Special situations funds shift from distressed debt to flexible, all-weather capital strategies
As struggling companies turn to liability management techniques to gain the upper hand against lenders, a new bankruptcy-lite environment is forcing funds to play across the capital stack 

European direct lending firms raise record funds in third quarter
European direct lending fundraising jumped up a notch last month, as year-to-date figures almost doubled in a few final closes

Credit funds at a glance
Emerging markets, structured finance and US high yield outperform, plus our tables of recent credit hires and recent fundraising

Diversification is driving direct lending allocations in Italy and Canada
In recent visits to Milan and Toronto, we heard how private capital is becoming accepted as a core allocation in institutional investment portfolios

Siguler Guff raises USD 900m for small business lending
Siguler Guff Small Business Credit Opportunities Fund III lends to sponsor-backed US businesses in the small and lower middle market

Adams Street raises additional USD 289m for evergreen fund
Adams Street Partners has corralled an additional USD 289m for an evergreen direct lending fund that launched in 2020

Ex-Accunia PM seeks to launch new CLO fund
The former head of multi credit strategies at the Danish credit specialist is seeking to launch a CLO fund that invests in equity and mezzanine tranches

Apollo prioritizes origination as dry powder pressures mount in private debt industry
Apollo's Rowan says sourcing deals will be the limiter of growth for his industry rather than finding capital, and will prompt more tie-ups with banks

GoldenTree to launch Private Credit Fund II
The second closed end fund in the GoldenTree Private Credit strategy should launch in the fourth quarter of 2024

BNP Paribas AM raises EUR 90m for private debt fund of funds
A new fund of funds from BNP Paribas AM will target European special situations by investing in 6 to 8 private debt funds 

Monarch raises USD 4.7bn for 6th credit opportunity fund
Monarch Capital Partners VI follows a “distress for control” strategy with a focus on corporate credit in North America and Europe

Ninety One closes EUR 150m ABL fund
Global investment manager Ninety One has held a final close for its European asset-based private credit fund, raising EUR 150m

Retail interest fuels third-party CLO equity return
After a few years skulking in the shadows, third-party CLO equity is fundraising furiously — and gaining traction among new kinds of investors.

ICG raises almost USD 2bn for North American direct lending
London-based ICG has closed on USD 1.9bn for its third North American direct lending fund, North American Credit Partners Fund III

Sycamore Tree kicks off new captive equity fund with major LP commitment
CLO manager Sycamore Tree has secured a USD 75m commitment for its second captive equity fund from SDCERA

AXA IM Alts launches IG ABS Fund
The latest fund launch by AXA is looking to raise at least EUR 1bn for a broad portfolio of investment-grade ABS assets 

Polus raises capital from Abu Dhabi Investment Authority for stressed credit
Polus Capital Management secures commitment from Abu Dhabi Investment Authority that takes the firm's special-situtation strategy to USD 5bn

Silver Point raises USD 4.6bn for opportunistic credit fund
It isn't just direct lending raising big checks. Silver Point blew past its target to bring in USD 4.6bn for a new distressed fund.

Sound Point breaks USD 1bn level on third direct lending fund
Sound Point Capital held a final close for its third US direct lending fund, raising USD 1.2bn of equity and debt

LBP AM raises EUR 300m for French private credit strategy
Paris-based manager LBP AM held a successful close raising EUR 300m for its small and mid-cap focused senior secured debt fund

ICG holds largest ever European direct lending fundraise
ICG Senior Debt Partners V broke records with a final close at USD 17bn (approximately EUR 15.2bn), the largest European direct lending fundraise to date

BNP Paribas raises EUR 741m for direct lending strategy
BNP Paribas Asset Management has completed the close of its third European senior private credit fund 

Park Square raises EUR 3.4bn for direct lending strategy
Park Square continued its long standing partnership with SMBC as the cornerstone of a Eureopan direct lending fundraise

Public Pensions, Private Pursuits: 26th-30th August 2024
Pennsylvania, New Mexico and Illinois reveal private credit investments, while the Texas and Arizona systems plot moves

CIFC raises nearly USD 100m for its opportunistic CLO investing fund
CIFC's latest fund invests across the CLO capital structure, including mezzanine and equity tranches, as well as in CLO warehouses