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

Liberty Mutual strikes private credit partnership with Square Nine Capital
Square Nine Capital was founded last year by Morgan Stanley private credit alum Peter Ma and former CalPERS CIO Nicole Musicco

Blackstone raises USD 10bn for oversubscribed opportunistic credit fund
The alternative asset management giant will use the fund’s flexible mandate to invest across industries, capital structures, and geographies

Texas, Massachusetts systems reveal real estate debt, direct lending investments
Texas ERS, TCDRS disclose commitments worth USD 875m; MassPRIM invests in KKR's opportunistic real estate debt fund

Exit requests surpass 40% at Blue Owl’s semi-liquid, technology lending fund
The private credit fund designed for individual investors saw quarterly redemption requests surge, leading the fund to impose its 5% exit cap

Private credit community pushes back on alarmist narratives
Executives downplay AI risks, citing preparedness and strong credit fundamentals; Defaults and recoveries remain stable, despite negative headlines

17Capital raises USD 7.5bn for dedicated NAV lending fund
The alternative credit firm held a final close for 17Capital Credit Fund 2, which will donate some of the earned carried interest to a nonprofit organization

Maturity wall threatens high-risk AI private credit names – KBRA
Direct lenders are showing an unwillingness to extend maturities for companies that are vulnerable to artificial intelligence or underperforming already 

Oaktree’s semi-liquid private credit fund covers all exit requests totaling 8.5%
The fund, which leaned on parent company Brookfield to cover the surge in redemption requests, also cut dividends

JPMorgan Asset Management mixes public, private credit in new semi-liquid fund
JPMorgan’s asset management arm offers exposure to various credit investments across the public and private markets in a new interval fund for affluent individuals

European direct lending opportunity grows as US faces headwinds—AlbaCore
EXCLUSIVE: Outflows from select US direct lending vehicles could result in European direct lending spreads, particularly on larger deals, widening even further, Luke Gillam, head of senior direct lending, told Creditflux

Michigan, New Mexico make large bets on asset-based credit strategies
Michigan SIB commits USD 800m to Apollo, LGT credit funds; New Mexico SIC allocates USD 400m for Ares, Pemberton funds

Exit requests for Apollo, Ares private debt funds top double digits
Both of the semi-liquid, perpetual nontraded BDCs chose to cap share repurchases at the originally offered 5% limit, forcing many investors to wait another quarter for a full exit

Bain prices BSL and private credit CLOs in same day
The manager’s new US issue, along with its reset of a 2018-vintage private credit CLO, totalled just under USD 1.06bn in value

Majority of LPs expect to mix public and private credit despite liquidity challenges – BSP survey
Within the next five years, 59% of global institutional investors expect to take an integrated approach to public and private credit investments, new research from Benefit Street Partners shows 

FoxPath to launch rated note feeder fund with backing from RGA
EXCLUSIVE: The new rated note feeder fund will invest in the firm’s debut private credit secondaries fund

New York, Texas among systems making opportunistic, real estate credit allocations
NYSCRF allocates USD 550m to Apollo, Kennedy Lewis; TCDRS commits USD 150m to Blue Owl real estate fund

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

Cash-poor LPs find side door to Carlyle’s new buyout fund
The alternative asset manager is offering select institutional investors an alternative to committing new cash to its upcoming private equity fund

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

Eagle Point raises USD 559m to lend to credit funds
The Eagle Point Defensive Income Fund III exceeds the initial USD 500m hard cap