Kayne Anderson raises more than USD 2bn for middle market direct lending
EXCLUSIVE: The firm plans to hold a final close for Kayne Anderson Senior Credit Fund V at the end of the year

Tariff pressures stir PIK fears in private credit
As the US economy flashes warning signs amid President Trump’s push for higher tariffs, any pain in the direct lending market will likely appear in the increased use of payment-in-kind interest, market participants say

Tariffs will push up default rates for several years, say agencies and managers
After an uptick in leveraged loan defaults culled weaker credits in 2024, many expected default rates to fall in 2025. But the uncertainty stemming from the Trump administration’s tariffs means those assumptions are now under threat

News in brief
Blackstone plays offense amid volatility

Are unusual deals from Clearlake and JPMorgan signs of things to come?
Deals that would have gone to public markets switched to private credit

CLOs that refinanced in 2024 are set to take advantage of market turbulence
There are opportunities for CLOs to build par through discounted purchases

Remora Capital Partners to launch inaugural private BDC
The firm expects the private BDC to reach a size of around USD 500m in around a year’s time

JPMorgan’s asset management arm seeks to raise direct lending fund
EXCLUSIVE: The asset management unit is raising capital from institutional investors for direct lending as the bank steps up lending from its balance sheet.

Pemberton raises EUR 6.1bn for senior direct lending funds
The asset manager held a final close for Mid-Market Debt Fund IV and Senior Loan Fund II

PGIM issues new European CLO via HSBC
The deal is the manager's second new European print of 2025, and its third Euro transaction for the year to date

Former Barclays CLO head John Clements joins MUFG
The Japanese bank has appointed him as their head of CLOs, based in New York

Trinitas resets short-dated US deal on five-year timeline
The deal saw the triple As on the late 2023-vintage transaction tighten by 24bps

Blackstone prices static BCRED CLO
The transaction is the first non-reinvesting deal to price under the BCRED shelf

Macquarie issues first deal, marking its debut into US CLO management
The Australian-headquartered firm has entered the CLO management space under the leadership of Vivek Bommi

European CLO resets expected to continue throughout 2025 – Fitch Ratings
A report from the ratings agency indicates as many as 80 European CLOs from 2022 and after could be viable reset candidates this year 

Hertz extends revolver to 2028, some international banks exit facility
Mizuho and Natixis exit facility, while core banks remain committed

Blackstone prices Euro market’s first reset in a month
The deal is the first European repricing since Sculptor European CLO IV was reset on 3 April

Clearlake launches Clearlake Credit to chase private and public credit investments
The new platform will integrate the newly acquired MV Credit and WhiteStar Asset Management

Decline in loan supply from tariff uncertainty poses CLO underwriting risks—Oaktree
Oaktree warns a growing supply-demand imbalance for US leveraged loans could pressure CLO managers to pick up low quality paper

DWS axes Euro CLO management plans due to market volatility, shift in focus to private credit
The move comes amidst the departure of its head of European alternative credit, Dan Robinson

Apollo Debt Solutions BDC prices its debut CLO
The private credit transaction from the fund, which is run by Apollo Credit Management, is the market’s second debut CLO pricing in three days

New York, New Mexico pensions lead recent private credit investment
New York State, New Mexico pension systems disclose recent private credit investment worth USD 800m

KKR, Capital Group expand partnership with plans for public-private market product
The private market specialist is joining forces with a traditional asset manager to better reach individual investors

Mid-market PE firm becomes newest CLO manager with USD 402m print
Kohlberg & Co. priced its inaugural deal on Monday, with the market’s first new private credit CLO in three weeks

Audax launches private BDC with USD 1.1bn
The new product is aimed at wealthy individual investors in the US