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 investors will struggle to find suitable vehicles. A new, hybrid fund model may be required to bridge the gap.
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...
Investor Intentions: SMFL MIRAI Partners to Expand and Diversify Its Portfolio in 2026
SMFL MIRAI Partners announced a 2026 capital deployment plan of roughly $300 million to $500 million across multiple funds. The firm aims to broaden its investment universe and diversify holdings beyond its core positions. This allocation underscores a strategic push into private...
Fitch: Default Events in January Double Last Year’s Average
Fitch reported that private credit defaults surged in January, with 11 events—double the average monthly defaults recorded last year. Over the trailing twelve‑month period the sector logged 89 defaults, highlighting an accelerating distress trend. The uptick reflects tightening credit conditions...
Loan Note: The Rise of the Zombie Funds; Record Year for Emerging Market Private Credit
The loan‑note briefing highlights a surge in so‑called “zombie” funds that continue to chase low‑yield opportunities despite deteriorating market conditions. At the same time, emerging‑market private credit achieved a record deployment year, reflecting strong investor demand for higher returns. Arctos’s...
Fairfax Times the Cycle with a Bet on a Manager Intent on Scaling Its Credit Business
Fairfax Financial is timing the market cycle by investing in Kennedy Wilson’s credit platform as the real‑estate firm prepares for privatization. Kennedy Wilson has steadily expanded its real‑estate debt capabilities while maintaining a global equity presence. The move reflects Fairfax’s...
Arcmont Almost Doubles Size of Previous Capital Solutions Fund
Arcmont’s latest capital‑solutions fund marks a significant scaling moment for the European private‑debt manager. The €1.5 billion close, announced by its Nuveen affiliate, almost doubles the €800 million raised for the inaugural vehicle, reflecting robust capital inflows into non‑bank lending. Across the...
Eldridge Closes on Lease Facility with ProPetro Energy
Eldridge has closed a lease financing facility with ProPetro Energy, which operates under the PROPWR brand. The agreement provides the capital structure needed to advance PROPWR’s plan to deliver 750 MW of power by 2028. The lease facility lowers ProPetro’s upfront...
The Worst of Times May Be the Best of Times for Private Credit, Says Oaktree’s Hobbs
Deputy CIO of Oaktree Capital, Hobbs, told the NEXUS 2026 conference that private‑credit spreads have stopped falling and now sit on a floor, turning a challenging market into a source of value. He explained that tighter bank lending and higher...
26North Founder Josh Harris Sees Mid-Market as Private Credit Sweet Spot
Josh Harris, founder of 26North, told PEI Group’s NEXUS conference that the firm is targeting the mid‑market segment as the sweet spot for private credit. He noted that even though the credit cycle is in its later stages, a pronounced...
Loan Note: Nexus 2026 Is Under Way; Venture Debt Performance Under Scrutiny
Private market leaders are gathering at Nexus 2026, the flagship conference spotlighting emerging trends in venture debt. MSCI’s latest data shows a slowdown in venture debt performance, with rising default rates and lower returns compared to previous years. Meanwhile, LBP...
Blue Owl Halts Quarterly Redemptions in a Non-Traded BDC
Blue Owl Capital Corp II, a non‑traded business development company, has halted its quarterly redemption program, effectively gating investors. The manager simultaneously sold approximately $1.4 billion of loans across three of its BDC portfolios to bolster liquidity. The redemption freeze and...
LPs Reveal Their Biggest Frustrations with GPs
Ahead of PEI’s NEXUS conference, a new survey of limited partners (LPs) uncovered the top sources of friction with private‑equity general partners (GPs). The research highlights persistent issues such as opaque performance reporting, unpredictable capital calls, and fee structures that...
Tikehau Latest Manager to Close Credit Secondaries Fund as Market Fires on All Cylinders
Tikehau Capital’s second credit‑secondaries fund closed with over $1 billion in commitments, less than a year after its first vehicle launched in H2 2023. The rapid close reflects soaring investor appetite for private debt secondary transactions, which offer immediate cash flow and...
The Increasing Visibility of Stress
The latest editorial highlights that Business Development Companies (BDCs) are increasingly mirroring broader credit stress in the market. Deteriorating loan performance and tighter financing conditions are evident across BDC portfolios. At the same time, a looming maturity wall—large volumes of...
Loan Note: Carlyle’s Sidhu on the European Opportunity; Configure Highlights Mixed M&A Picture
Carlyle’s Taj Sidhu expressed optimism about Europe’s private‑debt market, citing strong borrower resilience and attractive financing conditions. He highlighted low‑interest‑rate environments and a growing pipeline of mid‑market deals as catalysts for continued asset growth. Meanwhile, Configure’s latest M&A snapshot described...
Schroders Capital Hires Asia Fundraising Head From Oaktree
Schroders Capital has appointed Sabrina Meng as its new Head of Asia Fundraising, transitioning from Oaktree Capital Management. Meng will assume the role next month, bringing extensive experience in private‑debt capital raising across the region. The move underscores Schroders' ambition...