Canadian giant PSP to deploy CAD 6bn to IG private credit
EXCLUSIVE: The allocation will focus on investment grade opportunities across infrastructure, asset-backed and structured debt financing

Paradigm shift in US economy lessens likelihood of tariff-induced recession – Sound Point’s Stephen Ketchum
The founder and CEO of Sound Point Capital Management told Creditflux managing editor Lisa Lee on the latest edition of the ‘Credit Exchange’ podcast that he currently sees credit markets as being in a state of “reasonable balance”

PGIM shakes up credit platforms in major reorganization
The reorganization eliminates the separation between PGIM Private Capital and PGIM Fixed Income. The insurer-led firm appointed a single head of public and private fixed income  

CalPERS rolls out ESG due diligence for private debt investments
The California pension giant also has an investment mandate specific to battling climate change

Defaults could rise for private ARR loans during the next two years—KBRA
Borrowers of annual recurring revenue loans, typically software companies, have so far outpaced other industries in terms of growth

CPP Investments backs Varde’s subline strategy launch
The Canadian pension giant provided USD 300m of strategic equity toward the new fund finance platform

Blackstone hires ex-Lazard co-head of US financial institutions
Joseph Cassanelli will work on the team behind Blackstone’s Tactical Opportunities strategy, which allows Blackstone to invest across asset classes, industries and geographies

Turning Rock hires head of credit
The new head of credit joins from Z Capital Group, where he oversaw both funds and CLOs

Allianz GI eliminates role after head of direct lending exit
Nadia Nikolova leaves after spending 11 years working for the asset management arm of insurer Allianz; team will now report to CIO for private credit  

US pensions' push into European private credit involves local expertise pursuit, mid-market strategy differentiation
The European credit market is expected to benefit from recent fiscal stimulus announcements and lower primary tariff impact, while mid-sized managers are likely to see growing demand for differentiated strategies

Public ABS volatility creates opportunity for Citi, Carlyle ABF partnership
By backing fintech specialty lending businesses, Carlyle will gain access to their portfolio of alternative collateral, Carlyle’s head of ABF told Creditflux

Investors opt for debt as alternative to secondary sales to generate liquidity
Investors are increasingly seeking financing as an alternative to selling their fund stakes on the secondaries market

BlackRock pushes private markets for revenue diversification
The world’s largest asset manager is planning to launch three new private credit products for the wealth channel, in addition to its purchase of private credit shop HPS

Carlyle, Citi to partner on ABF in fintech specialty lending sector
Under the agreement, the two will share expertise and explore co-investment opportunities

Pemberton expands into North America with new office, hires
The European private credit shop has established an office in New York

US pensions increasingly eye European private credit amid expanding allocations, diversification pressures
US public pensions have committed at least USD 4.4bn to European private credit strategies since July 2024  

CalPERS invests USD 16.2bn in private debt, mostly through custom accounts
The institutional investor committed USD 12.2bn to the asset class across 17 customized investment accounts in the past 12 months  

Former Morgan Stanley MD, ex-CalPERS CIO launch opportunistic credit shop
The new firm, Square Nine Capital, has offices in New York and Los Angeles

LP secondaries sales can create risk to subscription lines – Fitch
However, a diversified limited partner base and lower advance rates for more concentrated funds can help mitigate losses, a report says

Nomura public-private credit fund opens to the masses with SEC rule change
EXCLUSIVE: The new SEC regime repealed a decades long rule preventing non-accredited investors from gaining access to most private market asset funds

Greenberg Traurig adds private funds lawyer from Clifford Chance
The new hire is part of the firm’s effort to grow its corporate private funds group

Goldman launches its ninth mezzanine private debt fund
The latest fund follows the USD 15.2bn West Street Mezzanine Partners VIII that closed in 2023

US middle market could offer good, unlevered returns in downturn—Kayne Anderson
The growth of BDCs and third-party valuation firms have also led to better practices in the industry, co-head of private credit strategies Douglas Goodwillie said

Energy, not software, will drive the next decade – Apollo's John Zito
Private credit is poised to fund those necessary investments in energy and power and help large companies diversify their capital sources

New York, Texas among pension systems taking new private credit actions
New York State Common Retirement Fund commits over USD 700m to ICG strategies, while Texas, DC, Los Angeles pension funds also disclose recent private credit investments