New SEC enforcement director puts private credit funds under the microscope
The US regulator is monitoring stresses in some portfolios as well as risks related to liquidity, valuations, conflicts of interest, and fees, the new enforcement chief said in a speech

New York, Connecticut among systems pursuing alternative credit strategies
NYSCRF allocates USD 450m to net-lease, GP stakes funds; San Diego, San Mateo pensions commit to asset-based finance funds

Antares raises USD 8.5bn for senior direct lending
The alternative credit manager held a final close for its third Senior Loan Fund after raising capital from new and existing investors

KKR to support FS KKR BDC with USD 300m via investment, tender offers
The listed business development company will focus on reducing leverage, repurchasing stock, and managing existing investments instead of deployment

Abry Private Debt acquires USD 330m private credit portfolio
Abry partnered with Coller Capital on the credit secondaries transaction

BlackRock TCP crystallises losses from restructurings, lowers nonaccruals
The listed business development company has been using sales, paydowns, and partial exits to strengthen the balance sheet, CEO Philip Tseng said on the earnings call

Bank loan growth driven by lending to private credit and other funds—S&P
Total loan growth in the US banking system was driven by lending to nonbank financial institutions like investment funds from 2024 to 2025, the ratings agency found

Hayfin names Goldman Sachs veteran as head of investments
Goldman Sachs veteran Michael Marsh has been hired to the newly created role

Mubadala leans into private credit despite negative headlines
Other panellists during the 2026 Milken Institute Global Conference also said they expect the asset class to grow and support companies’ capital expenditure needs

Private rating defaults hit record high – Fitch
The US private credit default rate increased to 5.7% in the trailing 12 months ending 1Q26, while the downgrade-to-upgrade ratio for Fitch’s privately monitored private credit ratings portfolio hit 6.3x in the first quarter, the highest level since the second quarter of 2023

Brookfield-backed Primary Wave raises USD 2.2bn for music royalties fund
Brookfield Asset Management, which holds a minority stake in the firm, contributed to the latest fundraising effort, a source familiar told Creditflux

Lazard to acquire Campbell Lutyens in private funds push
The USD 575m acquisition will create a third global division known as “Lazard CL” that will focus on fund placement, advisory on fund secondaries and GP capital advisory

Silver Rock Capital Partners corrals USD 4bn for private capital solutions strategy
The firm closed on more than USD 4bn for its latest Tactical Allocation Strategy vintage, which will invest in private corporate and real-asset debt across the credit cycle

Investors should stay the course on private credit even amid valuation uncertainties—Mariner
EXCLUSIVE: Institutional investors can generally ride out any market bumpiness, and these internal marks do not necessarily reflect final returns, head of Mariner Institutional Mike Welker said 

NAV lending concerns abate, borrowing costs decline – survey
Survey respondents in the Haynes Boones fund financing report said pricing for net-asset-value loans and subscription lines has come down in 2025 compared to 2024 

Apogem reprices 2019-vintage private credit CLO for third time
Apogem Capital has repriced a 2019-vintage private credit CLO for the third time, with the USD 348m reset coming two years after the CLO was last reset in March 2024

Washington, Louisiana systems approve large distressed debt commitments
WSIB approves USD 300m for Monarch's latest distressed debt fund; TRSL allots USD 150m to Centerbridge distressed, mezzanine debt funds

Lending to nonbank entities like BDCs will be a growth area—State Street
Additionally, the firm said its investment grade private credit ETF, developed with Apollo, hit USD 800m in assets under management during the quarter

Kayne Anderson Private Credit issues rated feeder
Kayne Anderson has priced a rated feeder fund for its Kayne Senior Credit Fund V, with Wells Fargo arranging the USD 206.425m transaction

Iran War to increase corporate default rates globally — IACPM Survey
Though the credit market is absorbing new leveraged loan issuance amid geopolitical uncertainty, credit managers expect the war to drive a rise in defaults

Virginia, Arkansas among systems expanding into alternative credit strategies
Recent Ares funds gain momentum with allocations from VRS, TCDRS; Arkansas Teachers plan multi-strategy credit SMAs with KKR, Brookfield

KKR prorates investor exits from semi-liquid ABF fund
The firm will fulfill around 69% of each shareholder’s exit request to keep the total liquidity offering this quarter to 5% of the fund’s net asset value

Northleaf private ABF managing director exits
CJ Wei, who focused on asset-based finance at the Canadian private markets firm, departs for a new role

Perpetual nontraded BDC fears are exaggerated—KBRA
Credit quality and liquidity at these semi-liquid private credit funds remain comfortable despite the negative shift in investor sentiment, the ratings agency said  

Investors prefer clarity over full exits as semi-liquid private credit funds grapple with exit request surge
ANALYSIS: Whether private credit managers cap exits at the 5% limit or stretch to cover all requests, explaining the decision is key, wealth management firms say