Blue Owl raises USD 400m in 12 months for direct lending fund
New York-based Blue Owl Capital has now raised approximately USD 1.9bn to date for a diversified lending fund, including USD 400m in the last 12 months

Public Pensions, Private Pursuits: 5th-9th July 2024
Florida, Wisconsin, and Vermont pension systems disclosed new private credit commitments, while the New York State (NYS), New Mexico, and Alameda County, California funds planned future mandates

Balbec raises more than USD 753m for sixth opportunistic credit fund
Balbec Capital has raised USD 753.26m for InSolve Global Credit Fund VI, the sixth vintage of its flagship opportunistic credit fund

German manager launches two new private credit fund-of-funds
YIELCO Investments, a German alternative asset manager, is planning a 2024 first close for two newly launched private debt fund-of-funds

Churchill launches private credit fund with USD 210m
Churchill Asset Management, an affiliate of global investment manager Nuveen, has launched a new private credit fund

TPG Twin Brook raises nearly USD 4bn for fifth direct lending fund
TPG Twin Brook has revealed the close of its fifth direct lending drawdown fund — TPG AG Direct Lending Fund V

Texas bank launches direct lending division
Dallas-headquartered bank Texas Capital is expanding into the private credit market with the launch of a new direct lending platform 

Paul Hastings hires structured finance partner in London
Paul Hastings has hired a new structured finance lawyer who specializes in bespoke asset-backed finance transactions

Vector launches special situations private credit fund
A San Francisco-based private equity firm has launched a new private credit special situations fund, and is aiming to raise USD 300m

Ares closes USD 34bn senior direct lending fund
Ares has closed what could be the largest direct lending fund ever with nearly USD 34bn raised, including USD 15.3bn in equity commitments

Neuberger raises more than USD 2.7bn for fifth private credit fund
Neuberger Berman is fundraising for a fund that provides direct loans to North American private equity-owned companies 

Japanese bank SMBC launches first private credit fund
Sumitomo Mitsui Banking Corporation has launched its first private credit fund with EUR 450m in investable capital

Churchill hires from FS Investments to grow wealth channel
New York-headquartered Churchill Asset Management has hired a new managing director and head of investor relations, retail & wealth 

Trinity Capital partners with Eagle Point to launch new credit fund
Venture debt specialist Trinity Capital and CLO equity investment firm Eagle Point Credit have launched a new credit fund intended to become a private BDC

Illinois pension system looks for manager for USD 550m private credit allocation
An Illinois pension fund is on the lookout for a new specialist to manage its private credit portfolio, according to a 19 July request for proposal

Private credit default rate rises sharply, according to new report
The second quarter of 2024 saw a further increase in the default rate for US middle market companies, according to legal firm Proskauer's latest report

Connecticut pension allocates USD 300m to Oaktree’s distressed credit fundraising
Connecticut pension system commits to Oaktree latest flagship distressed credit fund

Blackstone reports 18% return from private credit over last 12 months
Blackstone's private credit and liquid credit returns outperform private equity investments in the last 12 months

Lloyds Bank joins forces with Oaktree for European direct lending platform
Lloyds Bank and Oaktree Capital Management have formed a new multi-year European direct lending facility

M&A activity on fire in private credit despite overall M&A slowdown
The M&A market has had a rough time in the past 12 to 18 months, but there’s one area that’s bucking the trend: private credit

Double digit returns tempt Middle Eastern investors to allocate to private credit
Investors in the Middle East are allocating billions to private credit. The trend is just getting started, with investments in the region expected to grow.

Alternative PE lending puts pressure on LP-GP alignment
Loans that use fund NAV or GP earnings as collateral are growing in popularity. But some feel these deals could have unforeseen effects and hinder transparency in LP relationships

Credit funds at a glance
Top indices; recent hires; recent fundraising

Oak Hill teams up with One Investment for European private credit
US-based Oak Hill and One Investment ink JV with USD 5bn to invest in upper middle market and large European companies 

Temasek’s asset manager to buy minority stake in a private credit firm
Seviora Holdings agrees to purchase Hong Kong-based ADM Capital for an undisclosed sum