US Regulators Aim Sights on Private Debt Risk as Insurance Interest Grows
U.S. regulators are turning their attention to the growing risk profile of private debt as insurance companies pour more capital into the asset class. The Federal Reserve and the Office of the Comptroller of the Currency will begin a series of talks with international counterparts in April, extending through the summer. The dialogue aims to align supervisory approaches, assess systemic exposure, and consider tighter capital or reporting rules for insurers holding private debt. Industry observers warn the scrutiny could reshape fundraising and pricing dynamics in the private credit market.
Jiří Król: How the UK Has Achieved a Good Balance in Its Securitisation Reforms
The UK has introduced a series of securitisation reforms that aim to strike a balance between market competitiveness and robust investor protection, according to Jiří Król, global head of the Alternative Credit Council. The proposals maintain equal weighting for both...
Loan Note: Andalusian BDC Joins with Carlyle; Värde in SRT Agreement with Klarna
Andalusian BDC has entered a joint venture with private‑equity giant Carlyle to expand its private‑credit platform across Europe. The partnership aims to originate and manage mid‑market loan assets, leveraging Carlyle's global reach and Andalusian's local expertise. Meanwhile, asset manager Värde...
How Asset-Based Finance Is Finding Its Role in Commercial Real Estate Portfolios
Asset‑based finance (ABF) is transitioning from a niche product to a mainstream funding source for commercial‑real‑estate (CRE) owners, offering loans secured by property, equipment, or receivables. The secured structure enables higher leverage and lower covenant intensity than traditional cash‑flow loans,...
Ares Raises $9.8bn for Opportunistic Credit Fund
Ares Management announced the closing of its latest opportunistic credit fund with $9.8 billion in commitments, surpassing both the original fundraising target and the size of previous vintages. The Los Angeles‑based firm highlighted strong investor appetite for flexible credit strategies amid volatile...
Moody’s: Bank NDFI Exposure Grows to $1.4trn at Year-End 2025
Moody’s forecasts that large U.S. banks’ loans to non‑depository financial institutions (NDFIs) will total about $1.4 trillion by the end of 2025, marking a rapid expansion of this asset class. The exposure represents roughly a 30 percent increase from current levels and...
KKR on How Capital Solutions Are a Structural Growth Opportunity
KKR’s Strategic Investments Group is championing capital‑solutions strategies that pair companies with flexible, partnership‑oriented financing. Blaine MacDougald, co‑head of the group, stresses that these solutions are built on aligned value creation, allowing firms to pursue growth without the constraints of traditional...
Arrow Global on How Operational Capability Underpins Success in Asset-Backed Investing
Arrow Global’s head of credit and lending, Toni McDermott, highlighted the firm’s operational‑centric strategy in private‑credit investing. He argued that a hands‑on approach to managing asset‑backed portfolios generates superior returns, especially when markets are stressed. By embedding operational expertise—such as restructuring,...
RBC BlueBay Asset Management on Tackling Emerging Market Private Credit Misconceptions
RBC BlueBay Asset Management’s credit team, led by Mihai Florian, is urging investors to revisit private credit opportunities in emerging markets, arguing that misconceptions about risk have left attractive yields untapped. The firm highlights its disciplined underwriting, local partnerships, and...
Ares, Antares Close $1.7bn Continuation Vehicle
Private credit managers Ares Management and Antares Capital have closed a $1.7 billion continuation vehicle. The fund will hold more than 300 first‑lien loans originated and serviced by Antares, extending the life of these assets. By moving the loans into a...
Arizona State Pension Cuts Projected Returns Out of Private Credit
Arizona's $63 billion state pension system announced it is cutting its projected returns for private‑credit investments, reflecting a more competitive fund environment. While the fund will keep its existing allocation target to private credit, the lower return assumptions could pressure funding...
Lone Star Execs Break Down US Resi Thesis for Latest $1bn Credit Strategy
Lone Star executives Mike Droege and Jeff Kert outlined a new $1 billion credit strategy centered on U.S. residential mortgage loans. The fund will target more than $10 billion of newly originated, performing non‑agency mortgages, leveraging Lone Star’s private‑credit platform to earn...
