Audax Private Debt hires from Stifel in wealth push
Audax has become the latest addition a string of private credit managers strengtheing their wealth management sales teams

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

Antares sets new triple-A tight with mid-market print
The relentless tightening of MM CLO spreads has continued with Antares pricing  a new MM CLO with triple-As paying SOFR plus 157bps

JPMorgan is in negotiations to expand roster of private credit partners
JPMorgan is in active negotiations to build a roster of private credit partnerships to bolster its presence in the asset class

Apollo prioritizes origination as dry powder pressures mount in private debt industry
Apollo's Rowan says sourcing deals will be the limiter of growth for his industry rather than finding capital, and will prompt more tie-ups with banks

GoldenTree to launch Private Credit Fund II
The second closed end fund in the GoldenTree Private Credit strategy should launch in the fourth quarter of 2024

US MM CLO Rankings - September 2024
Golub continues to pull away from the pack in our latest manager and arranger rankings for the US MM CLO market

First Eagle adds direct lending MD in New York
First Eagle Alternative Credit has hired a direct lending originator from Brightwood with a focus on the New York metro region

Mizuho takes minority stake in Golub, strikes distribution agreement
Mizuho Financial Group has acquired a passive, minority stake in Golub Capital’s management companies as part of a strategic partnership

Ninety One closes EUR 150m ABL fund
Global investment manager Ninety One has held a final close for its European asset-based private credit fund, raising EUR 150m

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

Citi and Apollo launch USD 25bn direct lending program
Apollo Global Management and Citigroup have agreed to form a USD 25bn private credit, direct lending program, involving Athene and Mubadala Investment Company

Middle market CLO spreads continue to tighten as Cerberus prices
The latest new middle market CLO from Cerberus priced with some of the tightest levels seen this year

Defaults hit 5% YTD for US private debt-backed companies according to Fitch
The monthly default rate for North American private credit-backed companies hit 5% in August, driven by PIKs and interest deferrals

Fidelity adds another senior private debt hire as US expansion continues
Fidelity Investments has hired Lendell Thompson from Vista Credit, the latest of six senior investment professionals added to its US direct lending business

Dave Breazzano, Head of Polen Capital Credit Team, on finding niche opportunities in private credit
Dave Breazzano shares his insights on the evolution of credit markets, the rise of private credit, and the importance of opportunistic investing

Monroe selected by White House for new USD 1bn auto lending fund
Direct lender Monroe Capital is launching a White House-inspired USD 1bn institutional, closed-end fund to make direct loans to suppliers and manufacturers in the US automotive supply chain, the company announced.

Private credit firms begin creating desks for push into secondary trading
A number of private credit firms are looking to push into secondary loan trading, a signal that the USD 1.7 trillion asset class is perhaps beginning to mature and resemble other fixed income markets.

Ares strategy ‘links investing to purpose’ with 5-10% of profits donated to charity
Joel Holsinger at Ares Management has a proposition for investors: “We’ll make the same types of investments we’ve made historically for you, and we’ll contribute 5% to 10% of our profits to charity.”

Desperate direct lenders kept in the dark as private equity firms call shots
The intensifying fight for sparse private credit opportunities is enabling M&A bankers to keep lenders in the dark

The powers behind the loan
Thought that Wall Street still pulled the shots in LBO financing? Meet the real power brokers of the new world order — the people who run buy-side capital markets desks at private equity firms

Credit hedge funds
Credit hedge fund performance for July 2024

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

US spending remains resilient despite financial worries
Consumption accounts for just under 70% of the GDP of the world’s largest economy. The good news is that (repeated) reports of the death of the US consumer seem greatly exaggerated.

Jefferies ramps up private credit trading
Jefferies is building out its trading of private credit loans, joining a rush of banks and managers developing a new secondary market for the product