Skip to content
Friday, October 23, 2026 · Today’s edition, 6:30 a.m. ETFri, Oct 23 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in
AnalysisPrivate CreditThe WrapThe Credit Week

Direct lenders shift origination toward energy, defence and hard assets

Investec's Greg Betz says activity has centred on "old economy sectors," while Canyon and Federated Hermes cite energy and defence spending, per Alternative Credit Investor.

At a glance

  1. Liberty Mutual Investments and Elda River extended an existing relationship with a $500m mid-market credit arrangement for borrowers in energy and infrastructure, power and renewables, and energy efficiency.
  2. Bridgepoint, GFH Bank and AIP Capital are building a $1bn aircraft engine leasing platform.
  3. Kartesia Asset Finance deployed €88m across three asset-backed deals: Spanish search-and-rescue helicopters, Spanish logistics equipment and US offshore-wind vessels.

Private credit managers are shifting new lending away from software toward manufacturing, energy and defence, according to Alternative Credit Investor. Investec's Greg Betz says activity has centred on "old economy sectors," while Canyon and Federated Hermes point to energy and defence spending.

Where the money went

Liberty Mutual Investments and Elda River extended an existing relationship with a $500m mid-market credit arrangement for borrowers in energy and infrastructure, power and renewables, and energy efficiency.

Bridgepoint, GFH Bank and AIP Capital are building a $1bn aircraft engine leasing platform. GFH Bank holds the cornerstone investor and strategic partner roles, and AIP Capital will lead engine sourcing and trading as the partners raise outside capital.

Kartesia Asset Finance deployed €88m across three asset-backed deals: Spanish search-and-rescue helicopters, Spanish logistics equipment and US offshore-wind vessels.

Benefit Street Partners added the Encina team and a $480m seed portfolio to its asset-backed finance platform, with a Franklin Templeton and BSP-affiliated fund acquiring the Encina-originated commitments; BSP says the combined platform can originate more than $3bn a year.

Carlyle agreed to acquire a $7.7bn pool of Truist consumer loans, mostly fixed-rate, fully amortising loans to prime and super-prime borrowers.

New Holland Capital acquired a majority stake in Foundation Credit, a municipal credit manager, and will invest in its municipal credit and infrastructure debt strategies; New Holland runs more than $8.3bn in absolute return strategies.

Goldman Sachs and Phoenix Financial have partnered, with Phoenix to deploy more than $4bn and gain access to Goldman Sachs Alternatives' private investment-grade, senior direct lending and opportunistic credit capabilities.

Reported by The Wrap desk from Alternative Credit Investor, BDC Reporter and Moody's Ratings. Published . Corrections

Private Wealth Daily member access

Continue this analysis

Get the complete Private Credit analysis and every detail that follows.

Enter a valid work email to continue reading.

Private Credit Daily, from Private Wealth Daily. Unsubscribe anytime.

Full featuresIn-depth analysis and exclusive reporting.
Source-backed contextEvidence, context and the complete story.
One login across the networkAccess every Daily Network publication.

Related

Private Credit

Moody's estimates 35% of US life insurer investments go to private credit

The NAIC review of the rated-note feeder structures insurers use to reach the asset class is ongoing.

Private Credit

Private credit managers shift lending from software to manufacturing and defence

Investec's Greg Betz says activity has centred on "old economy sectors," while Canyon and Federated Hermes point to energy and defence spending, according to Alternative Credit Investor.

Private Credit

Private credit wins shelf on Principal's 401(k) platform

The retirement provider's collective investment trust program puts Apollo, Ares, KKR and eleven other managers inside the defined-contribution channel, where sticky default-fund assets could become a new source of long-duration capital.

Private Credit

Tikehau deploys €943m of credit in busiest 2026 quarter

Add-on loans to existing borrowers were about 45% of direct-lending deployment in the first nine months, the quarterly update says.

Private Credit

Blackstone raises $18bn for infrastructure and asset-based credit, including $16.5bn from insurers

Credit and insurance inflows reached $35.8bn in the third quarter, lifting assets to $480bn.

From other sections