King & Spalding adds former Proskauer partner in fund finance biz build out
The law firm has recruited Ron Franklin, who previously served as co-head of the corporate & fund finance group at Proskauer Rose

Non-US investors, family offices drove redemption requests at Ares private credit fund
The firm’s perpetual nontraded BDC once again offered to repurchase 5% of shares outstanding in the second quarter to facilitate exits but was met with excess demand

LPs press pause on private credit allocations as demand cools—Coller
Fewer institutional investors plan to increase their private credit allocation targets over the next 12 months and some are worried about systemic risk, according to a survey conducted by Coller

Exit requests tick up at Morgan Stanley’s semi-liquid private debt fund
Share redemption requests at perpetual nontraded BDCs continue into the second quarter, with Morgan Stanley Investment Management being the latest to report a quarter-over-quarter increase in requests

Exit requests for Apollo’s semi-liquid direct lending fund increase to 16.8%
Share redemption requests at perpetual nontraded BDCs are continuing, as Apollo follows Blackstone and BlackRock HPS in reporting a quarter-over-quarter increase in the amount of investors seeking an exit

Bank of England outlines details of latest private market stress test
The central bank is exploring how private markets would respond during a severe global downturn

Semi-liquid private credit funds lose USD 1bn in net assets – Morningstar
Capital inflows into semi-liquid private credit funds, such as perpetual nontraded BDCs, are losing momentum while private equity products see a rise in demand

Illinois, Sacramento County among systems targeting asset-backed, real estate debt
Illinois commits USD 250m to direct lending, USD 35m to real estate debt; Sacramento, Louisiana pensions commit to USD 8.5bn Ares Pathfinder III

Direct lenders trade USD 5bn Dun & Bradstreet private credit loan at 95 cents on dollar
EXCLUSIVE: The giant USD 5bn unitranche, which brought together more than 20 direct lenders to back Clearlake’s acquisition of Dun & Bradstreet last year, is now being shown to private credit managers at a discount

BlackRock HPS reports exit requests over 13% for semi-liquid direct lending fund
HLEND, the private credit fund designed for individual investors, will repurchase 5% of shares outstanding to create around USD 620m of liquidity for investors

Private credit is undergoing “healthy correction”—Third Point
Retail capital is flowing out, and the industry may see business development companies buy each other or liquidate, panelists said during the iConnections Global Alts conference last week

TPG Credit raises USD 5bn for core, upper mid-market direct lending deals
EXCLUSIVE: The alternative credit arm of TPG has launched a new direct lending strategy and raised third-party capital from institutional investors and insurance companies, sources familiar told Creditflux

US levfin community raises USD 4.3m in annual melanoma research fundraiser
The networking evening at the Museum of Modern Art in New York City brought together members of the leveraged finance community across banks, private credit firms, law firms, LPs, private equity shops and more

APG leans into private credit, seeks managers with ESG alignment
The Dutch pension investor giant is increasing its exposure to the asset class and evaluating various private credit sub-strategies to create a diverse portfolio

Ares raises USD 8.5bn for alternative credit in under six months
Pathfinder III, which held a final close, was oversubscribed and will focus on asset-based finance investments

CalPERS expands Goldman Sachs credit commitments, South Carolina picks Barings fund
CalPERS commits another USD 750m to West Street credit vehicles; South Carolina RSIC allocates USD 250m to a Barings fund

North Carolina, Wyoming among systems pursuing alternative credit strategies
North Carolina commits USD 500m, plans another USD 2.8bn; Wyoming, Texas, Illinois target ABL, tactical, opportunistic strategies

Guggenheim resets three-year-old private credit CLO
The triple As priced at SOFR plus 163bps, narrowing 87bps from their existing spread level

Crescent raises USD 10.8bn for direct lending, targeting lower mid-market
The firm’s fourth US direct lending fund was oversubscribed and exceeded its target by more than USD 2.5bn

First Eagle taps AlbaCore alum for alternative credit product sales
Edward Berry joins as a managing director in London and will help distribute the firm’s alternative credit products, including those under the Napier Park brand

US private credit CLO performance shows resilience—S&P
A new report from S&P Global Ratings shows US private credit CLO performance continued to show resilience in April, despite negative headlines

Older, US direct lending funds hold more equity positions, adding risk – MSCI
EXCLUSIVE: Around 15% of the total assets across US senior direct lending funds tracked by MSCI are equity positions of some kind, MSCI head of private credit research Patrick Warren told Creditflux

Ares’ semi-liquid BDC boosts borrowing capacity
Ares Strategic Income Fund, a semi-liquid private credit fund designed for individual investors, increased the amount of liquidity available on hand after an uptick in investor exit requests

New Mexico, Los Angeles systems make tactical credit allocations
New Mexico re-ups USD 550m for Silver Rock's tactical allocation strategy; Los Angeles pension commits USD 80m to Hayfin's European credit fund

ECB warns of private credit cross-border risks, opacity
Private credit in isolation poses limited risks to financial stability, but the European Central Bank says it is still concerned about spillover