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

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

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

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

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

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

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

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

BlackRock TCP’s BDC waives Q4 fees, anticipating NAV drop
The listed BDC faces nearly a 20% plunge in net asset value after making a series of bad bets

Carlyle AlpInvest backs USD 1.5bn Eldridge credit fund
Eldridge used a secondaries transaction to help establish its first private credit fund

Private credit investors chase higher risk-return—Campbell Lutyens
A new survey shows investors are seeking higher returning strategies amid expectations of lower rates, while also turning away from the dominant North American market

Credit secondaries poised for continued rapid growth – Antares CEO
Extended hold times and backlog of exits are driving increased activity, while credit secondaries volume more than doubled last year

Monroe raises USD 6.1bn for senior direct lending
The firm held a final close for its Monroe Capital Private Credit Fund V and raised additional capital from separately managed accounts

TPG, Jackson Financial strike partnership focused on private credit
TPG will take a minority stake in Jackson and start by managing at least USD 12bn of the insurer’s assets

Banner Ridge hits USD 4.2bn hard cap for credit secondaries fund
The oversubscribed fund, Banner Ridge Secondary Fund VI, will acquire stakes in opportunistic credit and special situations funds

South Carolina, Texas among systems disclosing recent credit allocations
Ares Pathfinder Fund III to launch in 1Q26 with USD 5bn target, while South Carolina system allocates USD 550m to two managers and Illinois and Montana systems commit USD 150m across various funds

US senator slams regulators’ hands-off approach to bank, private credit oversight
In a new letter, Senator Elizabeth Warren accused Scott Bessent, US Secretary of the Treasury and Chair of the Financial Stability Oversight Council, of sabotaging the FSOC’s authorities and pushing deregulation

Individuals account for nearly a quarter of private credit investor base – Alternative Credit Council
The global private credit market grew to around USD 3.5tn in assets at the end of 2024, according to a new report from the Alternative Credit Council and Houlihan Lokey 

Alternative assets come for investors across the wealth spectrum – CAIS, Mercer survey
Meanwhile, private equity replaced private debt as the most popular asset class among surveyed financial advisors

US regulators walk back post GFC leveraged lending restrictions
The OCC and FDIC now say the guidance was overly restrictive and that banks should rely on general risk management principles to manage their leveraged lending activity