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

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

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

BNP Paribas AM raises EUR 90m for private debt fund of funds
A new fund of funds from BNP Paribas AM will target European special situations by investing in 6 to 8 private debt funds 

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

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

HSBC launches first NAV financing strategy
HSBC Asset Management has continued its expansion into private credit with the launch of another new strategy

Euro refinancing flows reverse as public debt supplants private according to S&P
S&P Global Ratings has assigned new ratings for nine European issuers of leveraged buyout structures refinancing private debt in public markets

Ares strategy ‘links investing to purpose’ with 5-10% of profits donated to charity
Joel Holsinger at Ares Management has a proposition for investors: “We’ll make the same types of investments we’ve made historically for you, and we’ll contribute 5% to 10% of our profits to charity.”

Credit hedge funds
Credit hedge fund performance for July 2024

Silver Point raises USD 4.6bn for opportunistic credit fund
It isn't just direct lending raising big checks. Silver Point blew past its target to bring in USD 4.6bn for a new distressed fund.

Apollo eyes IG private debt trading
Apollo Global Management is looking to create a trading desk for investment grade private debt

Corinthia Global Management eyes deployment in 4Q24
The upstart direct lender sued for lifting more than 20 staff from Barings is preparing to begin deploying capital as it announces a flurry of senior appointments

Park Square raises EUR 3.4bn for direct lending strategy
Park Square continued its long standing partnership with SMBC as the cornerstone of a Eureopan direct lending fundraise

Public Pensions, Private Pursuits: 26th-30th August 2024
Pennsylvania, New Mexico and Illinois reveal private credit investments, while the Texas and Arizona systems plot moves

Ares scoops up Riverside Credit Solutions for undisclosed amount
Ares Management has completed the purchase of lower middle market specialist Riverside Credit Solutions

Antares pursues private credit fund for affluent individuals
Antares has filed for a non-listed BDC that targests affulent individal investors for private credit

Comvest reshuffles credit leadership as Falk steps back
Michael Falk, Comvest Credit Partners' co-founder and chief executive officer, has now assumed the role of executive chairman

New Mexico pension system allocates USD 150m to private credit
The New Mexico State Investment Council is diversifying its European exposure with a new private credit fund commitment

Temasek raises USD 1.3bn for Asian private credit fund
Temasek's SeaTown Private Credit Fund II, which focuses on performing credit opportunities in the Asian Pacific, has closed

White Oak expands ABL unit with addition of new managing director
White Oak hires Matthew DeBernardo to help generate new business across the US in asset-based lending and factory facilities   

HighVista aims for USD 500m for third private credit fund
HighVista raised USD 78m as the Boston-based alternative asset manager targets USD 500m for its third private credit fund 

Paul Hastings hires partner from Simpson Thacher & Bartlett
New York-based Ismael Duran will join the Paul Hastings’s finance and private credit practices from Simpson Thacher & Barlett