AI capex set to expand at unprecedented speed and scale – BlackRock
The 2026 outlook from the BlackRock Investment Institute notes that capital spending ambitions tied to the buildout of the artificial intelligence boom are so large that the micro is becoming macro

CLO issuance projected to hit new records in 2026 – KBRA
The ratings agency projects USD 220bn in issuance across US BSL CLOs and private credit CLOs as well as five to six European private credit CLOs next year

Muzinich names new co-head of US private debt in flurry of senior hires
Jens Ernberg has joined Muzinich from Camberline Capital Management, along with Matthew Bandini and Rocco DelGuercio

Leverage constraints, dividend potential was a driver in Blue Owl’s failed BDC merger
EXCLUSIVE: Investors in the nontraded BDC may have taken a hit to the share price as part of the original merger plan, but merging with the more leveraged listed BDC would have improved dividend yield

Florida, New Mexico systems commit hundreds of millions to direct lending
Florida commits USD 1bn to European direct lending; New Mexico allocates USD 450m at November meeting; Illinois, San Diego pensions also disclose recent commitments

BNPP highlights rising CCC exposure in private credit CLOs
BNP Paribas is bullish on the credit markets going into 2026, but has pointed to hints of credit deterioration, such as elevated triple C exposure in private credit CLOs

Blue Owl’s blunder and risk of retail investment dominate discussions at SuperReturn Private Credit
Blue Owl abandons OBDC and OBDC II merger plan due to market conditions; Retail investors pose risk to private credit, with potential for forced selling in downturn

Private credit downgrades persist despite revenue, EBITDA improvement – S&P
Private credit downgrades were driven by pockets of weaker borrowers, but the upper end of the market shows strong fundamentals, the ratings agency said in its latest report

MidCap prints rare static mid-market CLO
The middle market specialist issued the half-billion-dollar new issue via Bank of America

Blue Owl BDC M&A termination highlights the cost of market timing
ANALYSIS: BDC mergers are a common tactic to provide immediate liquidity to investors in less liquid private credit funds, but Blue Owl’s attempt came after a tumble in listed BDC share prices

Blue Owl calls off BDC merger
The firm previously planned to merge its listed BDC, OBDC, with the nontraded BDC, Blue Owl Capital Corporation II

Mid-market CLO rankings – October 2025
Creditflux's year-to-date mid-market CLO rankings to the end of October shows Golub continuing to lead the way from Antares, Apollo and BlackRock/HPS

Concerns growing about potential turn in the credit cycle – Goldman 2026 outlook
Investors should monitor signs of late-cycle behaviours, with the possibility that pressure on leverage ratios may result in credit ratings downgrades, Goldman Sachs Asset Management said in its 2026 investment outlook

Morgan Stanley launches private market fund for European individual investors
The new product from Morgan Stanley Investment Management will invest across private equity, private credit, real assets and some public assets

MidOcean gears up for second CLO equity fund
EXCLUSIVE: The investment manager previously raised more than USD 300m for its debut CLO Equity Fund I in 2024

CVC launches dedicated private credit secondaries platform
The alternative asset manager tapped Henri Lusa, a former managing director at Partners Group, to lead the new effort

Blackstone starts new fundraising round for institutional, evergreen US direct lending fund
The alternative asset management giant is back to raise more capital for Blackstone Senior Direct Lending Fund after previously closing on USD 22bn in October 2024

Park Square strikes US direct lending alliance with Nomura
The new agreement will help Park Square source US senior direct lending deals for its new US Loan Partners fund

Diameter raises USD 4.5bn for stressed, distressed, special-sits credit
The final close of the firm’s third dislocation fund surpassed its hard cap

McDermott promotes partner in fund finance business buildout
The newly combined law firm McDermott Will & Schulte wants to focus more on lender-side counsel as net-asset-value lending market expands

Venture debt firms sound first notes of caution about AI
Venture debt loves a high-growth industry, and the growth story of the century has been artificial intelligence (AI). As some of the first investors in AI scale-ups, venture debt firms can take some credit for this success

Watch out for the cockroaches
After the collapse of First Brands, some of the biggest hitters in global finance have been quick to argue that any bugs in the system won’t affect them — but are bad news for everyone else

Private credit is too small to create a global financial crisis — but there are plenty of other storm clouds gathering
Total bankruptcy filings have climbed every quarter since June 2022

Experienced direct lenders invest in resilient sectors, leaving banks with the riskiest LBO assets
Expect banks to keep shifting the blame — even if they have cockroaches

Neuberger goes smaller on flagship fund even as platform grows
The firm’s latest Private Debt Fund V clocked in around USD 1bn short of the predecessor fund as investor capital flows into other vehicles under the same strategy