Investor Intentions: Boston Retirement Systems Issues RFP for Private Debt Manager
The Boston Retirement System (BRS) has issued a request for proposal for a $115 million private‑debt mandate. The pension fund is seeking an external manager to allocate capital in senior‑secured loans and ESG‑aligned credit. This RFP reflects BRS’s strategy to diversify...
Investor Intentions: Marin County Employees’ Retirement Association Seeks to Invest $100m in 2026
Marin County Employees' Retirement Association (MCERA) is evaluating six finalists to manage its private credit portfolio, with a targeted $100 million allocation slated for 2026. The pension fund aims to diversify its fixed‑income holdings and capture higher yields in the growing...
Davidson Kempner: Opportunistic Credit Could Benefit From ‘Capital Structure Reset’
Davidson Kempner’s new white paper warns that mounting stress in private‑equity funds and their portfolio companies is likely to trigger a wave of capital‑structure resets. Higher interest rates and elevated leverage are pushing many firms toward refinancing, covenant breaches, and...
BCRED Issues CLO Following Redemptions, Turbulence in NAV
BCRED, a business development company, issued a new collateralized loan obligation (CLO) to shore up its balance sheet after a wave of investor redemptions. The move follows a 0.4% drop in February NAV, marking the BDC’s first monthly loss in...
Loan Note: Fund Structuring Under Scrutiny; LPs Reveal Strategic Preferences
The latest Loan Note briefing highlights growing scrutiny over fund structuring, with mis‑selling and mis‑structuring flagged as core concerns for retail‑focused private debt vehicles. Regulatory attention is intensifying, prompting managers to reassess compliance and disclosure practices. Meanwhile, Blue Torch announced...
Liquidity Seekers Might Just Need a Different Vehicle
Investors are increasingly backing the idea of merging public and private debt markets to create more liquid investment options. However, existing fund structures pose significant hurdles that prevent seamless convergence. The article argues that without addressing these structuring issues, liquidity‑seeking...
Institutions Are Increasing Private Market Allocations: Nuveen
Institutional investors are allocating more capital to private‑credit strategies, according to Nuveen. The firm notes a surge in demand for bespoke investment vehicles, with custom mandates and separate accounts topping the list of preferred structures. This shift reflects a broader...
Loan Note: Podcast Examines the Rise of Secondaries; Opportunity but Growing Risk in Software
A new podcast delves into the rapid expansion of credit‑secondaries markets, highlighting a surge in assets under management and heightened investor interest. Houliwan Lokey’s analysis flags growing risk and upside in software‑focused lending amid volatile tech earnings. European insurers are...
War’s Disruption Does Not Cure Contract Breach: Wasel & Wasel
A Dubai court recently ruled that war‑time disruption does not excuse a breach of contract, citing a case that stemmed from the Sudanese civil war. The decision, highlighted by law firm Wasel & Wasel, underscores that force‑majeure cannot be automatically...
Q1 Fundraising Could Fall Flat
Early analysis shows Q1 2026 fundraising markedly slower than in prior years, with capital commitments dropping double‑digit percentages versus the same period last year. The downturn follows higher interest rates, lingering supply‑chain issues, and heightened geopolitical risk, tightening liquidity for...
BlackRock’s HPS Raises $6.6bn for Junior Capital Fund
BlackRock’s private‑credit arm HPS announced it has raised $6.6 billion for a new junior capital fund, with a target of $10 billion in committed capital. The vehicle will focus on customized junior debt solutions for mid‑market companies across a range of industries....
Moody’s: Structured Finance Becoming Critical to Origination of IG Private Credit
Moody's reports that structured finance is becoming essential for originating investment‑grade private credit. Alternative asset managers are creating joint ventures, using minority equity positions to package and distribute IG debt. This approach broadens investor access to higher‑quality credit while providing...
Apollo Credit Funds Moving Towards Monthly NAV Reports
Apollo’s credit fund managers announced a shift to monthly net asset value (NAV) reporting, aiming to increase transparency for investors. The strategy includes real‑time portfolio marks and, when necessary, third‑party valuation models to address pricing uncertainties. Executives say the change...
