Policy changes push endowments toward private credit evergreen funds - Cerulli
EXCLUSIVE: Endowments, the fastest growing institutional investor group in the US, are grappling with increased liquidity needs

PGIM raises USD 619m to finance oil and gas companies
The fund will provide flexible private debt and structured equity to fund middle market upstream oil and gas and midstream companies in North America

Direct lending competition erases refinancing premium
Historically, new LBOs resulted in cheaper pricing, but spreads for refinancing and recapitalization deals have tightened as direct lenders face a lack of deployment opportunities

Neuberger Berman launches asset-based credit fund for wealthy investors
The latest private credit vehicle is structured as an interval fund and will offer wealthy US individual investors daily valuation and limited quarterly liquidity

Anchorage exceeds hard cap on credit opportunities fund
The firm held a final close for Anchorage Credit Opportunities Fund IX, which will invest across stressed, distressed, structured and special situations credits

US direct lending faces 6% “shadow default rate”—Lincoln
Many private credit managers are offering payment-in-kind options to weaker borrowers, possibly obscuring more widespread pain in the market

BC Partners LPs roll into third unitranche-focused private debt fund
The latest Great Lakes III fund kicked off its investment period and began deploying capital on 1 August, the company said.

SCERS combines public and private credit; Ups target
The overall credit asset class, which includes both liquid and illiquid investments, will now have a target allocation of 9%

Venture debt specialist Horizon expands lending to listed, small cap companies
EXCLUSIVE: Horizon Technology Finance revamps its strategy by merging with Monroe’s other listed BDC and expanding its focus beyond traditional venture lending

MidCap hires MD for asset-based lending originations
The new hire previously worked at Apollo-affiliated equipment finance platform Capteris

Crescent hires two MDs, launches GP financing strategy
The new GP financing solutions strategy will see the firm provide flexible, nondilutive financing options to middle-market private equity managers

Private credit firms lean on origination partners to push into asset-backed lending
The private credit juggernaut keeps trundling on, with firms such as Carlyle and Fortress thrusting into the private asset-backed finance market, which by some estimates could be worth USD 30tn

Core direct lending falls out of favour
As capital flows in and middle market M&A shrinks, private credit managers are looking for new places to invest, said speakers at the Debtwire Private Credit Forum New York

HIG WhiteHorse corrals USD 5.9bn for US direct lending
The latest fund will be used to originate senior-secured loans for both sponsored and non-sponsored corporate borrowers

Coller Capital backs Twin Brook in record USD 3bn private credit continuation vehicle
The continuation vehicle will acquire a diversified portfolio of sponsor-backed, senior direct loans from TPG Twin Brook’s 2016 and 2018 vintage funds

Private credit inflows face uphill battle even as 401(k) doors open
Although US President Trump’s executive order opens defined contribution retirement plans like 401(k)s to private credit investments, a sudden and meaningful rise in inflows is unlikely 

Sponsors push amendments as direct lenders grow receptive – L4CP’s Chuchla
Particularly with vintage-2021 deals, direct lenders are open to amending terms to the looser market standard of today, Lane Four Capital Partners founder Rob Chuchla said

Sound Point scores USD 1.1bn first close for asset-based lending fund
The fund, which expects a final close by the end of the year, has already blown past its USD 1bn total target

Oak Hill Advisors raises USD 3.3bn for senior direct lending
The fund has yet to hold a final close but has already exceeded the fund’s initial target

Presidential order opens private credit access to US retirement investors
US President Donald Trump signed an executive order to repeal a regulation that forbids certain US retirement accounts like 401(k)s from adding alternative assets such as private debt

Brookfield raises USD 16bn for credit, plans asset-based finance strategy
The firm is also planning to hold a first close for its infrastructure mezzanine debt fund

CAIS, Solactive launch private credit index
The index can be used by wealth advisors to benchmark the performance of private BDCs

PGIM looks to build private credit secondaries strategy
EXCLUSIVE: The insurer-linked asset manager already has secondaries capabilities through the acquisition of Montana Capital Partners in 2021

Generali Investments backs new asset-based finance strategy
Generali-affiliated Aperture Investors also hired a new global head of asset-based finance

Citi hires head of private credit originations in North America 
The new hire joins from Ares Management and will start in October