Cliffwater to cover just half of exit requests as private credit fund hits regulatory cap
The industry’s largest direct lending interval fund, which raised capital by removing barriers previously put on individual investors, reported redemption requests of nearly 14%.

JPMorgan cuts back lending to private credit funds after loan markdowns
The pullback comes after the bank marked down the value of certain loans held by private credit funds that served as collateral

Direct lenders hit hard as credit market reels from war and AI
Volatility has come back to credit markets. Artificial intelligence’s impact on corporate earnings, a war in Iran that is ensnaring the rest of the Middle East and upticks in inflationary pressures are weighing on managers

Pension giants’ portfolio shift fuels private credit opportunity
The heavyweight champion of US pensions, California Public Employees’ Retirement System (CalPERS) is adopting a novel model of investing called the Total Portfolio Approach (TPA). Along with Singaporean sovereign wealth fund GIC, they are among a growing number of institutional investors shifting to a strategy that will likely see more capital entering private credit

BDCs make sales to rebalance portfolios and create liquidity
As concerns about liquidity and credit quality mount in private credit, some direct lending vehicles are considering offloading selected assets

Blackstone to launch new private multi-asset products for affluent individuals
The new products, expected to come in the following months, will offer exposure to multiple private market asset strategies at once

Software shakeout delays exits for some, opens buying window for others
Exit alternatives to full sales likely to pick up for software-focused sponsors; disruption may yield opportunities for take-privates, roll-ups of sub-scale players

Eagle Point raises USD 559m to lend to credit funds
The Eagle Point Defensive Income Fund III exceeds the initial USD 500m hard cap

Citi announces debt capital markets co-heads, including a hire from BofA
The new co-heads will fill the open spot left by head of global debt capital markets Rich Zogheb, who is retiring after 40 years in the industry

CalPERS, CalSTRS disclose large commitments to Blackstone credit vehicles
CalPERS invests USD 5.75bn in 3Q25 across seven vehicles; CalSTRS, LACERA reveal allocations totalling USD 750m each

Private credit still deploying despite increasing risks – head of credit at CVC
PODCAST: Andrew Davies, head of credit at CVC Capital Partners, says the present uncertainty offered opportunities to reconsider the pricing of transactions, and the ability to structure those deals more conservatively

Expect more semi-liquid BDCs to enforce liquidity caps if exit rush continues – Fitch
These perpetual nontraded BDCs are not designed for high redemptions over the long-term, and the 5% liquidity limit is a feature designed to protect returns and fairness among shareholders

BlackRock HPS’s semi-liquid private credit fund caps redemption at 5% limit
As exit requests for the perpetual nontraded BDC, HPS Corporate Lending Fund, surge past its original liquidity limits, some investors will not get their money back in full this quarter

Sound Point raises USD 1.5bn for oversubscribed special-sits private credit fund
The latest Strategic Capital Fund III will originate asset-based, first-lien private credit investments to back corporate borrowers seeking transitional or customised financing

Private credit managers rush to cover outflows from perpetual, nontraded BDCs
ANALYSIS: Individual investors, once a reliable source of direct lending dry powder, are redeeming nontraded BDC shares beyond what the product was designed to handle

Credit secondaries surge as GP-led deals dominate and pricing stays tight
Private credit more than doubles share of global secondaries; GP-led deals now 75% of activity, with demand driven by need to generate liquidity ahead

Montana, North Carolina systems aim large allocations for real estate debt
Montana commits USD 250m to Walton Street, GoldenTree funds; North Carolina plans USD 1.7bn in commitments, with USD 1bn for real estate debt

Blue Owl takes a hit as ‘retail investors may favor headlines over reality’ – Morningstar DBRS
Offering private market products to retail investors can result in reputational damage even when the terms of the product are respected, the ratings agency wrote

BlackRock TCP reports new write-downs, wiping out 19% of NAV
Loans on non-accrual now account for 9.7% of cost for the BDC’s portfolio and 4% of fair value, the fourth quarter earnings presentation shows

FS KKR’s Lionbridge loan hit with AI threat, put on nonaccrual
The listed BDC also added Alacrity Solutions, AmeriVet Partners, Dental Care Alliance and Gracent to its nonaccrual list and cut dividends by nearly a third to USD 0.48 per share

Private credit liquidity risk rises as retail investor base grows – Moody’s
The ratings agency warns individual investors in the retail channel are less patient and predictable, which will force private credit managers to focus more on managing redemptions, liquidity and asset values

New Mountain BDC sells USD 477m private credit portfolio at 94% of par
The latest private credit portfolio sale comes from the firm’s listed business development company, New Mountain Finance Corporation

Ares to anchor Arcmont’s debut direct lending continuation fund
PJT advises on Arcmont's GP-led credit secondary vehicle; Ares closed its debut credit secondaries fund on USD 7.1bn

Maine, New Mexico systems eye large bets in senior direct lending
Maine PERS plans USD 375m for Blackstone funds; New Mexico SIC allocates USD 300m to Neuberger Berman; LADWP, Ventura County pensions also disclose recent moves

2026 has already seen over USD 7bn in direct lending foreclosures – Lincoln International
Private credit debt-to-equity swaps hit a record USD 24bn in 2025, and sponsors are continuing to abandon portfolio companies to direct lenders this year