Credit funds at a glance – April 2025
Our roundup of top performers, fundraising and moves in credit

Apera secures EUR 2.9bn for European lower middle market lending
The fundraise for Apera Private Debt Fund III is double the size of its predecessor vehicle

BC Partners secures USD 1.4bn for flexible, opportunistic credit
The private credit arm of the firm held a final close for its Special Opportunities Fund III

PAG raises USD 1.25bn for significant risk transfers
The Hong Kong-based alternative asset manager is expecting the SRT market to grow at a 30% to 40% rate annually over the next few years

Marathon ditches distressed strategy to raise USD 2.7bn for opportunistic credit
EXCLUSIVE: The asset manager originally launched the fund with a distressed debt strategy but has since switched the focus to making opportunistic private credit and equity investments  

Oaktree lowered its distressed debt fundraise to USD 16bn
The market and investment environment for distressed debt shifted, and investors asked whether the original target was too big.

Private credit firms raise funds beyond flagships
Private credit firms are raising eye-watering amounts to lend to companies — but they are increasingly doing so outside their flagship funds in order to attract institutional investors.

Trinity Capital eyes launching European debt fund
Private credit manager and BDC Trinity Capital is mulling a dedicated European fund

GP-led deals to reach 50% of credit secondaries volume in 2025: Jefferies
Private credit secondaries volume will be increasingly driven by GP-led transactions this year, said Jefferies in a report

Global Private Credit AUM to reach USD 3trn by 2028 - Moody’s
Global private credit AUM is poised to hit USD 3trn by 2028, Moody's predicts, with momentum expected to grow over the next three years

Corinthia Global Management secures USD 5bn in capital commitments
Corinthia Global Management has raised about USD 5bn for its first direct-lending fund and expects to fund deals by March at the latest

Mega direct lenders break records despite sluggish fundraising cycle
The new year kicked off with Ares Management showcasing the largest ever fundraise for a European direct lending strategy, suggesting that investors are preferring to pile into the largest private credit managers

Princely Family of Liechtenstein’s LGT raises USD 2.17bn for latest credit fund
Royal family-owned LGT Capital Partners has successfully fundraised USD 2.17bn for its evergreen credit fund, according to an SEC filing  

Corinthia eyes EUR 1bn first close for maiden European direct lending strategy
Corinthia is on the cusp of holding a EUR 1bn first close for its inaugural European direct-lending strategy, four sources familiar with the situation said. 

Apollo raises USD 4.8bn for large cap direct lending
Apollo Global Management has closed its Apollo Origination Partnership Fund II, raising approximately USD 4.8bn of investable capital

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

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

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

Access Pool plans to allocate GBP 350m to direct lending
UK-based pension system Access Pool is looking to allocate to direct lending strategies in Europe and the US 

German manager launches two new private credit fund-of-funds
YIELCO Investments, a German alternative asset manager, is planning a 2024 first close for two newly launched private debt fund-of-funds

Connecticut pension allocates USD 300m to Oaktree’s distressed credit fundraising
Connecticut pension system commits to Oaktree latest flagship distressed credit fund

Alternative PE lending puts pressure on LP-GP alignment
Loans that use fund NAV or GP earnings as collateral are growing in popularity. But some feel these deals could have unforeseen effects and hinder transparency in LP relationships

Chorus Capital raises USD 2.5bn for SRT strategy
Chorus Capital has closed a USD 2.5bn SRT fund that could be the largest ever in the space

Credit funds at a glance
Credit funds at a glance