Features: archive
Every Features story in Private Credit, newest first. 69 stories
1 story
- Fund launches & raises
Blackstone pre-wires housing and structured credit with zero sold
Six credit vehicles filed on one Monday, none with a dollar raised: the containers for private credit's next wave now exist.
2 stories
- The Wrap
MSP Capital's £350m line is not the constraint
A £10 million ticket cap and a named Midlands hire show direct lending competition has moved from capital to boots-on-the-ground sourcing.
- The Wrap
Europe's CLO top is pricing an insurer bid that hasn't landed
Two AAA prints and a debut at 124 have put a price on the 24-point hole in European life books before the money moves.
1 story
- The Wrap
Fasanara’s debut CLO tests Europe’s loan-only pricing
No track record, same 124bp market: Fasanara’s debut CLO next week will show whether European buyers underwrite assets or brands.
1 story
- The Wrap
Private credit's bottleneck moved from origination to the shelf
Amundi, CIFC, SVP and HarbourVest paid for allocator access in four currencies this week, as insurance balance sheets and UK pension defaults became the buyers worth reaching.
1 story
- The Wrap
Private credit moves past property into data and tranches
Fina and BlueOrchard are importing data underwriting and securitization into new asset classes, while Hayfin's €15bn close forces origination beyond conventional lending.
2 stories
- Fund launches & raises
Managers are filing 2027's wrappers before they have the money
Bessemer, BDT & MSD and BBR all put closed-end, sub-classed vehicles on file this week with zero dollars sold — a bet that access, not capital, is the scarce input in the next vintage.
- The Wrap
Europe's direct lending record rests on a hedge
Hayfin's €15bn close is being bought as American diversification while European deal flow shrinks.
1 story
- The Wrap
Private credit splits into originators and exposure buyers
Qupital's receivables round and Ares's Asia arranger mark the two sides of that funding trade.
1 story
- The Wrap
Carlyle wrote a cheque, and the CLO reset stopped being free
Fresh equity is now the price of clearing vintage collateral, and Golub's second pass at the same 2020 book shows why.
2 stories
- The Wrap
A 25-basis-point gap now separates private credit's two senior funding markets
A seasoned CLO reset at SOFR plus 120 and a new-issue print at 145 set the spread; Ares Capital's unsecured notes will test what the balance-sheet route costs on the other side.
- The Wrap
France makes private credit the default lender; football shows the scarcity premium is gone
A six-point gain in French deal share and a mid-single-digit football book mark the end of the scarcity premium in European private credit.
1 story
- The Wrap
Blackstone’s October hybrid CLO will test the cost of private credit’s opacity
Sona’s second all-credit print and Eagle Point’s infrastructure move broaden the question of how far the CLO structure can stretch beyond broadly syndicated loans.
1 story
- The Wrap
Europe's CLO New-Issue Shelf Is Open, and KKR Is Staffing for It
New European CLOs are pricing alongside a second Fair Oaks reset, and the hires that follow are aimed at sourcing collateral, not just trimming funding costs.
1 story
- The Wrap
Direct lending finally prices manager selection
Ares reports the first real dispersion in years, and origination and distribution become the premium beta buyers cannot buy.
1 story
- The Wrap
First-loss CBO risk becomes a standalone product
The CLO funding valve now trades the liability side of managers' own funds, with repriced feeders and new-issue shelves still open.
1 story
- The Wrap
The CLO reset wave hits infrastructure
Eagle Point tests the structure on real-asset debt while Victory Capital buys the platform to fund its own private credit book.
2 stories
- The Wrap
Private credit secondaries start delivering
CVC's debut fund, Arrow's legacy-book haul and Velocity's Toorak takeover show seasoned loans are a deliberate strategy, not a distress trade.
- The Wrap
The CLO complex runs two ways now
Symetra's new-issue print and Crescent's doubled equity fund show resets are not the only game in town.
1 story
- The Wrap
Private credit finds a door into 401(k)s
Principal's CIT shelf puts fourteen private credit managers in front of default-fund assets as BDC books contract and CLO issuance strains.
1 story
- The Wrap
BDC books shrink while CLO managers print $1.8bn
A 3.4% non-accrual rate and deliberate balance-sheet contraction have not slowed structured-credit issuance; the separation is the new funding reality.
1 story
- Fund launches & raises
Perpetual credit funds trade the deployment clock for patience
Clearlake and Callan filed evergreen-style credit vehicles the same week traditional drawdown funds kept raising, building capital that can afford to wait.
1 story
- The Wrap
Partners Group monetizes Gong cha, funds $1bn Asia mandate
A 2019 sole-lender exit feeds a fresh $1 billion senior-and-junior Asia mandate while the core direct-lending market stays crowded; Park Square's selection-over-exposure pitch says the next vintage will separate the managers.
2 stories
- The Wrap
Hayfin's CLO sale talks mark the reset wave's exit trade
The CLO reset wave is now producing platform sales and equity-layer secondaries as arbitrage compresses.
- The Wrap
Private credit's new frontier is the balance sheet
PGIM's GreenSky facility and Crestline's European fund are two versions of the same trade: financing asset pools, not corporate cash flows.
1 story
- The Wrap
NAIC and Moody's mark the perimeter of private credit's leverage
A fast-track Apollo ruling and Moody's concentration-limit analysis turn fund-level leverage into a regulated asset class.
2 stories
- The Wrap
NVIDIA's $500 billion compute push picks six incumbents
A first list of six asset managers puts AI infrastructure credit in the hands of balance-sheet incumbents.
- The Wrap
Private credit finds its liquidity valve in CLOs
Managers are resetting and securitizing seasoned direct-lending portfolios, and a retail ETF is providing the bid that makes the math work.
1 story
- The Wrap
Private-credit managers turn to selling as direct lending halves
Palmer Square weighs a sale while BlackRock TCP sells half its BDC portfolio into a continuation vehicle.