Blue Owl raises USD 400m in 12 months for direct lending fund
New York-based Blue Owl Capital has now raised approximately USD 1.9bn to date for a diversified lending fund, including USD 400m in the last 12 months

Public Pensions, Private Pursuits: 5th-9th July 2024
Florida, Wisconsin, and Vermont pension systems disclosed new private credit commitments, while the New York State (NYS), New Mexico, and Alameda County, California funds planned future mandates

German manager launches two new private credit fund-of-funds
YIELCO Investments, a German alternative asset manager, is planning a 2024 first close for two newly launched private debt fund-of-funds

ABS specialist LibreMax partners with fintech platform iCapital
New York-based securitized credit specialist LibreMax Capital has teamed up with fintech platform iCapital

Ares closes USD 34bn senior direct lending fund
Ares has closed what could be the largest direct lending fund ever with nearly USD 34bn raised, including USD 15.3bn in equity commitments

Churchill hires from FS Investments to grow wealth channel
New York-headquartered Churchill Asset Management has hired a new managing director and head of investor relations, retail & wealth 

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

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

Leveraged loan issuance tops USD 1tn in record-setting first half
US leveraged loan issuance has jumped 91.2% year-on-year in the first six months of 2024, reaching USD 1tn for the first time on record

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

Fund performance
Spire, Prytania and Serone funds enter top 10 dominated by CLOs; Leading fund: Alegra ABS 2

Chorus Capital raises USD 2.5bn for SRT strategy
Chorus Capital has closed a USD 2.5bn SRT fund that could be the largest ever in the space

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

Ex-Sculptor veterans launch new asset-backed firm Indago
Sculptor alumni led by Akhil Mago have kick started Indago to invest in asset-backed finance and CLOs

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

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

Fund performance
CLO funds dominate again as they take 18 spots in top 30 list

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