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

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

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

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