Montana, North Carolina systems aim large allocations for real estate debt
Montana commits USD 250m to Walton Street, GoldenTree funds; North Carolina plans USD 1.7bn in commitments, with USD 1bn for real estate debt

Blue Owl takes a hit as ‘retail investors may favor headlines over reality’ – Morningstar DBRS
Offering private market products to retail investors can result in reputational damage even when the terms of the product are respected, the ratings agency wrote

BlackRock TCP reports new write-downs, wiping out 19% of NAV
Loans on non-accrual now account for 9.7% of cost for the BDC’s portfolio and 4% of fair value, the fourth quarter earnings presentation shows

FS KKR’s Lionbridge loan hit with AI threat, put on nonaccrual
The listed BDC also added Alacrity Solutions, AmeriVet Partners, Dental Care Alliance and Gracent to its nonaccrual list and cut dividends by nearly a third to USD 0.48 per share

Private credit liquidity risk rises as retail investor base grows – Moody’s
The ratings agency warns individual investors in the retail channel are less patient and predictable, which will force private credit managers to focus more on managing redemptions, liquidity and asset values

New Mountain BDC sells USD 477m private credit portfolio at 94% of par
The latest private credit portfolio sale comes from the firm’s listed business development company, New Mountain Finance Corporation

Ares to anchor Arcmont’s debut direct lending continuation fund
PJT advises on Arcmont's GP-led credit secondary vehicle; Ares closed its debut credit secondaries fund on USD 7.1bn

Maine, New Mexico systems eye large bets in senior direct lending
Maine PERS plans USD 375m for Blackstone funds; New Mexico SIC allocates USD 300m to Neuberger Berman; LADWP, Ventura County pensions also disclose recent moves

2026 has already seen over USD 7bn in direct lending foreclosures – Lincoln International
Private credit debt-to-equity swaps hit a record USD 24bn in 2025, and sponsors are continuing to abandon portfolio companies to direct lenders this year

Monroe Capital launches continuation vehicle process for Fund III loan portfolio
EXCLUSIVE: Monroe Capital is raising a continuation vehicle for a portfolio of loans originated out of its third flagship fund, according to two sources familiar with the matter; Fund III closed on USD 1.33bn in 2018

Qatar SWF backs 5C direct lending growth in new partnership
The sovereign wealth fund is agreeing to help the alternative investment manager develop new investment products

KKR’s co-head of credit says ‘it’s adult swim only’ in markets
PODCAST: Christopher Sheldon, co-head of credit and capital markets at KKR, tells Lisa Lee on the latest episode of Credit Exchange that 2026 is set to be defined by avoiding mistakes rather than picking winners, with elevated defaults and downgrades resulting in a challenging investing environment

BofA commits USD 25bn to fund private credit deals, taps head of private credit
The bank is pulling the capital from its balance sheet, following in JPMorgan’s footsteps to offer corporate clients another debt financing option

Tikehau not for sale, 'we see ourselves more as a consolidator' – co-founder
Tikehau co-founder Antoine Flamarion has said the firm sees itself as a consolidator of businesses and has no intention of selling itself to a larger US asset manager

Blue Owl shares drop nearly 6% as market faces nontraded BDC “confusion”
Investors in the nontraded BDC OBDC II should be getting more money back after the announced portfolio sale yesterday, indicating that there might be “some confusion” in the market, KBRA said

Blue Owl saw strong demand for USD 1.4bn of direct loans sold to investors
Blue Owl expanded the number of BDCs that sold private credit positions, including internet and software loans, to North American institutional investors at 99.7% of par value 

Inflows for nontraded BDCs slow while redemptions rise – Fitch
The negative investor sentiment seen last year for listed BDCs now hits perpetual, non-traded BDCs

CalPERS, other large investors embrace a strategy that may send more cash to private markets
ANALYSIS: Institutional investors that switch to the Total Portfolio Approach will have more flexibility to commit to private market asset strategies like private debt and private equity

NYS system commits USD 500m as Illinois plans private credit RFP
NYSCRF allocates USD 500m to BlackRock, Ares and Pearl Diver; Boston, San Joaquin pensions also reveal recent commitments; Illinois police pension plans private credit search in June

Arini President Mathew Cestar says Europe’s missing AI boom provides opportunities
PODCAST: Europe has mostly missed the AI boom that’s driven a large part of US economic growth – but that actually makes European credit more appealing, according to the head of the alternative asset manager

Moelis taps Barclays alum to lead private credit secondaries
Kyle Reidy previously served as global head of structured credit origination at Barclays.  

Brigade raises USD 1bn for debut private credit fund
The firm will use the fund to make first-lien loans to companies in the lower and middle market

Software private credit names face refinancing risks amid AI fears – KBRA
ANALYSIS: The ratings agency also noted that software exposure alone is not a risk to BDCs, private credit CLOs and direct lending portfolios

Janus Henderson launches asset-backed credit fund for individuals
The fund, which was seeded with USD 250m, launched through Janus Henderson affiliates Privacore Capital and Victory Park Capital

Coller backs continuation vehicle for Ares direct lending
Ares closed a GP-led secondaries transaction for its 2018-vintage US direct lending fund