Trinity strikes first-out lending JV targeting US lower middle market
Trinity Capital is partnering with another listed BDC, Capital Southwest Corporation, on the 50-50 joint venture

Morgan Stanley caps semi-liquid private credit fund redemptions at 5% limit
Investors rushing to exit the perpetual nontraded BDC will get less than half of their money back. Redemption requests surged to approximately 10.9% this quarter, an investor letter shows

JPMorgan cuts back lending to private credit funds after loan markdowns
The pullback comes after the bank marked down the value of certain loans held by private credit funds that served as collateral

Citi announces debt capital markets co-heads, including a hire from BofA
The new co-heads will fill the open spot left by head of global debt capital markets Rich Zogheb, who is retiring after 40 years in the industry

Blue Owl saw strong demand for USD 1.4bn of direct loans sold to investors
Blue Owl expanded the number of BDCs that sold private credit positions, including internet and software loans, to North American institutional investors at 99.7% of par value 

Inflows for nontraded BDCs slow while redemptions rise – Fitch
The negative investor sentiment seen last year for listed BDCs now hits perpetual, non-traded BDCs

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

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

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

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

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

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

North American and European credit defaults to fall next year – S&P Global
Global credit default rates will remain contained next year with North American defaults falling to around 4% 

CLO issuance projected to hit new records in 2026 – KBRA
The ratings agency projects USD 220bn in issuance across US BSL CLOs and private credit CLOs as well as five to six European private credit CLOs next year

Blackstone raises USD 1.6bn for new high-yield ABF strategy
The alternative asset management giant is targeting USD 4bn for its new high yield, private-asset-based finance fund

CFA warns of conflicts of interest in continuation funds
The growing popularity of continuation funds has raised questions around manager processes, the CFA Institute said

Apollo Debt Solutions issues second direct lending CLO
The print follows the manager’s inaugural such deal at the end of April, arranged by RBC and Apollo

Carlyle nabs head of direct lending origination from Golub
EXCLUSIVE: The firm also hired a second managing director focused on originations as it re-staffs its direct lending franchise

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 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

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

Direct lenders ‘cruise,’ but watch for tariff impact
Private credit managers, investors of all types and service providers gathered in Nashville for DealCatalyst’s annual private credit conference