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  

Daniel Loeb’s Third Point agrees to acquire Birch Grove
Billionaire Daniel Loeb’s Third Point said it will acquire AS Birch Grove from American Securities, in a move designed to expand the hedge fund's credit capabilities, according to a press release

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

Secondaries have become an essential part of the private equity ecosystem
As PE funds hold companies for longer, GPs are finding new ways to generate distributions

Barings hires Churchill MD for private debt originations
Barings Global Private Finance has hired a managing director from Churchill Asset Management to serve as a managing director for North America Private Credit

Carlyle raises over USD 7bn for credit opps fund
Carlyle today announced the final close of its third credit opportunities fund at USD 7.1bn in investable capital, marking the global investment firm’s largest credit fundraise to date

US MM CLO Rankings - November 2024
Golub continues to dominate our latest manager rankings for the US MM CLO market, with SocGen standing out among the arrangers

Willow Tree prices second middle-market CLO
Willow Tree Credit Partners has priced a new middle-market CLO, three months after the manager’s debut offering in September

HPS deal is expensive but catapults BlackRock into private credit top five
BlackRock is poised to become one of the largest private credit managers in the world after agreeing to buy private credit manager HPS Investment Partners at a rich 30x multiple

Montana commits to Deerpath, Stellus and Goldentree credit funds
The Montana Board of Investments disclosed commitments to funds managed by Deerpath, Stellus, and GoldenTree during a board meeting last week.

Public Pensions, Private Pursuits: 18th November
CalPERS reveals USD 2.9bn private credit commitments as Sacramento, East Bay, San Francisco refine debt strategy

CalPERS commits nearly USD 3bn to private debt investments
The California Public Employees’ Retirement System approved nearly USD 3bn in private debt commitments to external managers during the second quarter of 2024

Fortress Credit prints its second new middle-market CLO of 2024
The senior triple-As priced at 159bps in Fortress' second private credit CLO, a full 61bps tighter than the manager's previous deal back in January 

Apollo and Mubadala extend capital solutions originations partnership
Apollo and Mubadala Investment Company have extended a private debt partnership established in 2022 that focuses on finding larger deals that require bespoke capital solutions

US MM CLO Rankings - October 2024
Golub continues to dominate our latest manager rankings for the US MM CLO market, with SocGen standing out among the arrangers

Barings adds two private credit MDs for North America
Barings Global Private Finance has hired two managing directors, Brian Polomsky and Doug Koch, for its North America Private Credit team from Principal Asset Management

Cerberus prints short-dated MM CLO that matches BSL spread levels
The triple-As for the 1Y/2Y private credit CLO priced at 135bps, on top of current levels for longer dated 2Y/5Y BSL CLOs

Blackstone prices ultra-tight private credit CLO
Blackstone has followed fellow US behemoth KKR in rethinking its approach to private credit CLOs, with the first such deal under the Blackstone Secured Lending Fund (BXSL) shelf

Antares sets new AAA tight for a middle-market CLO (again)
Antares beat its own triple-A benchmark when it priced Antares CLO 2024-6 with a senior spread of SOFR plus 156bps

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