GoldenTree taps PNC alumni Punhani for private credit team
GoldenTree has hired Avineet Punhani as a principal on the firm's private credit team as the asset managers seek to grow the business

Churchill raises more than USD 350m for junior capital debt fund
Churchhill Asset Management raised funds for junior capital direct lending to sponsor-backed US companies

Davis Polk hires three fund formation lawyers from Debevoise
Law firm Davis Polk is growing its investment management practice with the addition of three new partners joining in New York

Non-bank venture debt lenders see increase in deals after tough 2023
Venture debt is making a comeback. In the first half of 2023, following the collapse of Silicon Valley Bank (SVB), the volume of deals was just USD 3.5bn

Search for diversification begins as direct lenders predict uptick in defaults
Amid the buzz of private credit there are doubts, as headwinds have caused the market to become cautious as competition increases.

Credit funds at a glance
Top performers, recent hires and recent fundraising

Guardian transfers USD 30bn of assets to HPS as partnership deepens
Insurance company Guardian will increase its minority equity stake in HPS and transfer USD 30bn of assets as part of expanded strategic partnership 

Janus Henderson inks deal to buy private credit manager Victory Park 

Blue Owl raises USD 400m in 12 months for direct lending fund
New York-based Blue Owl Capital has now raised approximately USD 1.9bn to date for a diversified lending fund, including USD 400m in the last 12 months

Public Pensions, Private Pursuits: 5th-9th July 2024
Florida, Wisconsin, and Vermont pension systems disclosed new private credit commitments, while the New York State (NYS), New Mexico, and Alameda County, California funds planned future mandates

Balbec raises more than USD 753m for sixth opportunistic credit fund
Balbec Capital has raised USD 753.26m for InSolve Global Credit Fund VI, the sixth vintage of its flagship opportunistic credit fund

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

Churchill launches private credit fund with USD 210m
Churchill Asset Management, an affiliate of global investment manager Nuveen, has launched a new private credit fund

TPG Twin Brook raises nearly USD 4bn for fifth direct lending fund
TPG Twin Brook has revealed the close of its fifth direct lending drawdown fund — TPG AG Direct Lending Fund V

Texas bank launches direct lending division
Dallas-headquartered bank Texas Capital is expanding into the private credit market with the launch of a new direct lending platform 

Vector launches special situations private credit fund
A San Francisco-based private equity firm has launched a new private credit special situations fund, and is aiming to raise USD 300m

Ares closes USD 34bn senior direct lending fund
Ares has closed what could be the largest direct lending fund ever with nearly USD 34bn raised, including USD 15.3bn in equity commitments

Neuberger raises more than USD 2.7bn for fifth private credit fund
Neuberger Berman is fundraising for a fund that provides direct loans to North American private equity-owned companies 

Churchill hires from FS Investments to grow wealth channel
New York-headquartered Churchill Asset Management has hired a new managing director and head of investor relations, retail & wealth 

Trinity Capital partners with Eagle Point to launch new credit fund
Venture debt specialist Trinity Capital and CLO equity investment firm Eagle Point Credit have launched a new credit fund intended to become a private BDC

Illinois pension system looks for manager for USD 550m private credit allocation
An Illinois pension fund is on the lookout for a new specialist to manage its private credit portfolio, according to a 19 July request for proposal

Private credit default rate rises sharply, according to new report
The second quarter of 2024 saw a further increase in the default rate for US middle market companies, according to legal firm Proskauer's latest report

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

Blackstone reports 18% return from private credit over last 12 months
Blackstone's private credit and liquid credit returns outperform private equity investments in the last 12 months