US corporate private credit assets surpasses BSL, HY markets—LSTA
Despite the growth, leverage across various private credit vehicles remain modest, according to the industry group’s latest study  

First Eagle launches nontraded BDC that invests in US middle market private credit
The product will invest in directly originated, senior-secured, first lien loans to US middle market corporate borrowers

Massachusetts, midwest pensions disclose recent private credit moves – Public Pensions, Private Pursuits
ANALYSIS: Massachusetts, Michigan pensions reveal private credit investments totaling USD 225m, Illinois Municipal Retirement Fund commits USD 50m to Pemberton   

PGIM Fixed Income poaches Blackstone exec for private ABF effort
The firm is building a dedicated asset-based finance platform

Coller Capital buys USD 1.6bn portfolio, claiming largest senior direct lending secondaries deal
The private markets secondaries specialist has acquired a senior direct lending portfolio from a multiline US insurer

BlackRock, a traditional asset manager no more – CEO Larry Fink
In his latest annual letter to investors, Chairman and CEO Larry Fink lays out his ambition to index private markets and bring these illiquid assets to the masses

More volatility, more uncertainty and more tailwind for private credit – KKR’s Dan Pietrzak
PODCAST: The new Trump administration in the US has introduced new uncertainty with its preparedness to employ wide-reaching tariffs, and M&A volumes remain depressed, but KKR’s private credit team is busier than it has been in the past few years. 

PAG raises USD 1.25bn for significant risk transfers
The Hong Kong-based alternative asset manager is expecting the SRT market to grow at a 30% to 40% rate annually over the next few years

Marathon ditches distressed strategy to raise USD 2.7bn for opportunistic credit
EXCLUSIVE: The asset manager originally launched the fund with a distressed debt strategy but has since switched the focus to making opportunistic private credit and equity investments  

Total fees paid to direct lending funds dip as yields fall —Cliffwater
Institutional investors in direct lending funds are paying fewer dollars in performance fees despite private credit managers refusing to lower fee rates

Lincoln Financial partners with Bain, Partners Group on private credit products for US wealth channel
Lincoln aims to launch the two new private credit products in late 2025

Deutsche Bank and DWS strike private credit agreement
The asset manager is also bringing on a Deutsche Bank executive to head its global private credit business

Regulators scrutinise fund loans

Fund performance - February 2025
Structured finance leads, but all indices stay positive as 2025 begins

Partners Group seeks to more than double private credit AUM
The alternative investment firm plans to grow private credit AUM to more than USD 70bn and could consider acquisitions

Banner Ridge targets USD 3.2bn for private credit secondaries
The firm will use the latest secondaries fund to buy stakes in private credit funds focused on special situations, distressed debt and opportunistic credit

CalPERS reveals USD 3.9bn in private credit commitments
Public Pensions, Private Pursuits: CalPERS discloses 3Q24 private credit commitments, invests USD 16.9bn in 2024, and Connecticut, Oregon, Indiana, Texas, Jacksonville make investments   

L Catterton raises USD 450m in first close for debut direct lending fund
EXCLUSIVE: The direct lending arm of L Catterton launched the fund in 2024 and is targeting USD 1bn in commitments.

US leveraged loan default rate set to rise to 1.6% by end of 2025: S&P
Macroeconomic headwinds, policy uncertainty and the reduced likelihood of interest rate cuts could contribute to the uptick  

State Street, Apollo’s private credit ETF launched before addressing all regulatory concerns - SEC
The SEC published an open letter implying that the industry’s first private credit ETF launched this week without getting proper approval.

Blackstone plays ‘banker with a balance sheet’ to find lending deals
Blackstone’s BDC retreated to deploying in the upper middle market as the broadly syndicated market reclaimed large cap deals  

Large cap deals generating higher percentage of private credit defaults, S&P says
Larger private debt deals were also more likely to include a payment-in-kind feature

Alaska ups private credit co-investing to combat fund fees
The Alaska Permanent Fund Corporation faces fee drag of around 15% for the asset class

Maine, Louisiana, San Jose, Kern County pensions make new private credit investments, plot future moves
Public Pensions, Private Pursuits: Maine PERS to further increase exposure to TPG Angelo Gordon’s direct lending arm

JPMorgan to kick start private debt fund for wealthy individuals
Structured as an interval fund, JPMorgan Asset Management plans to use the fund to invest across direct lending, asset based finance and distressed debt investments.