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

First Brands Bankruptcy: financial tune up raised red flags that Wall Street overlooked
First Brands files for chapter 11 bankruptcy protection; Stakeholders anticipate significant discovery into company's practices

A Texas pension discloses investment in CLO equity fund
Texas Municipal Retirement System commits USD 775m in Q2 2025, including investment in OHA's CLO equity fund

CFA warns of conflicts of interest in continuation funds
The growing popularity of continuation funds has raised questions around manager processes, the CFA Institute said

Carlyle nabs head of direct lending origination from Golub
EXCLUSIVE: The firm also hired a second managing director focused on originations as it re-staffs its direct lending franchise

Connecticut, Wisconsin pensions invest in Sixth Street's private credit funds
Sixth Street funds secure commitments from Connecticut, Wisconsin, and Ventura County pensions, while a Texas pension allocates funds to a Silver Point CLO fund

CalPERS, LACERS among pensions disclosing recent private credit investments
CalPERS invests USD 1bn in climate-focused private credit fund by Goldman Sachs, while LACERS commits USD 170m to TPG Twin Brook, Sixth Street funds

Rush to exit bankruptcy pushes more companies to file a second time
Four companies file for second time in 2025, up from one last year; Poor prognosis for Chapter 22 filers, with high liquidation rates  

Alaska, Pennsylvania among pensions disclosing recent private credit investments
Alaska retirement system reveals over USD 400m in private credit investments and Pennsylvania and Texas pensions make new commitments to European private credit funds, while Maine PERS commits to another new TPG Twin Brook fund

Park Square launches dedicated US private credit strategy
EXCLUSIVE: The London-based private credit manager is aiming to raise USD 500m to USD 750m for the debut fund

Bow River Capital acquires asset-based lending firm
The acquisition will add a 12-person team and a strategy focused on providing private, asset-based loans to companies in the lower middle market

Policy changes push endowments toward private credit evergreen funds - Cerulli
EXCLUSIVE: Endowments, the fastest growing institutional investor group in the US, are grappling with increased liquidity needs

Corporate default rates predicted to fall despite tariff uncertainty - S&P
Speculative-grade corporate default rates expected to fall on both sides of the Atlantic as trade tension uncertainty eases, but some concerns remain

Direct lending competition erases refinancing premium
Historically, new LBOs resulted in cheaper pricing, but spreads for refinancing and recapitalization deals have tightened as direct lenders face a lack of deployment opportunities

CVC raises USD 700m for CLO equity fund, plans new products
The European private credit manager also expects to hold a final close for its European Direct Lending Fund IV in late 3Q

Private credit inflows face uphill battle even as 401(k) doors open
Although US President Trump’s executive order opens defined contribution retirement plans like 401(k)s to private credit investments, a sudden and meaningful rise in inflows is unlikely