Fund launches & raises: archive
Every Fund launches & raises story in Private Credit, newest first. 125 stories
1 story
The hiring tape says origination is the scarce input
Two ICG hires and a new structured credit desk at CPP Investments are both purchases of origination capability, and the next vehicle will show it.
6 stories
Fasanara's debut shows AAA demand is not the constraint
A first-time manager cleared the top of its stack at 129bp over Euribor, which makes collateral the harder question for Europe's new-manager wave.
Cheyne's £3bn close is really a deployment story
With half of CRECH IX already in loans at final close, LPs are underwriting a lending desk rather than a fundraising pitch.
BSP hires distribution where the liabilities run longest
A global head of insurance and two managing directors point to the shelf Benefit Street wants on repeat.
BofA sees more European hybrid CLO entrants, fewer reasons to cheer
A forecast of more issuers lands in a market where the constraint is collateral, not liability demand, and that changes who the entrants should be.
Onex guides CLO reset AAAs at 117bp, tightest in six months
A reset guide three basis points inside August's fresh-issue print says the senior bid has reopened, and the queue that follows will decide who gets it.
Aegon opens insured credit fund to European institutions
Aegon has launched the wrapper and left the target raise unsaid.
3 stories
Brightwood is back in the CLO primary after 18 months with a $253.55m private credit issue
A sub-$300m private credit print ends an 18-month absence and says more about collateral than about demand.
Goldman's Palmer Square talks price collateral, not fees
Goldman's talks for Palmer Square say the scarce input in private credit is now the team that picks the loans.
Blackstone pre-wires housing and structured credit with zero sold
Six credit vehicles filed on one Monday, none with a dollar raised: the containers for private credit's next wave now exist.
1 story
Enercon's wind lending fund puts the manufacturer in the credit seat
MEAG's anchor ticket points insurer capital toward origination access as much as manager brand; a €10m per-project ceiling says the vehicle is built for volume.
4 stories
Palmer Square's second static tests the cheapest funding valve
AAA demand at 90 basis points rewards managers who already hold the collateral over those still hunting it.
Elmwood prices AAA at 118, and the reset math gets easier
Two basis points off the top of the stack is small change on a new-issue CLO and a live input into every seasoned deal hoping to re-price.
M&G Credit trust rotates £15m into private as public spreads stay tight
The half-year rotation barely moves the return; the £80m the trust holds for dislocations says more about what the manager expects next.
The August CLO table's top is a rounding error
Less than €600m separates Europe's top two CLO names in August, but Blackstone's two-print climb to second on the year-to-date list is where the share actually moved.
2 stories
Fasanara's debut CLO tests whether Europe prices track records or portfolios
A manager with no CLO history prices a European BSL deal next week, and the result will say more about the euro buyer list than about the firm.
Amundi pays €620m for 9.9% of ICG and ten years of distribution
The ten-year exclusive on ICG's evergreen products is the asset Amundi actually bought, and managers without a distribution parent will pay more for the same shelf space.
3 stories
HarbourVest staffs evergreen credit from the secondaries side
An evergreen credit fund's liquidity promise is only as good as its ability to price an exit, and the seat HarbourVest just filled sits exactly there.
KKR's credit book is up 50% and the pitch is changing
The multi-asset mandate is the product hidden inside the growth disclosure, and its first named vehicle will be the thing to watch.
Fina's SME fund bets merchant data beats bank financials
An embedded-finance platform that has already moved more than SAR2bn of trade liquidity is turning that flow into a fund a credit manager can run.
4 stories
Managers are filing 2027's wrappers before they have the money
Bessemer, BDT & MSD and BBR all put closed-end, sub-classed vehicles on file this week with zero dollars sold — a bet that access, not capital, is the scarce input in the next vintage.
Two UBS O'Connor credit veterans launch RiverBay Capital
The firm arrives with a name, a network and no disclosed vehicle, size or strategy, in a fundraising market where the advertised money is going to platforms that already exist.
BlueOrchard's first close turns concessional capital into insurance-grade paper
BOCAMF sells the tranching, not the emerging-market loan book; the DFI subordination underneath it is what the second close will test.
Carlyle's $2.3bn infra credit close sets up a deployment race
Raised three times its predecessor and above target, the fund now has to find real-asset loans fast enough to justify the appetite behind it.
2 stories
Carlyle's $2.3bn close leaves origination as the binding constraint
Six commitments at roughly $83m apiece leave around 22 more deals to find before the $2.3bn is anywhere near working.
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.
2 stories
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.
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.
3 stories
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.
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.
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.
2 stories
ICG's Europe Fund IX hits €12bn hard cap
New investors supplied the larger share of a fund already a fifth deployed.
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.
1 story
M&G installs one head over £13.8bn impact platform
The hire suggests institutions are ready to underwrite impact credit as a dedicated allocation.
2 stories
BNPP AM Alts closes €1.2bn junior infrastructure debt fund
BNPP's €1.2bn junior infrastructure debt close is a private-credit mandate with an infrastructure label, and its investors are paying for a specific place in the debt stack.
Claret beats target with €575m growth-debt fund
European growth debt has become an allocation lane: Fund IV closed 15 percent above target, with a third already deployed and an ELTIF channel for private wealth.
1 story
Sona plans more all-credit CLOs in Europe
A second European print would turn the hybrid from proof of concept into a repeatable funding channel.
3 stories
Goldman's ABF pitch is a construction argument
Kevin Sterling framed asset-based finance as a diversification play. The next asset-based finance sleeve from a large manager will show whether the line holds.
The PEI 200 ranks fundraising, not performance
Committed capital is not deployed capital, and the new North America-heavy list is best read as a map of fundraising momentum, not a quality rating.
European CLO pipeline stirs as reset wave rolls on
Capital Four, PGIM and Silver Point are set to price new deals while Fair Oaks markets a second reset of its 2019-vintage vehicle, keeping the funding valve open for private credit books.