South Carolina, Texas among systems disclosing recent credit allocations
Ares Pathfinder Fund III to launch in 1Q26 with USD 5bn target, while South Carolina system allocates USD 550m to two managers and Illinois and Montana systems commit USD 150m across various funds

US private credit defaults rose to 5.7% in November - Fitch
Fitch recorded 13 default events in November – more than half the monthly average in the year to date

Giant deals, fundraising beyond US direct lending dominate 2025
While unpredictable tariff policies introduced volatility into public credit markets, direct lenders stepped up in 2025

US senator slams regulators’ hands-off approach to bank, private credit oversight
In a new letter, Senator Elizabeth Warren accused Scott Bessent, US Secretary of the Treasury and Chair of the Financial Stability Oversight Council, of sabotaging the FSOC’s authorities and pushing deregulation

OHA raises USD 17.7bn for large-cap, senior direct lending
The firm held a final close for its OHA Senior Private Lending Fund (OLEND), which raised USD 8bn in equity commitments

Allianz GI raises EUR 1.2bn to fund private debt secondaries
The sophomore fund held a first close and will pursue private debt secondaries deals globally

Oklahoma system allocates USD 1.3bn as others set 2026 targets
OTRS commits USD 1.3bn to Blackstone, KKR private credit funds, while Los Angeles, New Hampshire, San Antonio pensions disclose recent moves

Florida, New Mexico systems commit hundreds of millions to direct lending
Florida commits USD 1bn to European direct lending; New Mexico allocates USD 450m at November meeting; Illinois, San Diego pensions also disclose recent commitments

Blue Owl BDC M&A termination highlights the cost of market timing
ANALYSIS: BDC mergers are a common tactic to provide immediate liquidity to investors in less liquid private credit funds, but Blue Owl’s attempt came after a tumble in listed BDC share prices

CVC launches dedicated private credit secondaries platform
The alternative asset manager tapped Henri Lusa, a former managing director at Partners Group, to lead the new effort

CLO investor Pearl Diver targets USD 1.5bn for SRT interval fund
The global structured credit manager will use the new institutional, open-ended vehicle to invest in first-loss or mezzanine tranches of significant risk transfer deals

First Brands Group faces UMB Bank objection to Weil Gotshal, Lazard, and Alvarez retentions over conflict concerns
UMB Bank questions Weil’s independence, dual representation of debtors and non-debtors; Bank cites removal of Global Assets’ independent director and potential SPE conflicts

CalPERS invests nearly USD 5bn in private credit in 2Q, with Ares, Sixth Street as biggest winners
 Public Pensions, Private Pursuits: California, Connecticut state systems make large private credit moves

Dealmaking optimism appears in European credit – CVC
The alternative asset manager increased its European credit exposure during the third quarter after seeing a spread pickup

Co-op activity heats up as creditors prep for heavy restructuring slate – EU and Northam Restructuring Insights Report
EXCLUSIVE: Peraton, Resource Label and RDM creditors sign new co-ops: Selecta noteholders file legal challenge to co-op

European direct lending poised for record year despite 3Q M&A slowdown
Direct lending volumes in Europe in 3Q25 amounted to EUR 27.4bn across 310 transactions, according to the Debtwire European Direct Lender Rankings

Blue Owl completes Dyal IV strip sale, raises USD 2.7bn for GP stakes strategy
EXCLUSIVE: USD 2.5bn strip sale made up bulk of capital raised for GP stakes strategy; Dyal Capital Partners VI is now 35% deployed
 

ABF increases the lending toolkit – Apollo co-head of asset-backed finance Bret Leas
PODCAST: Bret Leas, co-head of asset-backed finance at Apollo Global Management, says asset-backed financing has contributed to a significant widening of the financing toolkit, on the latest edition of the Credit Exchange podcast with Lisa Lee

New York State Common Retirement Fund commits USD 200m to Oak Hill's CLO fund
The pension fund has committed the funds to OHA CLO Equity Fund III, which will target investments in North America and Europe

Blackstone raises USD 1.6bn for new high-yield ABF strategy
The alternative asset management giant is targeting USD 4bn for its new high yield, private-asset-based finance fund

Corporate Europe kicks on with ECM, M&A plans as US market fears grow
Best year for European corporate equity capital markets and M&A since 2021, but storm clouds forming in US AI valuations and private credit

Thoma Bravo’s LBO loan deal for Calabrio draws mixed reactions over AI risk
EXCLUSIVE from Debtwire: USD 1.5bn first-out term loan marketed at SOFR+ 400bps, 97-98 OID; Investors divided on AI risk, some betting on Thoma Bravo's software expertise

Altice France new capital structure starts trading as investors consider M&A potential
Restructuring completed as secured debt trades; break-up of Altice France business possible through sector consolidation

South Carolina, Virginia among pensions revealing recent credit-focused investments
South Carolina Retirement System Investment Commission allocates over USD 900m to four managers; Virginia, Los Angeles pensions also disclose recent private credit investments, while East Bay Municipal Utility District and City of Jacksonville pensions seek to expand private credit exposure

Smaller issuers default at more than twice the rate of their mid-sized peers – Fitch
Issuers with EBITDA below USD 25m saw a 9.3% default rate in the 12 months to the end of 2Q25