Private Credit archive
Every Private Credit story, newest first. 419 stories
9 stories
- Direct Lending
Pemberton's Europe thesis is a bet on M&A volume
The pipeline counts will bear him out; the covenant packages on the next European unitranche vintage will show what lenders actually paid for the growth.
- Direct Lending
Barings creates a CLO capital-formation seat as a bet on the funding side
Ankit Aggarwal placed CLO equity for BofA; at Barings he now owns issuance and capital partnerships across a $55bn platform, a bet that the funding side, not the asset side, is where CLO franchises are won next.
- Direct Lending
Silver Point's new seat says funding, not origination, is the next edge
A newly created leverage-solutions role is a cheaper, more reversible bet on private credit's funding squeeze than any vehicle filing would be.
- Direct Lending
Two euro CLO prints, and the constraint is collateral
Royal London's third deal and PGIM's Dryden 134 say more about repeat-issuer intent than pricing appetite, and the pipeline is the thing to watch.
- Direct Lending
Europe's direct lending mix turns to services as the market shrinks
A 26 per cent share for professional and business services, ahead of technology's 20 per cent, arrived in a year when European private credit volume is running 30 per cent behind 2025.
- Fund launches & raises
ICG rents its way into European infrastructure debt
Two hires from Schroders Capital and Antin Infrastructure Partners are the entire launch, and the incumbents holding infrastructure credit mandates will not hand them over cheaply.
- 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.
- Direct Lending
Ares adds an arranger to Asia direct lending
James Garforth's résumé points to sponsor M&A as the growth engine, and the next hire will show if Ares plans to hold the loans.
- Direct Lending
Qupital's $300m builds a receivables book the ABS market can price
The round splits equity from paper in a way sponsor finance never does, and MUFG is again buying exposure rather than building it.
1 story
- BDCs
BDC commons traded under pressure; the real tell is next week
BDC Reporter's recap gives direction without a figure and a catalyst without a name, leaving the funding window as the only question that matters.
1 story
- Who's investing
New Mexico's $800m re-up is the only disclosed cheque, and it went to an existing relationship
Two New York plans added managers without disclosed sizes; the filings leave open whether those are starter positions or follow-ons.
8 stories
- BDCs
Oaktree Specialty Lending prints $300m in unsecured notes
A $300m note is modest against the portfolio, but the unsecured channel it opens is the part that scales.
- 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.
- Direct Lending
Jefferies' six-month first close turns secondaries into a launch channel
The bank's in-house advisory desk ran a dual secondaries and primary raise, and if rivals copy it, the secondaries market moves upstream of the fundraise itself.
- Fund launches & raises
Apogem's two resets say more than its second new CLO
Apogem's two resets and one new CLO this year point to the binding constraint on private credit CLOs: collateral, not demand.
- Fund launches & raises
Five Arrows resets a 2022 Euro CLO and brings equity
Europe's arrival in the reset wave confirms cheaper senior funding is now a cross-Atlantic trade, and the equity attached hints the motive is clearing vintage collateral rather than extending liabilities.
- The Wrap
PIMCO puts its alternatives operator in the legal chair
Rick LeBrun's move from running alternatives business management to general counsel puts fund structuring and private credit at the center of PIMCO's law department.
- Direct Lending
EIG's $2.1bn separate-account sleeve out-raises its $1.9bn infra fund
Infrastructure debt's center of gravity has shifted to bespoke mandates, leaving the fund that gives EIG's platform its name as the smaller half of the raise.
- Distressed & restructurings
Private credit's 0.8% default rate is a size-weighting artifact
Marks below 90 of par in the smallest borrowers have gone roughly twelvefold since 2023 while the payment data on those same credits has barely moved — which is what a workout pipeline looks like before it starts.
11 stories
- Direct Lending
The pricing test begins with a EUR60bn pipeline, two-thirds of it M&A
The deal supply helps unitranche volume and hurts spread; the second effect is the one that sticks.
- Fund launches & raises
Prime Capital closes €305m infrastructure debt fund with EIF anchor
Eight institutions, the European Investment Fund among them, financed a lending book built on asset count rather than asset size — the whole appeal and the whole limit.
- Direct Lending
Downing's £500m line is a third of its lifetime lending
Against £1.5bn of private credit committed since 2010, a £500m facility says more about what Downing could fund than what it could find. The pricing depends on a structure the firm has not described.
- Fund launches & raises
Carlyle's $188m equity cheque turns a CLO repricing into a capital test
A nine-figure equity injection against a $756m vehicle suggests the reset wave's easy phase is over, and the rest of the 2018 vintage is next to find out.
- 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.
- Direct Lending
Jefferies' first close makes secondaries desks the anchor channel
The split in LP liquidity — capped retail redemptions, priced institutional exits — now decides where the biggest private credit tickets get placed.
- Fund launches & raises
Principal bets AI power capex gets financed on utility balance sheets
A UCITS wrapper for the AI power trade's energy half, and a fund whose real constraint is utility issuance.
- Direct Lending
ICG buys structuring talent for infrastructure debt
Two hires from Schroders and Antin point a $126bn platform at the tranches European infrastructure borrowers don't price on a screen.
- 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.
- Who's investing
Nest builds private credit in nine-figure tickets, weighted to infrastructure
The UK's largest workplace pension scheme has put £650m to work across private credit in five months while keeping the asset class under four per cent of NAV. The DC push arrives as a handful of large mandates, not a broad reallocation.
- Direct Lending
PGIM's $1.5bn football book shows the trophy premium is gone
A decade of private credit money has settled European football into a mid-single-digit trade where relegation, not scarcity, sets the price.
8 stories
- Direct Lending
Private credit closes 45% of French deals
A six-point gain turns direct lenders from a niche option into the pricing reference in France.
- Direct Lending
Nuveen Private Capital hires Barings' Rdzak for consultant relations
Rdzak's mandate links NPC's $99bn platform to the consultants who now control institutional access as private credit fundraising concentrates.
- BDCs
Ares Capital prints unsecured notes as the funding test lands
Issued weeks after Q2 closed on a funding test, the unsecured print is a cost-of-capital call from a sector giant — the coupon will show what balance-sheet trust costs.
- Direct Lending
Audax-Churchill tie shows a market moving to bigger loans
Flat first-half volume masks a market doing fewer, larger loans, with Audax and Churchill tied at No. 1.
- Direct Lending
Golub resets 2020-vintage CLO again in $496M rework
The R2 suffix shows the same collateral is back in front of CLO investors, making repetition the latest sign of where private credit funding lives.
- Distressed & restructurings
First Brands' $11bn chapter 11 puts private credit stress on the public docket
A liability stack above $11 billion puts multiple direct lenders on the public record in auto-parts' latest stress test.
- Fund launches & raises
ICG's Europe Fund IX hits €12bn hard cap
New investors supplied the larger share of a fund already a fifth deployed.
- Fund launches & raises
Maven's equity remit is the test in BBB's £210m fund
The new South East Investment Fund opens with a £250,000 loan to Basingstoke-based Process Vision; the larger question is whether Maven can close the gap between a region with 17% of UK university spinouts and 5% of equity investment.
2 stories
- Fund launches & raises
M&G installs one head over £13.8bn impact platform
The hire suggests institutions are ready to underwrite impact credit as a dedicated allocation.
- Direct Lending
Kilde's Creditstar hybrid blurs debt-equity lines
The Singapore platform's €4.6m convertible at a €130m pre-money valuation gives a lender an option on consumer credit's upside.