PGIM Fixed Income builds large cap direct lending with new hire
PGIM Fixed Income has picked up a former Texas Capital managing director as it builds out its large cap direct lending business 

BlackRock acquires HPS in USD 12bn deal
BlackRock has acquired HPS Investment Partners for USD 12bn in an all-stock transaction, creating a private credit franchise with a combined USD 220bn in client assets

Blue Earth launches evergreen impact private credit fund
Swiss-headquartered Blue Earth Capital has announced the first close of its first evergreen, semi-liquid impact private credit strategy fund

PGIM to bring mezz fund back to market in 2025
PGIM Private Capital, the middle market private debt business of global investment manager PGIM, plans to launch its latest private credit mezzanine fund next year

Canyon Partners hires credit product specialist from Varde
Canyon Partners, a global alternative investment manager, has hired a new managing director from Varde to act as lead credit product specialist

Aviva Investors seeds private debt fund targeting UK DC pensions with EUR 750m of capital
Aviva's Multi-Sector Private Debt Fund will invest across the private debt spectrum including real estate debt, infrastructure debt, structured finance and private corporate debt

Montana commits to Deerpath, Stellus and Goldentree credit funds
The Montana Board of Investments disclosed commitments to funds managed by Deerpath, Stellus, and GoldenTree during a board meeting last week.

HSBC Asset Management launches venture debt strategy with new hire
HSBC Asset Management turned to an SVB Capital veteran for a newly created position, head of innovation credit, to build out a venture lending strategy

Ninety One raises USD 260m for African private debt
Ninety One, a global asset manager affiliated with Investec, has held a USD 260m first close for its latest African and emerging markets private debt fund

Direct lenders add pricey terms on amend-and-extend deals
Companies negotiating an amendment with direct lenders might find the deal costly as most demand extra fees, payment and security to execute, according to a new survey

VSS Capital Partners sells minority stake
VSS Capital Partners, which manages investments across US private debt and equity, has sold a minority stake to Pinnacle Investment Management Group

Blackstone survey shows PE sponsors expect private credit to take lion-share of financing deals
Blackstone sees a “super cycle” in private credit occurring next year, according to Brad Marshall, boosted by an expected pick-up in M&A and usage of direct lending

Public Pensions, Private Pursuits: 18th November
CalPERS reveals USD 2.9bn private credit commitments as Sacramento, East Bay, San Francisco refine debt strategy

Brookfield Credit invests USD 1bn in 17Capital
Brookfield Asset Management’s private credit investment division, Brookfield Credit, has agreed to invest USD 1bn into 17Capital’s private credit strategies

Bain raises nearly USD 6bn to invest in hybrid capital, special situations
Bain Capital has held a final close for its latest global special situations fund, raising USD 5.7bn to provide private debt and equity financing for companies across sectors and at various points in the market cycle

Silver Point closes on USD 8.5bn for direct lending fund, exceeding target
Silver Point Capital has held a final close for Silver Point Specialty Credit Fund III, raising USD 8.5bn for direct lending to middle-market companies, according to a press release. 

Crayhill nears USD 1bn target for an asset-based credit fund
Crayhill Capital Management has raised more than USD 830m, approaching its USD 1bn target, for a asset-based credit fund called Principal Strategies Fund III, according to a SEC filing 

CalPERS commits nearly USD 3bn to private debt investments
The California Public Employees’ Retirement System approved nearly USD 3bn in private debt commitments to external managers during the second quarter of 2024

LPs monitor private credit managers as PIK use rises
As the use of payment-in-kind in direct lending increases, LPs are worried that the tool is being co-opted by the wrong strategies and offered to low-quality borrowers

Investors seeking long exposure to direct lending turn to evergreen funds
The huge pool of capital fuelling the growth of private credit is increasingly drawn to evergreen funds, as institutional investors seek longer-term exposure to the market

Monroe adapts and grows with new partner to face private credit ‘arms race’
Even as it celebrates its 20th anniversary, Monroe Capital is looking ahead to a private credit ‘arms race’ on the horizon that favours institutions of scale

US direct lenders anticipate M&A “super cycle” in 2025
Senior direct lending deal flow has returned in the US with third quarter deployment rebounding to highs not seen since 2021

AshGrove raises EUR 650m for European direct lending fund
AshGrove Capital recently announced the final close of its most recent fund, AshGrove Specialty Lending Fund II

Pressure eases on private credit borrowers - KBRA
Private credit borrowers in the middle market are feeling the tide turn as margins grow, leverage declines and interest coverage improve

Apollo and Mubadala extend capital solutions originations partnership
Apollo and Mubadala Investment Company have extended a private debt partnership established in 2022 that focuses on finding larger deals that require bespoke capital solutions