Ares sets new tight for new issue middle-market CLOs
A simple structure with two debt tranches included triple-As that priced at SOFR plus 154bps, the tightest level yet for a middle market CLO 

Golub resets billion-dollar middle-market CLO from 2019
The reset of Golub's monster deal from 2019 includes a fresh equity injection that takes the total deal size to USD 1.07bn

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

Direct lending defaults decline for all except middle market according to Proskauer
Default rates for US direct loans declined to 1.95% in the third quarter of 2024 from 2.71% in the second quarter, according to a new report from law firm Proskauer

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. 

Partners’ evergreen private credit fund raises another USD 466m
Partners Group has raised another USD 466m for the Partners Group Private Credit Strategy, according to filings from the SEC

Competition for deals and rising rates encourage greater use of PIK clauses
Despite improving conditions in credit, the number of private credit deals paying payment-in-kind (PIK) interest is staying at high levels — but the drivers are changing

Wall Street banks partner with private credit funds to ‘supercharge’ origination
JPMorgan and Citigroup are partnering with asset managers to broaden their reach into the burgeoning USD 1.7tn private credit market

The middle market goes mainstream
Middle market CLOs were a niche product. Now we call them private credit CLOs — and they are growing faster than BSL CLOs

Adams Street raises additional USD 289m for evergreen fund
Adams Street Partners has corralled an additional USD 289m for an evergreen direct lending fund that launched in 2020

Antares sets new triple-A tight with mid-market print
The relentless tightening of MM CLO spreads has continued with Antares pricing  a new MM CLO with triple-As paying SOFR plus 157bps

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

GoldenTree to launch Private Credit Fund II
The second closed end fund in the GoldenTree Private Credit strategy should launch in the fourth quarter of 2024

US MM CLO Rankings - September 2024
Golub continues to pull away from the pack in our latest manager and arranger rankings for the US MM CLO market

BNP Paribas AM raises EUR 90m for private debt fund of funds
A new fund of funds from BNP Paribas AM will target European special situations by investing in 6 to 8 private debt funds 

Mizuho takes minority stake in Golub, strikes distribution agreement
Mizuho Financial Group has acquired a passive, minority stake in Golub Capital’s management companies as part of a strategic partnership

Middle market CLO spreads continue to tighten as Cerberus prices
The latest new middle market CLO from Cerberus priced with some of the tightest levels seen this year

Defaults hit 5% YTD for US private debt-backed companies according to Fitch
The monthly default rate for North American private credit-backed companies hit 5% in August, driven by PIKs and interest deferrals

HSBC launches first NAV financing strategy
HSBC Asset Management has continued its expansion into private credit with the launch of another new strategy

Euro refinancing flows reverse as public debt supplants private according to S&P
S&P Global Ratings has assigned new ratings for nine European issuers of leveraged buyout structures refinancing private debt in public markets

Ares strategy ‘links investing to purpose’ with 5-10% of profits donated to charity
Joel Holsinger at Ares Management has a proposition for investors: “We’ll make the same types of investments we’ve made historically for you, and we’ll contribute 5% to 10% of our profits to charity.”

Credit hedge funds
Credit hedge fund performance for July 2024

Silver Point raises USD 4.6bn for opportunistic credit fund
It isn't just direct lending raising big checks. Silver Point blew past its target to bring in USD 4.6bn for a new distressed fund.

Apollo eyes IG private debt trading
Apollo Global Management is looking to create a trading desk for investment grade private debt