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

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

HarbourVest launches dedicated private credit secondaries strategy
This builds on the alternative asset manager’s existing secondaries strategy and private credit strategy

Pantheon closes oversubscribed private credit secondaries fund
The secondaries specialist raised USD 2.2bn for its Pantheon Credit Opportunities III fund and related vehicles

Coller completes record private credit secondaries fundraise
The USD 6.8bn final close for the Coller Credit Opportunities II fund marks the largest fundraise to date for a private credit secondaries platform

Investors opt for debt as alternative to secondary sales to generate liquidity
Investors are increasingly seeking financing as an alternative to selling their fund stakes on the secondaries market

LP secondaries sales can create risk to subscription lines – Fitch
However, a diversified limited partner base and lower advance rates for more concentrated funds can help mitigate losses, a report says

Defined benefit plans shift focus to private credit, secondaries - NEPC
Some corporate defined benefit plans are shifting their private market allocation to favor shorter-duration strategies as part of a de-risking plan

Generali Investments, Partners team up on private credit secondaries fund
Generali Investments’ debut private credit secondaries fund will invest globally and is available to professional investors

Golub launches direct lending continuation vehicle
GP-led secondaries deals involve a manager rolling existing investments into a new vehicle rather than returning capital to investors as originally planned

Pantheon raises USD 5.2bn for senior debt secondaries
The latest fund, Pantheon Senior Debt III, was oversubscribed as interest from the insurance channel grows

Partners Group launches dedicated private credit secondaries effort
EXCLUSIVE: The firm already has experience in private equity secondaries, infrastructure secondaries and real estate secondaries

Private credit firms begin creating desks for push into secondary trading
A number of private credit firms are looking to push into secondary loan trading, a signal that the USD 1.7 trillion asset class is perhaps beginning to mature and resemble other fixed income markets.

Jefferies ramps up private credit trading
Jefferies is building out its trading of private credit loans, joining a rush of banks and managers developing a new secondary market for the product

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

Antares plans unit buying private credit loans from other lenders
Antares eyes buidling out a private credit secondary business to buy loans from other lenders

European and Asian surge extends as inflation and gas improvements fuel rally
US credit remains the laggard as spreads elsewhere extend their strong start to the year, taking European and Asian indices back to the recent tight levels

Brighter start for credit in 2023 as investors return with bid for risk
Credit markets have opened the year on a positive footing, with Europe particularly buoyant as investors lift CDS hedges they placed at the end of 2022 and some bonds receive enthusiastic bids in the secondary market

Largarde snowballs puncture complacent calm and shocks spreads wider
Credit markets are ending the week on a big push wider, after European Central Bank chief Christine Lagarde delivered the surprise that had been missing from other central bank messaging

Credit belatedly gives up gains after flurry of central bank hikes
Credit markets barely flickered on Wednesday’s US Federal Reserve announcements, but successive central bank rate hikes on Thursday have caused spreads to widen as traders prepare for the festive season slowdown

CDS volume jumps by 50% as investors seek new ways to do business
Credit derivatives traders are wrapping up a bumper year, in which there was a big increase in volume and a growing number of use cases for the product

Early Christmas for credit longs as US inflation delivers huge rally
Credit markets have rallied sharply after the latest US reading of inflation came in lower than had been largely anticipated

Major fund withdrawals undermine credit momentum
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money

Buy-out rumours send US high yield company back to January spread levels
Not many single name credits are ending 2022 at the same spread levels they entered the year, but one US high yield company has that profile after its rally of the past three weeks picked up speed following buy-out rumours

Capex and real yields will split winners from losers in '23: BofA
Companies able to undertake capital expenditure will be the winners in 2023, while those historically most sensitive to rising real yields should inspire caution, say Bank of America strategists