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

Deerpath resets and upsizes private credit CLO from 2022
The reset of Deerpath Capital CLO 2022-1 almost doubled the size of the CLO from an original USD 374m to the new USD 725m

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

The second Trump presidency is likely to turbocharge already frothy markets
The impact of Trump’s second term in the Oval Office will be wide-ranging for the US and the world. For credit markets, his return to power portends more intense competition between banks and private credit, and frothier deals.

Private credit lenders don’t have to put up with exotic assets and complex structures — they can choose SRTs
If rapid growth and diversification into exotic asset classes, complex structures, opaque valuations, PIK-ing, etc, all sound a bit 2008, there are alternatives. Private credit is not a monolith nor, in some parts, is it a crowded trade.

As investors struggle with data overload, they are missing opportunities
Investors are challenged today with so much data and distraction coming at them from every angle. This makes it tough to see the big picture — which in the US actually looks pretty good.

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

Blue Owl resets 2022 middle-market CLO
Blue Owl Capital has reset its US private-credit backed Owl Rock CLO IX, adding a small equity infusion in the process

Fortress Credit prints its second new middle-market CLO of 2024
The senior triple-As priced at 159bps in Fortress' second private credit CLO, a full 61bps tighter than the manager's previous deal back in January 

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

US MM CLO Rankings - October 2024
Golub continues to dominate our latest manager rankings for the US MM CLO market, with SocGen standing out among the arrangers

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

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

Cerberus prints short-dated MM CLO that matches BSL spread levels
The triple-As for the 1Y/2Y private credit CLO priced at 135bps, on top of current levels for longer dated 2Y/5Y BSL CLOs

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 

Blackstone prices ultra-tight private credit CLO
Blackstone has followed fellow US behemoth KKR in rethinking its approach to private credit CLOs, with the first such deal under the Blackstone Secured Lending Fund (BXSL) shelf

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

Antares sets new AAA tight for a middle-market CLO (again)
Antares beat its own triple-A benchmark when it priced Antares CLO 2024-6 with a senior spread of SOFR plus 156bps