Connecticut, San Francisco among funds making new private credit moves – Public Pensions, Private Pursuits
EXCLUSIVE: Connecticut plans commitment to Anchorage Capital distressed credit funds; San Francisco, North Dakota, and Dallas funds disclose recent commitments

Marathon ditches distressed strategy to raise USD 2.7bn for opportunistic credit
EXCLUSIVE: The asset manager originally launched the fund with a distressed debt strategy but has since switched the focus to making opportunistic private credit and equity investments  

Ares alum launches opportunistic credit firm backed by Millennium
The new firm will focus on opportunistic credit across public and private markets.

Francisco Partners closes USD 3.3bn opportunistic credit
Francisco Partners has raised an opportunistic credit fund that exceeded its 2.3bn target

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

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

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

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

Direct lenders debate new protections to avoid being Pluralsight-ed
Direct lenders are starting to ask for “Pluralsight Protection” when negotiating new deals to head off a repeat of the standoff this summer

Vector launches special situations private credit fund
A San Francisco-based private equity firm has launched a new private credit special situations fund, and is aiming to raise USD 300m

Private credit default rate rises sharply, according to new report
The second quarter of 2024 saw a further increase in the default rate for US middle market companies, according to legal firm Proskauer's latest report

Connecticut pension allocates USD 300m to Oaktree’s distressed credit fundraising
Connecticut pension system commits to Oaktree latest flagship distressed credit fund