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

Moody’s prepares to enter European private credit CLO rating space
EXCLUSIVE: Moody’s is in discussions about rating private credit CLOs in Europe for the first time, as the market continues to grow

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

Ares preparing to issue second private credit CLO as multi-currency deal
EXCLUSIVE: Ares European Direct Lending CLO 2 will be a euro/sterling deal and is expected to price soon

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

North American and European credit defaults to fall next year – S&P Global
Global credit default rates will remain contained next year with North American defaults falling to around 4% 

CLO issuance projected to hit new records in 2026 – KBRA
The ratings agency projects USD 220bn in issuance across US BSL CLOs and private credit CLOs as well as five to six European private credit CLOs next year

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

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

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

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

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

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

Apollo looks elsewhere, saying CLOs suffer from commoditization
The alternative asset manager said CLOs have tightened to levels that are unsustainable

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

Ares launches direct lending fund for European wealth investors
The firm’s first ELTIF product will give individual investors access to its existing European direct lending strategy

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

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  

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