PIK use rises to 12% of sponsored direct lending deals - KBRA
Sponsor-backed companies using payment-in-kind for senior debt now account for 12% of the KBRA DLD Direct Lending Index, an increase of 1% from the last quarter

Direct lending defaults decline for all except middle market according to Proskauer
Default rates for US direct loans declined to 1.95% in the third quarter of 2024 from 2.71% in the second quarter, according to a new report from law firm Proskauer

Pantheon raises USD 1.19bn for latest private credit secondaries fund
Pantheon has raised USD 1.19bn in its latest fundraising for Pantheon Senior Debt Secondaries III, to invest in the private debt secondaries space

Bank partnerships aren't the only solution for origination, hears conference
Delegates at Private Credit Connect East heard a passionate defence of the benefits of independent origation efforts  

TPG Angelo Gordon raises nearly USD 2bn for private credit strategy
TPG Angelo Gordon has raised USD 1.82bn so far for its private credit fund called TPG AG Credit Solutions Fund III which is targeting USD 4.5bn in commitments
   

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. 

Wendel announces purchase of majority stake in Monroe Capital
French investment firm Wendel announced on Tuesday it has agreed to acquire 75% of US private credit firm and CLO manager Monroe Capital for USD 1.13bn, as part of its planned expansion into third-party asset management.

Partners’ evergreen private credit fund raises another USD 466m
Partners Group has raised another USD 466m for the Partners Group Private Credit Strategy, according to filings from the SEC

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

Crescent targets USD 3bn raise for direct lending fund IV
Crescent Capital is expected to launch its latest lower middle market and middle market direct lending fund, Crescent Direct Lending Fund IV, this quarter

Competition for deals and rising rates encourage greater use of PIK clauses
Despite improving conditions in credit, the number of private credit deals paying payment-in-kind (PIK) interest is staying at high levels — but the drivers are changing

Wall Street banks partner with private credit funds to ‘supercharge’ origination
JPMorgan and Citigroup are partnering with asset managers to broaden their reach into the burgeoning USD 1.7tn private credit market

Don’t panic — but Pluralsight could point the way to LMEs in private credit
Although LMEs have become a fact of life for broadly syndicated lenders, the private market seemed safe — at least until Pluralsight showed up

Nuveen Private Capital taps Ares partner for private wealth distribution
The platform encompassing Churchill Asset Management and Arcmont Asset Management, has hired Moshe Bajnon for the newly created position of global head of private wealth

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

Silver Point launches new direct lending fund
Connecticut-based Silver Point Capital has launched a new direct lending fund, Silver Point Private Credit Fund, according to a filing with the SEC

Audax Private Debt hires from Stifel in wealth push
Audax has become the latest addition a string of private credit managers strengtheing their wealth management sales teams

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

JPMorgan is in negotiations to expand roster of private credit partners
JPMorgan is in active negotiations to build a roster of private credit partnerships to bolster its presence in the asset class

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

First Eagle adds direct lending MD in New York
First Eagle Alternative Credit has hired a direct lending originator from Brightwood with a focus on the New York metro region

Mizuho takes minority stake in Golub, strikes distribution agreement
Mizuho Financial Group has acquired a passive, minority stake in Golub Capital’s management companies as part of a strategic partnership

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

Blackstone makes two senior hires for infra lending and asset-based credit
Blackstone has hired two senior managing directors to focus on infrastructure and asset-based lending as members of the greater BXCI team