PIK use rises to 12% of sponsored direct lending deals - KBRA
Sponsor-backed companies using payment-in-kind for senior debt now account for 12% of the KBRA DLD Direct Lending Index, an increase of 1% from the last quarter

TPG Angelo Gordon raises nearly USD 2bn for private credit strategy
TPG Angelo Gordon has raised USD 1.82bn so far for its private credit fund called TPG AG Credit Solutions Fund III which is targeting USD 4.5bn in commitments
   

Corinthia eyes EUR 1bn first close for maiden European direct lending strategy
Corinthia is on the cusp of holding a EUR 1bn first close for its inaugural European direct-lending strategy, four sources familiar with the situation said. 

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

Blue Owl moves to launch direct lending business in Europe
US-based asset manager Blue Owl is looking to launch a direct lending business in Europe and is interviewing deal-markers in the regions

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

Churchill raises more than USD 350m for junior capital debt fund
Churchhill Asset Management raised funds for junior capital direct lending to sponsor-backed US companies

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

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

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

First Eagle prices the market’s second MM refi of 2024
First Eagle last week priced a rare refinancing of a private credit deal - Lake Shore MM CLO II, a middle-market CLO from 2019

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.

PGIM Private Capital launches ELTIF
PGIM Private Capital rolled out its first European long-term investment fund as managers continue to adopt the new fund structure

Boutique London manager holds first close on direct lending fund
London-based alternative investment manager Prefequity revealed the first close of its Prefequity Credit Opportunities II fund 

BlackRock expands investment grade private credit team
BlackRock has hired a senior executive from Pacific Life to lead the firm’s investment grade private placement platform

New Mountain Capital BDC raises nearly USD 860m
New York-based alternative asset manager New Mountain Capital has held close of its New Mountain Guardian IV BDC 

Funds round up: April 2024
Allocations to private credit and new fund launches continued to roll out in April, as our monthly round-up confirms

Golub raises USD 2bn for sixth credit opportunities fund
Golub Capital has held the final close of the sixth vintage of its credit opportunities fund, raising USD 2bn

Golub hires from MetLife for new insurance solutions team
Golub Capital has launched a new insurance solutions team, as the firm continues its multi-year plan to build out its investor partners group

Baltimore pension system puts USD 35m into private credit fund
The City of Baltimore's Fire & Police Employees' Retirement System recently allocated USD 35m to a private credit fund