FS KKR’s Lionbridge loan hit with AI threat, put on nonaccrual
The listed BDC also added Alacrity Solutions, AmeriVet Partners, Dental Care Alliance and Gracent to its nonaccrual list and cut dividends by nearly a third to USD 0.48 per share

Unitranche deals take off in Europe, setting new record – Houlihan
The European private credit market completed 570 unitranche deals in 2025, marking an all-time high since Houlihan Lokey started publishing its quarterly report

Arcmont closes second capital solutions fund with EUR 1.5bn raised
The second iteration of the private credit firm’s capital solutions fund is almost double the size of its predecessor

Ares to anchor Arcmont’s debut direct lending continuation fund
PJT advises on Arcmont's GP-led credit secondary vehicle; Ares closed its debut credit secondaries fund on USD 7.1bn

Maine, New Mexico systems eye large bets in senior direct lending
Maine PERS plans USD 375m for Blackstone funds; New Mexico SIC allocates USD 300m to Neuberger Berman; LADWP, Ventura County pensions also disclose recent moves

2026 has already seen over USD 7bn in direct lending foreclosures – Lincoln International
Private credit debt-to-equity swaps hit a record USD 24bn in 2025, and sponsors are continuing to abandon portfolio companies to direct lenders this year

Qatar SWF backs 5C direct lending growth in new partnership
The sovereign wealth fund is agreeing to help the alternative investment manager develop new investment products

Private credit CLOs gather steam in Europe as Ares prices its first euro/sterling deal
The transaction follows the pioneering euro/sterling transaction from Barings last October, which also priced via BNP Paribas, and is the second private credit CLO for Ares in Europe

CalPERS, other large investors embrace a strategy that may send more cash to private markets
ANALYSIS: Institutional investors that switch to the Total Portfolio Approach will have more flexibility to commit to private market asset strategies like private debt and private equity

NYS system commits USD 500m as Illinois plans private credit RFP
NYSCRF allocates USD 500m to BlackRock, Ares and Pearl Diver; Boston, San Joaquin pensions also reveal recent commitments; Illinois police pension plans private credit search in June

Lending giants invade lower mid-market in search of deals – Private Credit Comment
Smaller debt funds face increased competition from larger lenders; normalisation hinges on more M&A volumes or issues in syndicated markets

Private credit manager Varagon prices second CLO
Arranged by BNP Paribas, the USD 592m MDL Structured Notes II is the manager’s first CLO issue since its market debut in October 2024

Janus Henderson launches asset-backed credit fund for individuals
The fund, which was seeded with USD 250m, launched through Janus Henderson affiliates Privacore Capital and Victory Park Capital

First BCRED deal for 2026 lowers AAA tight for private credit CLOs
The deal issued its top-of-stack paper at SOFR plus 137bps

Wisconsin, Texas systems increase commitments to opportunistic credit
Wisconsin Investment Board allocates USD 650m in 4Q25; Texas system commits USD 350m to LuminArx, Ares

KKR prices second deal in programmatic private credit CLO strategy
The transaction is the second in the manager’s series of private credit CLO issues under the KIMM (KKR Institutional Middle Market CLO) banner, following the pricing of KIMM CLO I in October 2024

Ares plans to raise a USD 6.6bn alternative credit fund in just six months
The alternative asset manager also said on its fourth quarter earnings call that it is preparing a final close for its latest opportunistic credit fund

PennantPark resets 2024-vintage private credit CLO
PennantPark has reset a 2024-vintage private credit CLO, tightening its senior triple A spreads by 87bps from the level they issued at two years ago

Blue Owl raises USD 2.5bn for opportunistic alternative credit fund
The firm also said it is not negative on software lending, amid concerns that artificial intelligence may make some businesses obsolete

European BSL market upped risk to win deals in 2025 – White & Case
The BSL market issued a higher percentage of loans rated below BB against a backdrop of patchy M&A flow

Private credit secondaries poised for insurer activity – Coller
ANALYSIS: Credit secondaries are the natural buyer universe for structured notes, which have become a popular way for insurers to gain private credit exposure

New Jersey, Oklahoma systems double down on private credit SMAs
New Jersey DOI commits USD 600m to Golub Capital, while Oklahoma, NY systems increase allocations to SMAs; Vermont pension could commit USD 235m in 2026

Moody’s prepares to enter European private credit CLO rating space
EXCLUSIVE: Moody’s is in discussions about rating private credit CLOs in Europe for the first time, as the market continues to grow

LACERS stalls private credit consultant renewal, Connecticut system issues RFP
The Texas County & District Retirement System invests another USD 60m in Alcentra's Structured Credit Opportunities Fund V, while LACERS delays private credit consultant renewal over fees

Coller Capital expects more to come from evolving Asia secondaries ecosystem
Sponsor has USD 17bn to deploy in current cycle, optimistic about Asia; open mind, broad toolkit seen as essential to getting traction in Asia