies amid expectations of lower rates, while also turning away from the dominant North American market

CAPZA appoints co-head of private debt
New parent company BNPP AM Alts seeks to accelerate the growth of the mid-market private debt franchise in Europe, the company said

Loan market steams ahead with new launches as more deals line up in Europe
Flex-downs abound, but Hologic’s sub-300bps spread raises eyebrows, while performance in focus for Archroma, Seqens and Lipton Tea

Rising tide swells deal flow as 2026 M&A wave grows
Tech, healthcare, financial services dominated 2025 deal flow, as US inbound soared; UK, EU policy stability, German defence spending support 2026 European deal sentiment

TPG to launch upper middle market direct lending business
EXCLUSIVE: The alternative investment firm historically offered lower middle market and middle market direct lending exposure via its TPG Twin Brook platform

North American secondaries surge even as exit market recovers
Secondaries volume is estimated to surpass USD 200bn for first time in 2025

Monroe raises USD 6.1bn for senior direct lending
The firm held a final close for its Monroe Capital Private Credit Fund V and raised additional capital from separately managed accounts

TPG, Jackson Financial strike partnership focused on private credit
TPG will take a minority stake in Jackson and start by managing at least USD 12bn of the insurer’s assets

Repricings comprise half of European levloans’ record year, new money drops to lowest level since GFC
The European leveraged loan market reached its highest yearly issuance volume ever in 2025, according to Debtwire data, driven by repricings