CalPERS invests nearly USD 5bn in private credit in 2Q, with Ares, Sixth Street as biggest winners
 Public Pensions, Private Pursuits: California, Connecticut state systems make large private credit moves

Ares readies next flagship alternative credit, senior lending funds
The alternative credit manager also recorded its highest fundraising quarter, corralling USD 30bn from investors

Ares to acquire systematic credit shop BlueCove
The London-based fixed income manager invests in high-yield, corporate investment grade, convertible bonds and other liquid credit assets

Ares issues billion-dollar direct lending CLO, matches AAA tight
The senior triple As priced at SOFR plus 140 bps, seven bps inside the average triple A spread for mid-market deals throughout October

New mid market issues from Ares, Deerpath total over USD 1.3bn
The two managers each priced deals worth over USD 650m on Thursday

Corinthia Global Management hires Ares alum in New York
The global private credit manager has hired former Ares partner Craig Shirey to serve as a managing director

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

Citi hires head of private credit originations in North America 
The new hire joins from Ares Management and will start in October

Ares diversifies away from institutional, commingled private funds
During the second quarter, 55% of capital came from the institutional channel and just 30% of this was for its traditional funds

Seven managers make up 90% of private credit fundraising – Morningstar
Over the last five years, Apollo alone accounted for 29% of all capital raised for private credit

Canadian giant PSP to deploy CAD 6bn to IG private credit
EXCLUSIVE: The allocation will focus on investment grade opportunities across infrastructure, asset-backed and structured debt financing

US pensions increasingly eye European private credit amid expanding allocations, diversification pressures
US public pensions have committed at least USD 4.4bn to European private credit strategies since July 2024  

Clearlake seals largest new direct lending deal for Dun & Bradstreet
Ares leads deal, taking USD 1.5bn; Morgan Stanley, Clearlake Capital Markets, Golub and Blue Owl also helped arrange the largest new unitranche ever

Clearlake, direct lenders plan to ink USD 5bn private credit loan for Dun & Bradstreet
EXCLUSIVE: A group of direct lenders led by Ares are wrapping up a USD 5bn term loan and USD 500m revolver, prepping to sign commitment documents within hours

Clearlake abandons bank-led option for a private credit loan to replace Dun & Bradstreet financing
EXCLUSIVE: The private equity firm is going with the Ares-led private credit loan rather than tapping banks to raise debt in the capital markets 

Clearlake set to seal private credit loan to replace risky Dun & Bradstreet financing
EXCLUSIVE: Ares leads USD 5bn unitranche loan with JPMorgan among expected lenders that will replace original 364-day financing

JPMorgan enters private credit big leagues with USD 4bn Boeing unit financing
EXCLUSIVE: The bank takes down the third-largest piece of the giant unitranche, lending shoulder-to-shoulder with direct-lending giants

Ares adds to middle market issuance with first new deal for the year
Ares Direct Lending CLO 5 priced the top of the stack at SOFR plus 138bps

Ares alum launches opportunistic credit firm backed by Millennium
The new firm will focus on opportunistic credit across public and private markets.

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

Ares adds alternative credit co-head in promotion
Ares Management has promoted Kevin Alexander to co-head of alternative credit alongside co-heads Keith Ashton and Joel Holsinger

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

Ares negotiates sub line lending solutions with banks
Ares Management is upping its subscription line lending activity. It has agreed a new partnership with Investec and is talks with a number of other banks

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 

Ares strategy ‘links investing to purpose’ with 5-10% of profits donated to charity
Joel Holsinger at Ares Management has a proposition for investors: “We’ll make the same types of investments we’ve made historically for you, and we’ll contribute 5% to 10% of our profits to charity.”