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

Blackstone reports 18% return from private credit over last 12 months
Blackstone's private credit and liquid credit returns outperform private equity investments in the last 12 months

Lloyds Bank joins forces with Oaktree for European direct lending platform
Lloyds Bank and Oaktree Capital Management have formed a new multi-year European direct lending facility

M&A activity on fire in private credit despite overall M&A slowdown
The M&A market has had a rough time in the past 12 to 18 months, but there’s one area that’s bucking the trend: private credit

Alternative PE lending puts pressure on LP-GP alignment
Loans that use fund NAV or GP earnings as collateral are growing in popularity. But some feel these deals could have unforeseen effects and hinder transparency in LP relationships

Oak Hill teams up with One Investment for European private credit
US-based Oak Hill and One Investment ink JV with USD 5bn to invest in upper middle market and large European companies 

Blue Owl scoops up Atalaya Capital for USD 450m
Private credit manager Blue Owl Capital is raising the stakes on its place in the USD 1.7trn global market with the purchase of asset-based credit specialist Atalaya Capital

New York retirement system allocates USD 400m to credit co-investment vehicle
The New York State Common Retirement Fund has invested USD 400m in a credit fund-of-one

Boston pension system selects new private credit manager
The Boston Retirement System has selected a new manager and made a commitment to its private debt strategy, according to recently released minutes

New direct lending business formed after management buyout
503 Capital Partners, a new direct lending business, has been formed as part of a management buyout of Tortoise Capital Advisor's private credit arm

California retirement system provides seed capital to BDC
The California State Teachers' Retirement System is not just allocating to private credit, but forming a new direct lending partnership

Cahill Gordon & Reindel turns to buy-side for new co-head of private credit
The latest people move in private credit was something rare – a move from a senior role on the buy-side back to a law firm 

Funds roundup: June 2024
Private credit funds keep getting larger — some reaching billion-dollar status — while demand for niche solutions, such as interval funds and special situations, continues to escalate

Australia’s $4tn retirement funds pour into private credit to capitalise on steady returns
Funds that make up one of the world’s largest pools of cash are allocating to private credit

Carlyle direct lending origination head jumps to Apollo
The head of origination and sponsor coverage for Carlyle’s direct lending business has joined Apollo, becoming the latest in a string of executives exiting the alternative asset manager

ORIX USA realigns private credit business with addition of BlackRock exec to team
ORIX Corporation USA has hired a BlackRock alumni as group head of direct lending, as the asset manager revamps its private credit business

Cresset teams up with ORIX's NXT for direct lending partnership
Cresset will provide the capital from its USD 500m private credit fund in exchange for access to NXT's origination machine

Ohio pension system allocates USD 100m to private credit
The Ohio Police & Fire Pension Fund has approved two new commitments to private credit totalling USD 100m 

Ares receives another USD 100m for its third direct lending fund
Ares Management continues to inch towards its goal of raising USD 10bn for its third senior direct lending fund with a recent commitment from a pension fund.

Pengana launches private credit platform aimed at retail investors
Sydney-headquartered money manager Pengana Capital Group has launched a new private credit platform

Stifel and Lord Abbett form joint venture for private credit
SBLA Private Credit is the latest example of investment banks and asset managers teaming up for a slice of the USD 1.7tn private credit market.

MidOcean Partners closes USD 765m opportunistic credit fund
MidOcean's latest direct lending strategy focuses on lending to mid-sized stressed, distressed and dislocated performing businesses.

SFERS commits another USD 75m to private credit
The San Francisco City & County Employees' Retirement System's latest commitment to private credit comes in the form of a USD 75m allocation

Indian manager raises nearly INR 25.75bn for credit opportunities fund
A Mumbai-based manager held a final close on its new special sits fund with INR 25.75bn raised