Competition for deals and rising rates encourage greater use of PIK clauses
Despite improving conditions in credit, the number of private credit deals paying payment-in-kind (PIK) interest is staying at high levels — but the drivers are changing

Wall Street banks partner with private credit funds to ‘supercharge’ origination
JPMorgan and Citigroup are partnering with asset managers to broaden their reach into the burgeoning USD 1.7tn private credit market

Don’t panic — but Pluralsight could point the way to LMEs in private credit
Although LMEs have become a fact of life for broadly syndicated lenders, the private market seemed safe — at least until Pluralsight showed up

The middle market goes mainstream
Middle market CLOs were a niche product. Now we call them private credit CLOs — and they are growing faster than BSL CLOs

As asset managers win market share in direct lending, JPMorgan and Citigroup are trying different ways of working with them
Two of the stalwarts of corporate lending are embarking on partnerships with asset manager upstarts. The difference in their approach is illustrative.

Diversification is driving direct lending allocations in Italy and Canada
In recent visits to Milan and Toronto, we heard how private capital is becoming accepted as a core allocation in institutional investment portfolios

Nuveen Private Capital taps Ares partner for private wealth distribution
The platform encompassing Churchill Asset Management and Arcmont Asset Management, has hired Moshe Bajnon for the newly created position of global head of private wealth

Siguler Guff raises USD 900m for small business lending
Siguler Guff Small Business Credit Opportunities Fund III lends to sponsor-backed US businesses in the small and lower middle market

Silver Point launches new direct lending fund
Connecticut-based Silver Point Capital has launched a new direct lending fund, Silver Point Private Credit Fund, according to a filing with the SEC

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