FS Investments readies opportunistic credit fund, targets USD 750m
EXCLUSIVE: The vehicle, which will be the second opportunistic fund from FS, is set to launch in the third quarter of this year

Audax sets lowest AAA tight for new mid-market CLOs in three months
The manager's latest new issue priced its triple As at SOFR plus 160bps, a low for the current market

Canadian giant PSP to deploy CAD 6bn to IG private credit
EXCLUSIVE: The allocation will focus on investment grade opportunities across infrastructure, asset-backed and structured debt financing

Sound Point hires former Alcentra president as CFO steps down
CFO Kevin Gerlitz is retiring from the role after 16 years

Paradigm shift in US economy lessens likelihood of tariff-induced recession – Sound Point’s Stephen Ketchum
The founder and CEO of Sound Point Capital Management told Creditflux managing editor Lisa Lee on the latest edition of the ‘Credit Exchange’ podcast that he currently sees credit markets as being in a state of “reasonable balance”

Golub reset of middle market CLO employs complex capital structure
The reset featured six tranches for triple A coupons

Golub and Antares price almost USD 2.5bn of mid-market CLOs on bumper day of issuance
BNP Paribas arranged a trio of CLO resets between the two managers

PGIM shakes up credit platforms in major reorganization
The reorganization eliminates the separation between PGIM Private Capital and PGIM Fixed Income. The insurer-led firm appointed a single head of public and private fixed income  

US MM CLO Rankings – May 2025
Golub and Wells Fargo emerged on top in Creditflux's latest monthly mid-market CLO rankings for managers and arrangers

CalPERS rolls out ESG due diligence for private debt investments
The California pension giant also has an investment mandate specific to battling climate change

Defaults could rise for private ARR loans during the next two years—KBRA
Borrowers of annual recurring revenue loans, typically software companies, have so far outpaced other industries in terms of growth

CPP Investments backs Varde’s subline strategy launch
The Canadian pension giant provided USD 300m of strategic equity toward the new fund finance platform

Monroe Capital Partners returns to primary market with first 2025 print
The deal’s upper mezz priced in line with earlier investor guidance, but the triple Bs priced notably wide, with the spread remaining unchanged from its pre-reset level

Blackstone hires ex-Lazard co-head of US financial institutions
Joseph Cassanelli will work on the team behind Blackstone’s Tactical Opportunities strategy, which allows Blackstone to invest across asset classes, industries and geographies

Turning Rock hires head of credit
The new head of credit joins from Z Capital Group, where he oversaw both funds and CLOs

Allianz GI eliminates role after head of direct lending exit
Nadia Nikolova leaves after spending 11 years working for the asset management arm of insurer Allianz; team will now report to CIO for private credit  

US pensions' push into European private credit involves local expertise pursuit, mid-market strategy differentiation
The European credit market is expected to benefit from recent fiscal stimulus announcements and lower primary tariff impact, while mid-sized managers are likely to see growing demand for differentiated strategies

Public ABS volatility creates opportunity for Citi, Carlyle ABF partnership
By backing fintech specialty lending businesses, Carlyle will gain access to their portfolio of alternative collateral, Carlyle’s head of ABF told Creditflux

Investors opt for debt as alternative to secondary sales to generate liquidity
Investors are increasingly seeking financing as an alternative to selling their fund stakes on the secondaries market

News in brief
US credit returns fail to reflect risk

Private lenders fund record mega-loan for Clearlake
A large group of private credit firms clubbed together to raise the USD 5bn Clearlake Capital needed for its acquisition of Dun & Bradstreet. But is this huge deal a sign of things to come?

Maybe the only thing riskier than JPMorgan’s multifaceted private credit strategy is ignoring private credit entirely
No other bank has been as expansive in its attempts to join this market

As direct lenders seek efficient, scalable financing tools, private credit CLOs are growing fast
PCLOs have reached USD 135bn, or 13% of the overall CLO market

BlackRock pushes private markets for revenue diversification
The world’s largest asset manager is planning to launch three new private credit products for the wealth channel, in addition to its purchase of private credit shop HPS

Carlyle, Citi to partner on ABF in fintech specialty lending sector
Under the agreement, the two will share expertise and explore co-investment opportunities