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

Corinthia eyes EUR 1bn first close for maiden European direct lending strategy
Corinthia is on the cusp of holding a EUR 1bn first close for its inaugural European direct-lending strategy, four sources familiar with the situation said. 

Wendel announces purchase of majority stake in Monroe Capital
French investment firm Wendel announced on Tuesday it has agreed to acquire 75% of US private credit firm and CLO manager Monroe Capital for USD 1.13bn, as part of its planned expansion into third-party asset management.

Apollo raises USD 4.8bn for large cap direct lending
Apollo Global Management has closed its Apollo Origination Partnership Fund II, raising approximately USD 4.8bn of investable capital

Diversification is driving direct lending allocations in Italy and Canada
In recent visits to Milan and Toronto, we heard how private capital is becoming accepted as a core allocation in institutional investment portfolios

Nuveen Private Capital taps Ares partner for private wealth distribution
The platform encompassing Churchill Asset Management and Arcmont Asset Management, has hired Moshe Bajnon for the newly created position of global head of private wealth

Adams Street raises additional USD 289m for evergreen fund
Adams Street Partners has corralled an additional USD 289m for an evergreen direct lending fund that launched in 2020

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

Credit hedge funds
Credit hedge fund performance for July 2024

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

Corinthia Global Management eyes deployment in 4Q24
The upstart direct lender sued for lifting more than 20 staff from Barings is preparing to begin deploying capital as it announces a flurry of senior appointments

Access Pool plans to allocate GBP 350m to direct lending
UK-based pension system Access Pool is looking to allocate to direct lending strategies in Europe and the US 

Search for diversification begins as direct lenders predict uptick in defaults
Amid the buzz of private credit there are doubts, as headwinds have caused the market to become cautious as competition increases.

Credit funds at a glance
Top performers, recent hires and recent fundraising

By raising billions, private credit funds are causing a seismic shift in leveraged finance
Private credit funds are amassing a huge war chest that’s permanently changing the complexion of the leveraged finance market

Janus Henderson inks deal to buy private credit manager Victory Park 

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

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 

Hayfin agrees to Arctos-backed management buyout
The management team at Hayfin Capital Management is taking over the company in a management buyout backed by Arctos Partners

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

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

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

Funds roundup: June 2024
Private credit funds keep getting larger — some reaching billion-dollar status — while demand for niche solutions, such as interval funds and special situations, continues to escalate