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.

Neuberger Berman raises USD 1.6bn for asset-based finance
The majority of investors from the predecessor fund committed capital to the latest Fund III

AIMCo private markets head departs as New York office shutters
The New York office, open for just a year, was established last February to accelerate the growth of the institutional investor’s private credit portfolio and source investments

Antares launches private credit fund for wealthy individuals
The new vehicle, started with USD 1.4bn in investable capital, will target the private wealth channel, a growing investor base to the private credit asset class

NYS, San Francisco, Arizona, Virginia, Texas, Fresno County disclose nearly USD 1.3bn private credit commitments

Need for scale fuels BDC consolidation
Business development companies (BDCs) — a popular type of private credit fund vehicle — have been merging to gain scale and lower costs, and more consolidations are expected in 2025.

Zips Car Wash pursuing bankruptcy to facilitate hand off to lenders
Financial sponsor Atlantic Street Capital is preparing to hand over control of portfolio company Zips Car Wash to its direct lenders through a Chapter 11 bankruptcy process

17Capital hires MD from Barclays to grow NorthAm presence
NAV specialist 17Capital has hired Ari Landsberg as managing director for investments in North America

Antares hires Olga Kosters to head credit secondaries
Antares Capital has hired Olga Kosters to head its credit secondaries business

GP-led deals to reach 50% of credit secondaries volume in 2025: Jefferies
Private credit secondaries volume will be increasingly driven by GP-led transactions this year, said Jefferies in a report

Global Private Credit AUM to reach USD 3trn by 2028 - Moody’s
Global private credit AUM is poised to hit USD 3trn by 2028, Moody's predicts, with momentum expected to grow over the next three years

Middle market private credit default climb significantly to 4.7% – Proskauer
The US direct lending market saw a big increase in middle market defaults in the fourth quarter of 2024

Corinthia Global Management secures USD 5bn in capital commitments
Corinthia Global Management has raised about USD 5bn for its first direct-lending fund and expects to fund deals by March at the latest

Thoma Bravo raises USD 3.6bn for tech and software credit fund
Thoma Bravo has raised USD 3.6bn for its latest software and technology focused credit fund, the firm’s largest credit pool of capital ever

Mega direct lenders break records despite sluggish fundraising cycle
The new year kicked off with Ares Management showcasing the largest ever fundraise for a European direct lending strategy, suggesting that investors are preferring to pile into the largest private credit managers

BlackRock envisions private credit in retirement accounts
BlackRock seeks to be a pioneer in bringing alternative investments such as private credit to the retirement channel.

A holiday funds roundup
A recap of end-of-year happenings as the industry kept moving right through the holidays and the new year celebrations

Princely Family of Liechtenstein’s LGT raises USD 2.17bn for latest credit fund
Royal family-owned LGT Capital Partners has successfully fundraised USD 2.17bn for its evergreen credit fund, according to an SEC filing  

GP-led transactions set to fuel private credit secondaries in 2025 as deal sizes increase
Private credit secondaries volume has skyrocketed over the past year, and industry participants believe the momentum will continue into 2025 thanks to an environment ripe for GP-led transactions.

UBS forecasts strong private credit returns in 2025, but also downside risks
UBS Global Research has tipped double-digit returns for US investors in its 2025 private credit outlook, but emphasised the risks are skewed to the downside