Raistone enters Chapter 7 following First Brands filing; judge in Highland Chapter 11 case recuses herself after allegations about her novels
Judge Stacey Jernigan of the US Bankruptcy Court for the Northern District of Texas recused herself from multiple matters in Highland Capital Management's Chapter 11 case after parties argued that novels she authored portrayed a hedge fund executive involved in the case

FS KKR’s Lionbridge loan hit with AI threat, put on nonaccrual
The listed BDC also added Alacrity Solutions, AmeriVet Partners, Dental Care Alliance and Gracent to its nonaccrual list and cut dividends by nearly a third to USD 0.48 per share

Europe's nationally focused M&A law firms see opportunities amid transatlantic tensions
ANALYSIS: Nationally focused law firms emphasise trust, privacy, tailored advice; super-boutique Slaughter & May continues with 'Best Friends' on the Continent

Unitranche deals take off in Europe, setting new record – Houlihan
The European private credit market completed 570 unitranche deals in 2025, marking an all-time high since Houlihan Lokey started publishing its quarterly report

Arcmont closes second capital solutions fund with EUR 1.5bn raised
The second iteration of the private credit firm’s capital solutions fund is almost double the size of its predecessor

US managers to gear up European private credit CLO market
EXCLUSIVE: A slew of European private credit CLOs are set to come to market this year, with US-based managers leading the charge

Ares to anchor Arcmont’s debut direct lending continuation fund
PJT advises on Arcmont's GP-led credit secondary vehicle; Ares closed its debut credit secondaries fund on USD 7.1bn

Maine, New Mexico systems eye large bets in senior direct lending
Maine PERS plans USD 375m for Blackstone funds; New Mexico SIC allocates USD 300m to Neuberger Berman; LADWP, Ventura County pensions also disclose recent moves

2026 has already seen over USD 7bn in direct lending foreclosures – Lincoln International
Private credit debt-to-equity swaps hit a record USD 24bn in 2025, and sponsors are continuing to abandon portfolio companies to direct lenders this year

First Brands adequate protection fight with Evolution yields appellate court ruling friendly to allegedly secured lenders – Legal Analysis
District Court remands dispute back to Bankruptcy Court for further findings and corrected analysis; District Court sets precedent for Chapter 11 cases in Southern District of Texas that prima facie showing of security interest entitles creditors to adequate protection

Qatar SWF backs 5C direct lending growth in new partnership
The sovereign wealth fund is agreeing to help the alternative investment manager develop new investment products

Software sell-off leads to improved CLO equity arb – BNPP
BNP Paribas is currently bullish on H2 2024 CLO equity in the US, largely due to its low NAV and low software exposure

Private credit CLOs gather steam in Europe as Ares prices its first euro/sterling deal
The transaction follows the pioneering euro/sterling transaction from Barings last October, which also priced via BNP Paribas, and is the second private credit CLO for Ares in Europe

CalPERS, other large investors embrace a strategy that may send more cash to private markets
ANALYSIS: Institutional investors that switch to the Total Portfolio Approach will have more flexibility to commit to private market asset strategies like private debt and private equity

NYS system commits USD 500m as Illinois plans private credit RFP
NYSCRF allocates USD 500m to BlackRock, Ares and Pearl Diver; Boston, San Joaquin pensions also reveal recent commitments; Illinois police pension plans private credit search in June

Lending giants invade lower mid-market in search of deals – Private Credit Comment
Smaller debt funds face increased competition from larger lenders; normalisation hinges on more M&A volumes or issues in syndicated markets

Abry plans programmatic BSL CLO issuance, eyeing expansion to private credit CLOs
EXCLUSIVE: The alternative investment firm, which made its debut last year, is planning for two to three CLOs for 2026

Private credit manager Varagon prices second CLO
Arranged by BNP Paribas, the USD 592m MDL Structured Notes II is the manager’s first CLO issue since its market debut in October 2024

LGT Capital Partners launches CLO equity fund
The royal family-owned firm made its CLO debut last summer, pricing a EUR 517m deal arranged by Deutsche Bank 

Janus Henderson launches asset-backed credit fund for individuals
The fund, which was seeded with USD 250m, launched through Janus Henderson affiliates Privacore Capital and Victory Park Capital

First BCRED deal for 2026 lowers AAA tight for private credit CLOs
The deal issued its top-of-stack paper at SOFR plus 137bps

Former Ares CLO leader Boris Okuliar joins Corinthia
London-based Okuliar is now Corinthia’s chief strategy officer and head of global diversified credit, signalling the private credit firm’s expansion into public credit

CLO equity payments decline for US and Europe
Reinvesting US BSL CLOs saw median equity payments slip 16bps from the fourth quarter of 2025

Wisconsin, Texas systems increase commitments to opportunistic credit
Wisconsin Investment Board allocates USD 650m in 4Q25; Texas system commits USD 350m to LuminArx, Ares

KKR prices second deal in programmatic private credit CLO strategy
The transaction is the second in the manager’s series of private credit CLO issues under the KIMM (KKR Institutional Middle Market CLO) banner, following the pricing of KIMM CLO I in October 2024