Canyon and Castlelake file Form D for new private credit funds, no sales reported

Three Form D notices dated Sept. 28 came from two alternative managers, each listing the total offering amount as undisclosed and the amount sold to date as $0K—the only firm number among them.

Canyon filed twice, both vehicles checked as pooled investment funds and typed as private equity funds. The two entities—Canyon Home Equity Credit Co-Investment Feeder Fund II, L.P. and Canyon Home Equity Credit Co-Investment II, L.P.—name CHECC II GP Co. LLC and Canyon Capital Advisors LLC as related persons, with Joshua Friedman and Mitchell Julis listed alongside them. The names place the collateral in home equity, a corner of the credit market that sits apart from the sponsor lending absorbing most of the attention paid to private credit.

Castlelake's contribution is Castlelake Asset-Based Private Credit IV, L.P., with Evan Carruthers and Isaiah Toback named as related persons, and here the Roman numerals do the work the body of the form does not: a feeder paired with a co-investment vehicle on Canyon's side, a fourth entry in a series at Castlelake. Predecessor filings do not appear in this material, so the numbering implies a track record without documenting one, and the co-investment label suggests a vehicle meant to sit alongside a main fund rather than replace it.

What the documents leave out is a reminder of what Form D is for: no offering amount, no named investor, no fee terms, no indication of which channel the capital will arrive through. A reader who wants to know whether either manager is building a wealth-accessible version of these strategies will not find it on the filing, and the manager's name at the top does not answer the question.

The two managers are filing on adjacent ground—both vehicles carry collateral in the names, one in home equity, one describing itself as asset-based credit—but neither filing says what the loans will be, what they are expected to return, or what they cost. This page has argued that the private-markets fee pool is shifting from selling tickets to building the sleeve; a co-investment feeder inside a numbered series is the kind of structure that argument describes, though nothing in these filings indicates who the sleeve is being built for.

The related-persons lists are the only human detail in the batch: Friedman and Julis appear on both Canyon entities, Carruthers and Toback on Castlelake's, and beyond that the paperwork is entity names, a fund-type checkbox, and a zero.

The number to watch is the one that replaces zero: Form D filings are amended as capital is raised, and an amendment is where the size of either vehicle becomes visible. Until those arrive, the three documents say only that the entities exist—organized, named, and reported with no sales.