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

Beechbrook raises GBP 151m for SME credit fund
Beechbrook has announced the first close of its latest SME credit fund, UK SME Credit IV, with GBP 151m raised out of a target of GBP 250m

Hayfin adds Chicago office for fundraising and originations
Hayfin managing directors Steve Bringardner and Andrew Merrill will be based in Chicago to develop the office and grow the team

Barings adds two private credit MDs for North America
Barings Global Private Finance has hired two managing directors, Brian Polomsky and Doug Koch, for its North America Private Credit team from Principal Asset Management

Freshfields appoints global co-head of private credit and capital solutions
Law firm Freshfields has hired three lawyers in London, including Paul Stewart, who will serve as global co-head of private credit and capital solutions

Katten hires New York private credit partner from Weil
Law firm Katten has hired Maximilien Pucci-Sisti Maisonrouge for its private credit practice as a partner in New York

Credit funds brace for increased scrutiny from regulators
The Securities and Exchange Commission’s Division of Examinations urged advisers to private funds, which include private credit managers, to prepare for increased scrutiny 

Allianz and AlTi launch new private debt program for UHNWs
Allianz X has struck a joint venture with global wealth management firm AlTi Global to create a private debt investment program for ultra-high-net-worth investors

PennantPark closes middle market opportunities fund
PennantPark Credit Opportunities Fund IV has raised USD 610 million in investable capital to invest in middle market private credit investments

BC Partners acquires US venture cap lender
The direct lender acquired by BC partners provides loans to venture and non-venture companies and manages a BDC focused on VC lending

Ares negotiates sub line lending solutions with banks
Ares Management is upping its subscription line lending activity. It has agreed a new partnership with Investec and is talks with a number of other banks

AlbaCore’s new hire Luke Gillam sees space for smaller private credit managers in Europe
Gillam, who started this week at AlbaCore as its new head of senior direct lending, spoke to us about the opportunities for smaller managers in European direct lending

Mayer Brown taps King & Spalding partner to head New York private credit
Law firm Mayer Brown has hired Sheel Patel to lead the firm’s private credit practice in New York

Blackstone raises USD 22bn for senior direct lending
Blackstone has raised USD 22bn, inclusive of leverage, for its institutional US direct lending fund and related vehicles

Goldman alums raise USD 1.6bn for new direct lender
An alternative investment management firm founded by two Goldman Sachs alumni last year has corralled USD 1.6bn to put towards a new senior direct lending strategy

PIK use rises to 12% of sponsored direct lending deals - KBRA
Sponsor-backed companies using payment-in-kind for senior debt now account for 12% of the KBRA DLD Direct Lending Index, an increase of 1% from the last quarter

Direct lending defaults decline for all except middle market according to Proskauer
Default rates for US direct loans declined to 1.95% in the third quarter of 2024 from 2.71% in the second quarter, according to a new report from law firm Proskauer