Texas, San Francisco among systems disclosing tactical, specialty credit investments
TCDRS commits USD 400m to Silver Point, Gallatin Point funds; Ohio pensions commit to GoldenTree, TPG funds

Ares leads USD 1.7bn direct lending deal backing private country club operator LBO
The large-cap direct lending deal comes at a time when both sponsors and direct lenders are showing more caution amid the uncertainty posed by fast artificial intelligence adoption and the Iran conflict

Non-US investors, family offices drove redemption requests at Ares private credit fund
The firm’s perpetual nontraded BDC once again offered to repurchase 5% of shares outstanding in the second quarter to facilitate exits but was met with excess demand

Virginia, North Dakota among systems pursuing opportunistic, real estate credit
Ares Pathfinder III's fundraising from US public funds tops USD 1bn; North Dakota, Los Angeles commit to real estate debt funds

Bank of England outlines details of latest private market stress test
The central bank is exploring how private markets would respond during a severe global downturn

Ares's latest Pathfinder fundraise exceeds cap by USD 1bn as demand shifts to ABF
EXCLUSIVE: The latest USD 8.5bn Pathfinder III fund, which closed in just six months, originally had a hard cap of USD 7.5bn, Ares told Creditflux

Illinois, Sacramento County among systems targeting asset-backed, real estate debt
Illinois commits USD 250m to direct lending, USD 35m to real estate debt; Sacramento, Louisiana pensions commit to USD 8.5bn Ares Pathfinder III

Direct lenders trade USD 5bn Dun & Bradstreet private credit loan at 95 cents on dollar
EXCLUSIVE: The giant USD 5bn unitranche, which brought together more than 20 direct lenders to back Clearlake’s acquisition of Dun & Bradstreet last year, is now being shown to private credit managers at a discount

Ares raises USD 8.5bn for alternative credit in under six months
Pathfinder III, which held a final close, was oversubscribed and will focus on asset-based finance investments

North Carolina, Wyoming among systems pursuing alternative credit strategies
North Carolina commits USD 500m, plans another USD 2.8bn; Wyoming, Texas, Illinois target ABL, tactical, opportunistic strategies

Ares’ semi-liquid BDC boosts borrowing capacity
Ares Strategic Income Fund, a semi-liquid private credit fund designed for individual investors, increased the amount of liquidity available on hand after an uptick in investor exit requests

New York, Connecticut among systems pursuing alternative credit strategies
NYSCRF allocates USD 450m to net-lease, GP stakes funds; San Diego, San Mateo pensions commit to asset-based finance funds

Virginia, Arkansas among systems expanding into alternative credit strategies
Recent Ares funds gain momentum with allocations from VRS, TCDRS; Arkansas Teachers plan multi-strategy credit SMAs with KKR, Brookfield

Ares to launch new private credit fund with USD 10bn-15bn equity target
The fund has the same equity target as its record-breaking predecessor, Ares Senior Direct Lending Fund III

Ares backs Arcmont’s USD 2.5bn private credit continuation vehicle
The vehicle acquires senior direct lending assets from Arcmont’s 2019-vintage fund and marks the largest credit secondaries transaction in Europe, according to Ares

Michigan, New Mexico make large bets on asset-based credit strategies
Michigan SIB commits USD 800m to Apollo, LGT credit funds; New Mexico SIC allocates USD 400m for Ares, Pemberton funds

Exit requests for Apollo, Ares private debt funds top double digits
Both of the semi-liquid, perpetual nontraded BDCs chose to cap share repurchases at the originally offered 5% limit, forcing many investors to wait another quarter for a full exit

Montana, North Carolina systems aim large allocations for real estate debt
Montana commits USD 250m to Walton Street, GoldenTree funds; North Carolina plans USD 1.7bn in commitments, with USD 1bn for real estate debt

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

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

Lending giants invade lower mid-market in search of deals – Private Credit Comment
Smaller debt funds face increased competition from larger lenders; normalisation hinges on more M&A volumes or issues in syndicated markets

Coller backs continuation vehicle for Ares direct lending
Ares closed a GP-led secondaries transaction for its 2018-vintage US direct lending fund

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

Ares raises USD 7.1bn for private credit secondaries
The firm held a final close for its first dedicated credit secondaries fund, doubling its initial target