HPS deal is expensive but catapults BlackRock into private credit top five
BlackRock is poised to become one of the largest private credit managers in the world after agreeing to buy private credit manager HPS Investment Partners at a rich 30x multiple

Public Pensions, Private Pursuits: 18th November
CalPERS reveals USD 2.9bn private credit commitments as Sacramento, East Bay, San Francisco refine debt strategy

Brookfield Credit invests USD 1bn in 17Capital
Brookfield Asset Management’s private credit investment division, Brookfield Credit, has agreed to invest USD 1bn into 17Capital’s private credit strategies

Crayhill nears USD 1bn target for an asset-based credit fund
Crayhill Capital Management has raised more than USD 830m, approaching its USD 1bn target, for a asset-based credit fund called Principal Strategies Fund III, according to a SEC filing 

LPs monitor private credit managers as PIK use rises
As the use of payment-in-kind in direct lending increases, LPs are worried that the tool is being co-opted by the wrong strategies and offered to low-quality borrowers

Barings adds two private credit MDs for North America
Barings Global Private Finance has hired two managing directors, Brian Polomsky and Doug Koch, for its North America Private Credit team from Principal Asset Management

PIK use rises to 12% of sponsored direct lending deals - KBRA
Sponsor-backed companies using payment-in-kind for senior debt now account for 12% of the KBRA DLD Direct Lending Index, an increase of 1% from the last quarter

Direct lending defaults decline for all except middle market according to Proskauer
Default rates for US direct loans declined to 1.95% in the third quarter of 2024 from 2.71% in the second quarter, according to a new report from law firm Proskauer

TPG Angelo Gordon raises nearly USD 2bn for private credit strategy
TPG Angelo Gordon has raised USD 1.82bn so far for its private credit fund called TPG AG Credit Solutions Fund III which is targeting USD 4.5bn in commitments
   

Apollo raises USD 4.8bn for large cap direct lending
Apollo Global Management has closed its Apollo Origination Partnership Fund II, raising approximately USD 4.8bn of investable capital

BNP Paribas AM raises EUR 90m for private debt fund of funds
A new fund of funds from BNP Paribas AM will target European special situations by investing in 6 to 8 private debt funds 

Fidelity adds another senior private debt hire as US expansion continues
Fidelity Investments has hired Lendell Thompson from Vista Credit, the latest of six senior investment professionals added to its US direct lending business

Private credit stands its ground against stiff competition from banks – Market Chatter
Despite an initial wave of fretting and fanfare, direct lenders have largely managed to retain an edge by proactively cutting margins on loans

Desperate direct lenders kept in the dark as private equity firms call shots
The intensifying fight for sparse private credit opportunities is enabling M&A bankers to keep lenders in the dark

Comvest reshuffles credit leadership as Falk steps back
Michael Falk, Comvest Credit Partners' co-founder and chief executive officer, has now assumed the role of executive chairman

Davis Polk hires three fund formation lawyers from Debevoise
Law firm Davis Polk is growing its investment management practice with the addition of three new partners joining in New York

Blue Owl raises USD 400m in 12 months for direct lending fund
New York-based Blue Owl Capital has now raised approximately USD 1.9bn to date for a diversified lending fund, including USD 400m in the last 12 months

Public Pensions, Private Pursuits: 5th-9th July 2024
Florida, Wisconsin, and Vermont pension systems disclosed new private credit commitments, while the New York State (NYS), New Mexico, and Alameda County, California funds planned future mandates

German manager launches two new private credit fund-of-funds
YIELCO Investments, a German alternative asset manager, is planning a 2024 first close for two newly launched private debt fund-of-funds

Connecticut pension allocates USD 300m to Oaktree’s distressed credit fundraising
Connecticut pension system commits to Oaktree latest flagship distressed credit fund

Blackstone reports 18% return from private credit over last 12 months
Blackstone's private credit and liquid credit returns outperform private equity investments in the last 12 months

M&A activity on fire in private credit despite overall M&A slowdown
The M&A market has had a rough time in the past 12 to 18 months, but there’s one area that’s bucking the trend: private credit

Boston pension system selects new private credit manager
The Boston Retirement System has selected a new manager and made a commitment to its private debt strategy, according to recently released minutes

California retirement system provides seed capital to BDC
The California State Teachers' Retirement System is not just allocating to private credit, but forming a new direct lending partnership