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

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 

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

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

French asset manager raises more than EUR 2.3bn for SRT fund
Alternative asset manager AXA IM Alts revealed the final close of its latest SRT fund, Partner Capital Solutions 9 Fund

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

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

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 

SRT market grows to EUR 18.5bn of junior tranches in 2023
Banks executed 89 synthetic securitizations for SRT globally in 2023, according to the IACPM’s latest synthetic securitization survey

John Hancock launches multi-asset credit interval fund
A new fund, managed by affiliate Manulife | CQS, will invest in multi-asset credit strategies and fixed-income asset classes  

First private credit LTAF is approved
The UK’s Financial Conduct Authority greenlighted a joint venture this week, representing the first long-term asset fund offered by a private debt specialist

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.