Policy changes push endowments toward private credit evergreen funds - Cerulli
EXCLUSIVE: Endowments, the fastest growing institutional investor group in the US, are grappling with increased liquidity needs

Corporate default rates predicted to fall despite tariff uncertainty - S&P
Speculative-grade corporate default rates expected to fall on both sides of the Atlantic as trade tension uncertainty eases, but some concerns remain

Direct lending competition erases refinancing premium
Historically, new LBOs resulted in cheaper pricing, but spreads for refinancing and recapitalization deals have tightened as direct lenders face a lack of deployment opportunities

Private credit inflows face uphill battle even as 401(k) doors open
Although US President Trump’s executive order opens defined contribution retirement plans like 401(k)s to private credit investments, a sudden and meaningful rise in inflows is unlikely 

Presidential order opens private credit access to US retirement investors
US President Donald Trump signed an executive order to repeal a regulation that forbids certain US retirement accounts like 401(k)s from adding alternative assets such as private debt

NYS Common Retirement Fund to invest USD 100m in Pearl Diver's distressed CLO fund
Public Pensions, Private Pursuits: New York State, Ohio pensions reveal recent private credit investments 

Capital Four raises around USD 120m for first global captive CLO equity fund
EXCLUSIVE: The firm has held a first close for its latest CLO equity fund, which will fund the firm’s future CLOs in both the US and Europe

Private credit managers find “white space” even as capital concentrates among the few – Mercer
Institutional investors commit most of their capital to established private credit firms of scale, but they’re often more willing to take a chance on newcomers in strategies outside of direct lending

Connecticut Retirement Plans and Trust Funds plans to commit additional USD 300m to Crescent Capital
Connecticut, Maine among pensions with recent expansions in private credit; Maine, Texas, Los Angeles pensions also disclose recent private credit investments

Blue Owl, Voya partner to bring private assets to US retirement accounts
The new private market products will be offered on Voya’s retirement platform, which oversees USD 630bn in defined contribution assets for more than 9m plan participants

Seven managers make up 90% of private credit fundraising – Morningstar
Over the last five years, Apollo alone accounted for 29% of all capital raised for private credit

Investcorp passes halfway mark on second GP stakes fund
EXCLUSIVE: USD 600m raised to date against USD 1bn target of a strategy that was launched in 2019 and focuses on mid-market

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

PGIM shakes up credit platforms in major reorganization
The reorganization eliminates the separation between PGIM Private Capital and PGIM Fixed Income. The insurer-led firm appointed a single head of public and private fixed income  

Fortress rolls out hybrid, evergreen asset-based credit fund
The Asset-Based Credit II fund allows investors to roll commitments and earnings into successor funds in the same series

Turning Rock hires head of credit
The new head of credit joins from Z Capital Group, where he oversaw both funds and CLOs

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

Fund performance – April 2025
April returns show small improvement, but CLO funds struggle

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  

CalPERS invests USD 16.2bn in private debt, mostly through custom accounts
The institutional investor committed USD 12.2bn to the asset class across 17 customized investment accounts in the past 12 months  

New York, Texas among pension systems taking new private credit actions
New York State Common Retirement Fund commits over USD 700m to ICG strategies, while Texas, DC, Los Angeles pension funds also disclose recent private credit investments

Some LPs wary of retail capital in private market products— Edelman Smithfield
A new survey from the global financial communications advisory firm shows more than a fourth of LPs want private funds managers to keep their capital separate from retail investors

Silver Rock raises USD 3.4bn, approaches final close for tactical private credit fund
EXCLUSIVE: The firm will invest across the private credit markets, pursuing deals in areas such as corporate credit, real asset credit and specialty lending

Connecticut, San Francisco among funds making new private credit moves – Public Pensions, Private Pursuits
EXCLUSIVE: Connecticut plans commitment to Anchorage Capital distressed credit funds; San Francisco, North Dakota, and Dallas funds disclose recent commitments

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