Corporate Europe kicks on with ECM, M&A plans as US market fears grow
Best year for European corporate equity capital markets and M&A since 2021, but storm clouds forming in US AI valuations and private credit

Dimon warns of double leverage risk in CLOs
JPMorgan CEO Jamie Dimon suggested there may be additional risks in CLOs during a downturn

South Carolina, Virginia among pensions revealing recent credit-focused investments
South Carolina Retirement System Investment Commission allocates over USD 900m to four managers; Virginia, Los Angeles pensions also disclose recent private credit investments, while East Bay Municipal Utility District and City of Jacksonville pensions seek to expand private credit exposure

Smaller issuers default at more than twice the rate of their mid-sized peers – Fitch
Issuers with EBITDA below USD 25m saw a 9.3% default rate in the 12 months to the end of 2Q25

A Texas pension discloses investment in CLO equity fund
Texas Municipal Retirement System commits USD 775m in Q2 2025, including investment in OHA's CLO equity 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

Antares massively upsizes 2021 mid-market CLO with USD 1.4bn reset
The reworking of Antares CLO 2021-1 priced its triple As at the tightest level for a mid-market reset since mid-March

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

Connecticut, Wisconsin pensions invest in Sixth Street's private credit funds
Sixth Street funds secure commitments from Connecticut, Wisconsin, and Ventura County pensions, while a Texas pension allocates funds to a Silver Point CLO fund

Guggenheim resets 2021-vintage mid-market CLO
The transaction repriced a 2021 reissue of a 2019 CLO, with the triple A paper clearing at the wider end of recent mid-market prints

CalPERS, LACERS among pensions disclosing recent private credit investments
CalPERS invests USD 1bn in climate-focused private credit fund by Goldman Sachs, while LACERS commits USD 170m to TPG Twin Brook, Sixth Street funds

Alaska, Pennsylvania among pensions disclosing recent private credit investments
Alaska retirement system reveals over USD 400m in private credit investments and Pennsylvania and Texas pensions make new commitments to European private credit funds, while Maine PERS commits to another new TPG Twin Brook fund

Mid-market flurry continues as three private credit deals price
Private credit CLO issuance is powering ahead with three deals, together valued at USD 1.27bn, pricing in a single day from market heavyweights Golub, Carlyle and MidCap

Park Square launches dedicated US private credit strategy
EXCLUSIVE: The London-based private credit manager is aiming to raise USD 500m to USD 750m for the debut fund

Bow River Capital acquires asset-based lending firm
The acquisition will add a 12-person team and a strategy focused on providing private, asset-based loans to companies in the lower middle market

End of week sees private credit CLO issuance rush
The mid-market saw a flurry of issues from Eldridge, Churchill, StepStone and BlackRock toward the end of last week, with the total value of the four deals across Thursday and Friday totalling over USD 1.5bn

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

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

HIG issues second new mid-market issue for 2025
The deal, which priced its senior triple A paper at SOFR plus 155bps comes as mid-market CLOs have taken a significant step tighter in spreads

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

Apollo looks elsewhere, saying CLOs suffer from commoditization
The alternative asset manager said CLOs have tightened to levels that are unsustainable

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 

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