Thoma Bravo’s LBO loan deal for Calabrio draws mixed reactions over AI risk
EXCLUSIVE from Debtwire: USD 1.5bn first-out term loan marketed at SOFR+ 400bps, 97-98 OID; Investors divided on AI risk, some betting on Thoma Bravo's software expertise

HarbourVest taps leaders for new credit secondaries team
The announcement comes after the firm launched its first dedicated credit secondaries fund

Apollo, Oaktree and Searchlight among funds sitting on USS debt as company doesn’t make payment
EXCLUSIVE from Debtwire: Forbearance agreement reached between USS and creditors, as USS struggles financially despite recent LME efforts

South Carolina, Virginia among pensions revealing recent credit-focused investments
South Carolina Retirement System Investment Commission allocates over USD 900m to four managers; Virginia, Los Angeles pensions also disclose recent private credit investments, while East Bay Municipal Utility District and City of Jacksonville pensions seek to expand private credit exposure

OHA closes in on USD 6bn for large cap senior direct lending fund
The open-ended fund is targeting sponsor-backed corporate borrowers with an EBTIDA greater than USD 75m, the firm previously told institutional investors

A Texas pension discloses investment in CLO equity fund
Texas Municipal Retirement System commits USD 775m in Q2 2025, including investment in OHA's CLO equity fund

Insurer CNO takes minority stake in Janus Henderson’s Victory Park
CNO Financial Group also agreed to commit a minimum of USD 600m to new and existing investment strategies by the private asset-backed credit firm

CFO issuance hitting new record and running hot — KBRA
Total issuance of collateralized fund obligations have already reached USD 15.7bn this year, a new record, and is expected to hit USD 20bn by year end

CFA warns of conflicts of interest in continuation funds
The growing popularity of continuation funds has raised questions around manager processes, the CFA Institute said

Carlyle nabs head of direct lending origination from Golub
EXCLUSIVE: The firm also hired a second managing director focused on originations as it re-staffs its direct lending franchise

Connecticut, Wisconsin pensions invest in Sixth Street's private credit funds
Sixth Street funds secure commitments from Connecticut, Wisconsin, and Ventura County pensions, while a Texas pension allocates funds to a Silver Point CLO fund

Private credit secondaries poised for record year
Deals in the market are only getting larger and volumes are expected to surpass USD 18bn this year, a new Evercore report shows

CalPERS, LACERS among pensions disclosing recent private credit investments
CalPERS invests USD 1bn in climate-focused private credit fund by Goldman Sachs, while LACERS commits USD 170m to TPG Twin Brook, Sixth Street funds

Rush to exit bankruptcy pushes more companies to file a second time
Four companies file for second time in 2025, up from one last year; Poor prognosis for Chapter 22 filers, with high liquidation rates  

Risk grows with private credit concentration, complexity – Moody’s
The interconnectedness among various private credit structures and vehicles could lead to more correlated performance in times of economic downturns, the ratings agency said in a new report

Alaska, Pennsylvania among pensions disclosing recent private credit investments
Alaska retirement system reveals over USD 400m in private credit investments and Pennsylvania and Texas pensions make new commitments to European private credit funds, while Maine PERS commits to another new TPG Twin Brook fund

Park Square and Nomura plan private credit partnership
EXCLUSIVE: The two parties are negotiating a partnership in which Nomura’s US investment banking unit would help Park Square source unitranche deals in the US

Sponsors abandoning companies to private lenders at rapid rate---Lincoln International
The first half of 2025 saw private equity sponsors hand over companies to direct lenders at a volume that exceeded the past five years combined, the valuation firm’s data shows

Direct lending competition erases refinancing premium
Historically, new LBOs resulted in cheaper pricing, but spreads for refinancing and recapitalization deals have tightened as direct lenders face a lack of deployment opportunities

Anchorage exceeds hard cap on credit opportunities fund
The firm held a final close for Anchorage Credit Opportunities Fund IX, which will invest across stressed, distressed, structured and special situations credits

HIG WhiteHorse corrals USD 5.9bn for US direct lending
The latest fund will be used to originate senior-secured loans for both sponsored and non-sponsored corporate borrowers

Coller Capital backs Twin Brook in record USD 3bn private credit continuation vehicle
The continuation vehicle will acquire a diversified portfolio of sponsor-backed, senior direct loans from TPG Twin Brook’s 2016 and 2018 vintage funds

Sound Point scores USD 1.1bn first close for asset-based lending fund
The fund, which expects a final close by the end of the year, has already blown past its USD 1bn total target

Oak Hill Advisors raises USD 3.3bn for senior direct lending
The fund has yet to hold a final close but has already exceeded the fund’s initial target

NYS Common Retirement Fund to invest USD 100m in Pearl Diver's distressed CLO fund
Public Pensions, Private Pursuits: New York State, Ohio pensions reveal recent private credit investments