Canyon Partners promotes co-head of private credit Kivitz to CIO role
Canyon Partners has tapped co-head of private credit Jeff Kivitz to serve as the firm’s next CIO, replacing outgoing Todd Lemkin

GP-led transactions set to fuel private credit secondaries in 2025 as deal sizes increase
Private credit secondaries volume has skyrocketed over the past year, and industry participants believe the momentum will continue into 2025 thanks to an environment ripe for GP-led transactions.

Private credit managers try to get creative in lacklustre fundraising environment
Facing a less-than-ideal fundraising environment, private credit managers are having to pull various levers to secure equity commitments for their latest funds.

UBS forecasts strong private credit returns in 2025, but also downside risks
UBS Global Research has tipped double-digit returns for US investors in its 2025 private credit outlook, but emphasised the risks are skewed to the downside

Connecticut pension fund joins new trend for evergreen fund-of-ones
The Connecticut Retirement Plans and Trust Funds’ investment advisory council has recommended a new private debt fund-of-one with an evergreen investment period to the pension board in the latest example of institutional investors seeking flexible vehicles.

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

This time around, BlackRock will be poised to be a shaper of the move
USD 12bn seems a lot to pay for HPS. But BlackRock urgently needed to catch up in private credit

Secondaries have become an essential part of the private equity ecosystem
As PE funds hold companies for longer, GPs are finding new ways to generate distributions

MA Financial Group launches US private credit interval fund
MA Financial Group, a global alternative asset manager based in Sydney, Australia, has launched a US private credit interval fund managed by US business arm, MA Asset Management

FoxPath readies debut credit secondaries fund
New York-based FoxPath Capital Partners is in the process of launching its debut fund, which will invest in private credit secondaries

Monroe knocks 103bps off triple-As in refinancing of middle-market CLO
Monroe Capital Partners has refinanced its Monroe Capital MML CLO XIV, a middle-market deal from two years ago, tightening the spread at the top of the stack dramatically

Barings hires Churchill MD for private debt originations
Barings Global Private Finance has hired a managing director from Churchill Asset Management to serve as a managing director for North America Private Credit

Carlyle raises over USD 7bn for credit opps fund
Carlyle today announced the final close of its third credit opportunities fund at USD 7.1bn in investable capital, marking the global investment firm’s largest credit fundraise to date

BlackRock resets middle-market deal from 2022
BlackRock has reset a middle-market deal called BlackRock Maroon Bells MM CLO, simplifying the top of the deal’s structure in the process

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

Silver Rock sells 42% stake to Mubadala
New York-based Silver Rock has agreed to sell a 42% stake to Mubadala Capital, but the two entities will continue to operate independently

Willow Tree prices second middle-market CLO
Willow Tree Credit Partners has priced a new middle-market CLO, three months after the manager’s debut offering in September

HPS deal is expensive but catapults BlackRock into private credit top five
BlackRock is poised to become one of the largest private credit managers in the world after agreeing to buy private credit manager HPS Investment Partners at a rich 30x multiple

PGIM Fixed Income builds large cap direct lending with new hire
PGIM Fixed Income has picked up a former Texas Capital managing director as it builds out its large cap direct lending business 

BlackRock acquires HPS in USD 12bn deal
BlackRock has acquired HPS Investment Partners for USD 12bn in an all-stock transaction, creating a private credit franchise with a combined USD 220bn in client assets

PGIM to bring mezz fund back to market in 2025
PGIM Private Capital, the middle market private debt business of global investment manager PGIM, plans to launch its latest private credit mezzanine fund next year

Canyon Partners hires credit product specialist from Varde
Canyon Partners, a global alternative investment manager, has hired a new managing director from Varde to act as lead credit product specialist

Montana commits to Deerpath, Stellus and Goldentree credit funds
The Montana Board of Investments disclosed commitments to funds managed by Deerpath, Stellus, and GoldenTree during a board meeting last week.

HSBC Asset Management launches venture debt strategy with new hire
HSBC Asset Management turned to an SVB Capital veteran for a newly created position, head of innovation credit, to build out a venture lending strategy

Direct lenders add pricey terms on amend-and-extend deals
Companies negotiating an amendment with direct lenders might find the deal costly as most demand extra fees, payment and security to execute, according to a new survey