Germany’s Clarified Framework for Enforcement and Recoveries
Germany has issued a clarified enforcement framework that revises its auction rules for collateral sales. The updated regime accelerates liquidation timelines and introduces more transparent valuation criteria. It reshapes intercreditor hierarchies by granting senior lenders clearer priority and forces a...
Conflict of Interest Concern: Valuation of a Loan by the Borrower
A conflict‑of‑interest issue has emerged around the valuation of loans in Blue Owl’s business development company (BDC) portfolio. The valuations were performed by Kroll, a firm with close ties to Deerfield, one of the borrowers in the portfolio. Critics argue...
Loan Note: How to Accommodate the Retail Rush; Increased Capital Flows Put Underwriting in Spotlight
The latest loan note highlights a surge in retail investor redemptions, putting pressure on capital providers to manage liquidity. Growing capital inflows are raising concerns about underwriting standards across private‑debt markets. British International Investment announced backing for an emerging‑market impact...
The AI Route to Improved Underwriting
A new report highlights how artificial intelligence is reshaping underwriting across finance and insurance. AI-driven models ingest alternative data—such as transaction streams, social signals, and IoT metrics—to augment or replace traditional credit scores. Early adopters report faster risk assessments, lower...
Eagle Point Holds $559m Final Close on Third ‘Defensive Income Fund’
Eagle Point announced the final close of its third Defensive Income Fund, raising $559 million. The private‑credit vehicle focuses on debt securities issued by business development companies, credit funds and mortgage REITs. By targeting these lower‑volatility, income‑generating assets, the fund seeks...
Aspen Insurance CIO Aileen Mathieson Departs
Aspen Insurance announced that Chief Investment Officer Aileen Mathieson is leaving the firm. The Bermuda‑based specialty insurer, which manages a $6.9 billion investment portfolio, was recently acquired by Japan’s Sompo Holdings. Mathieson's departure comes as the new ownership begins integrating Aspen...
Partners Group Chief: AI, Credit Fears Are ‘Wildly Overdone’
Partners Group CEO David Layton said concerns that artificial‑intelligence‑driven credit risk are exaggerated, calling the current AI and credit‑market anxiety ‘wildly overdone.’ He highlighted that the firm has deliberately kept leverage on its private‑credit evergreen funds lower than many competitors....
Non-Listed BDC Fundraising Momentum Slowing, Redemption Requests Rising: Stanger
Non-listed Business Development Companies (BDCs) are experiencing a slowdown in fundraising momentum, according to Stanger. Simultaneously, redemption requests from investors are rising, though they remain within manageable levels. Net asset values (NAVs) continue to climb, reflecting strong underlying portfolio performance....
Loan Note: LPs Are Keeping Faith with a Besieged Asset Class; Three Hills Wraps up Impact Vehicle
Limited partners (LPs) are continuing to allocate capital to private credit even as the asset class faces a wave of negative headlines. The sustained inflows suggest confidence in the sector’s risk‑adjusted returns despite concerns over defaults and regulatory pressure. Meanwhile,...
AlbaCore and MUFG Team up for Infrastructure Debt Platform
AlbaCore and Mitsubishi UFJ Financial Group (MUFG) announced a joint venture to create an infrastructure debt platform. The partnership includes seed investment and backing from Mitsubishi UFJ Trust Bank. The platform will launch two infrastructure credit strategies aimed at global...
Benefit Street Partners on Private Credit’s Third Act: Scale, Flexibility and Consolidation
Benefit Street Partners argues that private credit is entering its third act, defined by greater scale, operational flexibility, and industry consolidation. Institutional investors are allocating more capital to alternative credit for its excess returns and diversification benefits. However, they are...
Investors Pull $3.7bn From Blackstone Evergreen
Blackstone’s evergreen private‑debt vehicle, BCRED, experienced a $3.7 billion outflow as investors sought liquidity. In response, the fund raised its quarterly redemption limit from 5 % to 7 % of assets. The withdrawals reflect heightened stress in the leveraged loan market and growing...
New York Life and Candriam Acquire Majority Stake in Kartesia
New York Life and asset manager Candriam have jointly acquired a controlling interest in Kartesia, the European private‑credit specialist. The transaction gives the pair majority ownership while the former minority shareholder retains roughly 80% of the firm’s European credit portfolio....
