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

Citi and Apollo launch USD 25bn direct lending program
Apollo Global Management and Citigroup have agreed to form a USD 25bn private credit, direct lending program, involving Athene and Mubadala Investment Company

Defaults hit 5% YTD for US private debt-backed companies according to Fitch
The monthly default rate for North American private credit-backed companies hit 5% in August, driven by PIKs and interest deferrals

Fidelity adds another senior private debt hire as US expansion continues
Fidelity Investments has hired Lendell Thompson from Vista Credit, the latest of six senior investment professionals added to its US direct lending business

HSBC launches first NAV financing strategy
HSBC Asset Management has continued its expansion into private credit with the launch of another new strategy

Private credit stands its ground against stiff competition from banks – Market Chatter
Despite an initial wave of fretting and fanfare, direct lenders have largely managed to retain an edge by proactively cutting margins on loans

Private debt capital amplified in Middle Eastern fund launch
A new USD 100m middle eastern growth debt fund has been launched by a partnership of Ajeej Capital and Nuwa Capital

Dave Breazzano, Head of Polen Capital Credit Team, on finding niche opportunities in private credit
Dave Breazzano shares his insights on the evolution of credit markets, the rise of private credit, and the importance of opportunistic investing

Euro refinancing flows reverse as public debt supplants private according to S&P
S&P Global Ratings has assigned new ratings for nine European issuers of leveraged buyout structures refinancing private debt in public markets

Monroe selected by White House for new USD 1bn auto lending fund
Direct lender Monroe Capital is launching a White House-inspired USD 1bn institutional, closed-end fund to make direct loans to suppliers and manufacturers in the US automotive supply chain, the company announced.

Private credit firms begin creating desks for push into secondary trading
A number of private credit firms are looking to push into secondary loan trading, a signal that the USD 1.7 trillion asset class is perhaps beginning to mature and resemble other fixed income markets.

Ares strategy ‘links investing to purpose’ with 5-10% of profits donated to charity
Joel Holsinger at Ares Management has a proposition for investors: “We’ll make the same types of investments we’ve made historically for you, and we’ll contribute 5% to 10% of our profits to charity.”

Desperate direct lenders kept in the dark as private equity firms call shots
The intensifying fight for sparse private credit opportunities is enabling M&A bankers to keep lenders in the dark

Credit hedge funds
Credit hedge fund performance for July 2024

Credit funds at a glance
Fund performance; recent fundraising; recent hires

Jefferies ramps up private credit trading
Jefferies is building out its trading of private credit loans, joining a rush of banks and managers developing a new secondary market for the product

ICG raises almost USD 2bn for North American direct lending
London-based ICG has closed on USD 1.9bn for its third North American direct lending fund, North American Credit Partners Fund III

White Oak hires from eCapital for ABL solutions team
White Oak Commercial Finance has hired two senior VPs from eCapital Corporation to work on ABL solutions for non-sponsored, middle market companies

Viola Credit partners with Apollo affiliate on USD 500m JV
Cadma Capital Partners has launched a joint venture with Viola Credit that will focus on making asset-based loans

Gibson Dunn adds Akin partner to lead private credit practice
Gibson Dunn has continued a hiring spree with the addition of a New-York based partner to lead the firm's private credit efforts

Silver Point raises USD 4.6bn for opportunistic credit fund
It isn't just direct lending raising big checks. Silver Point blew past its target to bring in USD 4.6bn for a new distressed fund.

Sound Point breaks USD 1bn level on third direct lending fund
Sound Point Capital held a final close for its third US direct lending fund, raising USD 1.2bn of equity and debt

Apollo eyes IG private debt trading
Apollo Global Management is looking to create a trading desk for investment grade private debt