Private Credit archive
Every Private Credit story, newest first. 419 stories
9 stories
- Fund launches & raises
Palmer Square's second static tests the cheapest funding valve
AAA demand at 90 basis points rewards managers who already hold the collateral over those still hunting it.
- Fund launches & raises
Elmwood prices AAA at 118, and the reset math gets easier
Two basis points off the top of the stack is small change on a new-issue CLO and a live input into every seasoned deal hoping to re-price.
- Who's investing
US public pensions buy European credit as the supply wave reprices it
Four state systems moved into European direct lending in a single quarter, buying a spread that a EUR60 billion, M&A-heavy pipeline is already narrowing.
- Fund launches & raises
M&G Credit trust rotates £15m into private as public spreads stay tight
The half-year rotation barely moves the return; the £80m the trust holds for dislocations says more about what the manager expects next.
- The Wrap
ICE builds private credit's master file before the tape
Reference data looks like back-office housekeeping until a market wants a second bid; then the identifier becomes the toll booth.
- Fund launches & raises
The August CLO table's top is a rounding error
Less than €600m separates Europe's top two CLO names in August, but Blackstone's two-print climb to second on the year-to-date list is where the share actually moved.
- Who's investing
Insurers plan to buy more private credit; the headroom is European
A Moody's survey puts 42% of US and 36% of UK and European insurers on the buy side, but US life books already hold 35% in private credit and European books just 11%.
- 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.
- The Wrap
Rithm hires a bank IR chief to sell the integrated story
The appointment puts a shareholder-desk operator in a role most platforms staff from the fundraising side, a tell about which audience the integrated model has to satisfy first.
8 stories
- Direct Lending
Europe's CLO funding is priced at 124bp; the loan spread is next
Four managers cleared Euro CLOs at the benchmark level after the August break, fixing the funding side of the arbitrage and leaving the pipeline to test what the money will buy.
- 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.
- Fund launches & raises
Fasanara's debut CLO tests whether Europe prices track records or portfolios
A manager with no CLO history prices a European BSL deal next week, and the result will say more about the euro buyer list than about the firm.
- Who's investing
UK default funds will become private credit's next allocator class
Standard Life projects private markets at 15 to 30 per cent of UK DC default funds by 2035, with credit taking a 20 to 40 per cent slice of the private sleeve.
- Direct Lending
CIFC rents a wealth shelf and leads with covenants
The $47bn manager is putting a covenant-heavy, floating-rate book on a menu where advisers compare yield first.
- Fund launches & raises
Amundi pays €620m for 9.9% of ICG and ten years of distribution
The ten-year exclusive on ICG's evergreen products is the asset Amundi actually bought, and managers without a distribution parent will pay more for the same shelf space.
- Direct Lending
Monroe's $60m backs the origination machine, not a single lease
A modest cheque from Monroe's equipment finance team reads as the entry price on every lease 36th Street writes next.
- Direct Lending
Anthropic's capital markets hire is the real Big Sky story
The follow-on to June's $35bn financing matters less than the borrower building the desk that will run it.
11 stories
- Who's investing
Private credit's biggest allocators are insurance balance sheets
Allianz's $146.3 billion tops the GI 75, and the asset menus below it show managers which buyer now sets the terms.
- Fund launches & raises
HarbourVest staffs evergreen credit from the secondaries side
An evergreen credit fund's liquidity promise is only as good as its ability to price an exit, and the seat HarbourVest just filled sits exactly there.
- Distressed & restructurings
Travelodge brings in Freshfields as bondholders quiz the stack
A switch from Kirkland on a structure the company has long defended points at negotiation rather than trading recovery.
- Fund launches & raises
KKR's credit book is up 50% and the pitch is changing
The multi-asset mandate is the product hidden inside the growth disclosure, and its first named vehicle will be the thing to watch.
- Distressed & restructurings
Private credit stress is concentrated as the coverage line worsens
The industry's own quarterly data holds valuations up on earnings growth while the share of borrowers below 1.00x interest coverage climbs to 14.1 per cent, the part of the book where a workout pipeline gets its first names.
- Direct Lending
Direct lending's rising stars are a bench report on a reset
Private Debt Investor named 40 professionals under 40 on Nov. 1; the useful question is whether that bench was built for the market that just closed or the one now arriving.
- Distressed & restructurings
SVP hires Goldman's distribution chief to run everything but the investing
The president's chair spans client relations, firmwide infrastructure and a power-and-infrastructure sourcing brief — a distribution build as much as a C-suite appointment.
- Direct Lending
Stockdale builds a real estate credit arm around a $15m–$75m loan band
A $300m first-year target and a Fortress hire push an owner-lender into the loan sizes the big credit funds leave alone.
- 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.
- Direct Lending
Bank of Italy clears Savills IM to lend in Italy
The authorisation gives an Italian real estate manager its own AIF vehicle for direct lending, separate from its European debt strategy and pointed at grade A Milan and Rome.
- Fund launches & raises
Fina's SME fund bets merchant data beats bank financials
An embedded-finance platform that has already moved more than SAR2bn of trade liquidity is turning that flow into a fund a credit manager can run.
9 stories
- The Wrap
August's loan rebound came from software, the year's worst corner
Private credit's nearest public proxy for software marks improved in August, and the reset economics of direct lending portfolios depend on whether the bid persists.
- BDCs
WhiteHorse Finance tests the listed BDC's exit price
A BDC strategic review asks the question the unlisted direct-lending market has spent the year answering in private: who buys the book, and at what price.
- Direct Lending
Brightshore's $250m credit anchor is a warehouse
GTIS's rename matters less than the lending platform underneath it, which lands in high-yield property debt just as the corporate direct lending lane contracts.
- 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.
- Fund launches & raises
Two UBS O'Connor credit veterans launch RiverBay Capital
The firm arrives with a name, a network and no disclosed vehicle, size or strategy, in a fundraising market where the advertised money is going to platforms that already exist.
- 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.
- Fund launches & raises
BlueOrchard's first close turns concessional capital into insurance-grade paper
BOCAMF sells the tranching, not the emerging-market loan book; the DFI subordination underneath it is what the second close will test.
- Fund launches & raises
Carlyle's $2.3bn infra credit close sets up a deployment race
Raised three times its predecessor and above target, the fund now has to find real-asset loans fast enough to justify the appetite behind it.
- Direct Lending
Europe's direct lending record rests on a hedge
Hayfin's €15bn fifth fund and the year's other European closes are being bought as diversification from America, and a hedge reprices when the fear behind it does.
3 stories
- Direct Lending
Black Diamond's $83m cheque makes equity the price of a reset
The reset wave has reached 2019 vintages, and the managers who cannot write the cheque will be selling collateral instead.
- Fund launches & raises
Carlyle's $2.3bn close leaves origination as the binding constraint
Six commitments at roughly $83m apiece leave around 22 more deals to find before the $2.3bn is anywhere near working.
- Direct Lending
Serone's US CLO build starts with two hires, no warehouse
Two New York hires are the inexpensive half of a US CLO platform; loan access and an equity bid are the halves that cannot be hired.