Dutch Insurer Achmea Pension & Life Hires CIO with Private Credit Focus
Achmea Pension & Life, a Dutch insurer, has appointed a new chief investment officer with a private‑credit focus. The hire coincides with a joint venture between Achmea and US private‑markets manager Sixth Street aimed at expanding and diversifying the insurer’s...
BNP Paribas: ‘Alternative” Evergreen Structures Attract Institutional Investors
BNP Paribas highlights the growing appeal of alternative evergreen structures, such as run‑off evergreens and rolling‑vintage umbrella funds, among institutional investors. These vehicles differ from traditional closed‑end drawdown funds by allowing continuous capital commitments and periodic vintage refreshes. The bank...
Loan Note: Read Our Annual Review and Discover Award Outcomes; Moody’s Reflects on Blue Owl Liquidity Issues
The firm’s Annual Review has been published, showcasing the winners of its 2025 award program. In a separate commentary, Moody’s analysts highlighted liquidity issues rather than performance when evaluating Blue Owl’s credit profile. Bridgepoint announced an expansion of its investment...
Metrics Credit Partners on Australia’s Real Estate Debt Pipeline
Metrics Credit Partners' Andrew Lockhart highlighted the robustness of Australia’s real estate debt market, noting that the pipeline remains strong despite recent macroeconomic pressures. He cited a pipeline of roughly AUD 15 billion in senior and mezzanine loans slated for issuance...
Park Square Capital: Credit Is No Longer About Exposure – It’s About Selection
Park Square Capital’s Robin Doumar warns that private‑debt markets have shifted from a focus on broad exposure to rigorous selection. As more capital chases a limited pool of borrowers, pricing pressure and credit quality concerns intensify. Doumar stresses that investors...
Brinley Partners on Discipline and Decision-Making in Private Credit
Credit managers who apply disciplined, thoughtful deployment strategies are poised to capture gains as private credit allocations continue to expand, according to Brinley Partners’ Kerry Dolan and Rex Chung. The firm highlights that rising institutional interest in private credit underscores...
Latham & Watkins: Private Credit Moves From Depth to Breadth
Private credit managers are widening their product menus and deal structures as borrowers demand more flexibility and creative financing, according to Latham & Watkins partners. The industry is moving from deep, niche lending toward a broader suite of solutions, including...
Oak Hill Advisors: 2026 Is a Strong Year for Distressed Opportunities
Oak Hill Advisors predicts 2026 will be a robust year for distressed‑credit investments, citing a surge in corporate debt maturities and lingering macro‑economic headwinds. Partners Joseph Goldschmid and Christopher Kenny say the firm is actively sourcing high‑yield, non‑investment‑grade opportunities as...
Kartesia Asset Finance on Why Private Credit Has only Scratched the Surface of ABF
Kartesia Asset Finance’s Fabrice Fraikin argues that private‑credit‑backed asset‑backed finance (ABF) is entering a rapid expansion phase in 2026. He highlights that while capital inflows are surging, the sector’s success hinges on meticulous underwriting and granular data analysis. Fraikin warns...
Download PDI’s 2025 Annual Review
Private Debt Investor (PDI) has published its 2025 Annual Review, featuring the PDI Annual Awards that recognize standout firms across fundraising, investing, advisory, and legal sectors. The edition includes expert analysis from industry leaders, offering deep insight into a turbulent...
Nuveen Private Markets on Structuring ABF Deals to Meet LP Demand
Nuveen Private Markets executives Laura Parrott and Jessica Bailey outlined how the firm is structuring Asset‑Backed Financing (ABF) deals to satisfy growing limited‑partner demand for private‑credit exposure. They highlighted the importance of predictable cash flows, tranche‑level risk allocation, and ESG...
Bain Capital on Asset‑based Finance’s Diverse and Growing Opportunity Set
Asset‑based finance (ABF) ties loans to tangible collateral, delivering higher yields while limiting downside risk, which appeals to a broad investor base. John Wright, partner and global head of credit at Bain Capital, says the firm is expanding its ABF...