North Carolina, CalPERS disclose billions in recent debt SMA allocations
NCIA commits USD 3.3bn to private credit across three managers; CalPERS discloses USD 2.3bn in 1Q26, including Blue Owl investment

Exit requests decline for Blue Owl’s semi-liquid tech lending fund
The fund, which saw some the highest exit request levels last quarter, reported a modest decrease and management says investor sentiment has improved.

Direct lenders trade USD 5bn Dun & Bradstreet private credit loan at 95 cents on dollar
EXCLUSIVE: The giant USD 5bn unitranche, which brought together more than 20 direct lenders to back Clearlake’s acquisition of Dun & Bradstreet last year, is now being shown to private credit managers at a discount

New York, Connecticut among systems pursuing alternative credit strategies
NYSCRF allocates USD 450m to net-lease, GP stakes funds; San Diego, San Mateo pensions commit to asset-based finance funds

Blue Owl leans into digital infrastructure amid lingering private credit concerns
USD 12bn Amazon data center deal showcases AI-backed strategy; 75% of Digital Infrastructure Fund III allocated, next vintage expected in 2H26

Exit requests surpass 40% at Blue Owl’s semi-liquid, technology lending fund
The private credit fund designed for individual investors saw quarterly redemption requests surge, leading the fund to impose its 5% exit cap

New York, Texas among systems making opportunistic, real estate credit allocations
NYSCRF allocates USD 550m to Apollo, Kennedy Lewis; TCDRS commits USD 150m to Blue Owl real estate fund

BDCs make sales to rebalance portfolios and create liquidity
As concerns about liquidity and credit quality mount in private credit, some direct lending vehicles are considering offloading selected assets

Private credit managers rush to cover outflows from perpetual, nontraded BDCs
ANALYSIS: Individual investors, once a reliable source of direct lending dry powder, are redeeming nontraded BDC shares beyond what the product was designed to handle

Blue Owl takes a hit as ‘retail investors may favor headlines over reality’ – Morningstar DBRS
Offering private market products to retail investors can result in reputational damage even when the terms of the product are respected, the ratings agency wrote

Private credit liquidity risk rises as retail investor base grows – Moody’s
The ratings agency warns individual investors in the retail channel are less patient and predictable, which will force private credit managers to focus more on managing redemptions, liquidity and asset values

Blue Owl shares drop nearly 6% as market faces nontraded BDC “confusion”
Investors in the nontraded BDC OBDC II should be getting more money back after the announced portfolio sale yesterday, indicating that there might be “some confusion” in the market, KBRA said

Blue Owl saw strong demand for USD 1.4bn of direct loans sold to investors
Blue Owl expanded the number of BDCs that sold private credit positions, including internet and software loans, to North American institutional investors at 99.7% of par value 

Inflows for nontraded BDCs slow while redemptions rise – Fitch
The negative investor sentiment seen last year for listed BDCs now hits perpetual, non-traded BDCs

Blue Owl raises USD 2.5bn for opportunistic alternative credit fund
The firm also said it is not negative on software lending, amid concerns that artificial intelligence may make some businesses obsolete

Blue Owl’s unwise BDC merger rekindles liquidity risk worries
A bungled attempt by Blue Owl to merge two of its credit funds highlights the risks wealthy investors in non-listed debt vehicles run in trading off the promise of consistent returns for limited liquidity

Leverage constraints, dividend potential was a driver in Blue Owl’s failed BDC merger
EXCLUSIVE: Investors in the nontraded BDC may have taken a hit to the share price as part of the original merger plan, but merging with the more leveraged listed BDC would have improved dividend yield

Florida, New Mexico systems commit hundreds of millions to direct lending
Florida commits USD 1bn to European direct lending; New Mexico allocates USD 450m at November meeting; Illinois, San Diego pensions also disclose recent commitments

Blue Owl’s blunder and risk of retail investment dominate discussions at SuperReturn Private Credit
Blue Owl abandons OBDC and OBDC II merger plan due to market conditions; Retail investors pose risk to private credit, with potential for forced selling in downturn

Blue Owl BDC M&A termination highlights the cost of market timing
ANALYSIS: BDC mergers are a common tactic to provide immediate liquidity to investors in less liquid private credit funds, but Blue Owl’s attempt came after a tumble in listed BDC share prices

Blue Owl calls off BDC merger
The firm previously planned to merge its listed BDC, OBDC, with the nontraded BDC, Blue Owl Capital Corporation II

Blue Owl completes Dyal IV strip sale, raises USD 2.7bn for GP stakes strategy
EXCLUSIVE: USD 2.5bn strip sale made up bulk of capital raised for GP stakes strategy; Dyal Capital Partners VI is now 35% deployed
 

First Brands bankruptcy seems to be a problem separate from private credit - Blue Owl
CEO Marc Lipschultz is not seeing an uptick in private credit defaults and says concerns around the asset class are misplaced

Blue Owl launches alternative credit fund for individual investors
The new product is structured as an interval fund and launched with USD 850m

Asset-based lending increasingly acts as private debt diversifier
Direct lender Bow River is the latest manager to acquire a lower middle market asset-based financing firm as investors seek to diversify existing private debt portfolios