Private Credit archive
Every Private Credit story, newest first. 440 stories
2 stories
- Direct Lending
AI is thinning the analyst bench direct lending cannot spare
Creditflux's recruitment slowdown is a bet that software replaces the apprenticeship which produces workout lenders.
- Direct Lending
Britain's state bank is lending where private credit's economics stop
The second regional fund in a month puts £140m behind £25,000-to-£2m loans, a bracket no unitranche fund can originate at cost.
10 stories
- BDCs
Palmer Square BDC's manager contract outranks its dividend forecast
BDC Reporter forecasts distributions through 2027, but a change of control at the external manager is what sets what those distributions can be.
- Direct Lending
KKR's $350m equipment platform is an origination bet
The asset-based finance strategy has $91bn and no shortage of capital; what the $350m Akrapoint launch buys is a desk that finds mid-ticket collateral.
- Direct Lending
Peakline buys Kalon to own equipment finance origination
The platform acquisition is the fast route into collateral-based credit, and the announcement withholds price, book size and funding structure — the three inputs that would show whether Peakline paid for originators or a static lease book.
- Fund launches & raises
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.
- Fund launches & raises
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.
- Distressed & restructurings
One in four private credit borrowers is a workout question now
Morningstar DBRS's read, reported by Creditflux, puts a quarter of private credit borrowers in stress or support talks; the resolution rests with whoever holds the pen on the next amendment.
- Fund launches & raises
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.
- The Wrap
A CLO cost pitch lands where the bind is collateral
An on-the-record CLO plumbing complaint arrives with no price attached, and managers, not allocators, will decide what it is worth.
- Direct Lending
BrightSpire's fifth CRE CLO makes the shelf the funding model
A $960m print with $99m left to spend and a reinvestment window running into 2029 turns a once-opportunistic trade into the REIT's rated cost of capital for multifamily loans.
- Who's investing
The sovereign mandate now sells as a bundle, private debt included
Private credit is arriving inside multi-asset sovereign mandates, and the managers who sell credit alone cannot bid for the whole ticket.
7 stories
- The Wrap
Europe's CLO shelf clears faster than its loan pipeline
Second euro CLOs from Carlyle and Cross Ocean, plus Voya's sub-EUR 310m print, say the binding constraint is collateral, not liability demand.
- The Wrap
PGIM's Peters says the credit crowding has barely started
Two rate-insensitive borrowers, the AI buildout and government spending, point the next wave of private credit demand at asset pools rather than sponsor loans.
- Direct Lending
Sixth Street trades structuring capacity for Lloyds' UK loan pipeline
In a European market running 30 per cent behind last year, a bank's borrower relationships are worth more than another fund.
- Fund launches & raises
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.
- The Wrap
MSP Capital's £350m line is not the constraint
A £10 million ticket cap and a named Midlands hire show direct lending competition has moved from capital to boots-on-the-ground sourcing.
- The Wrap
Europe's CLO top is pricing an insurer bid that hasn't landed
Two AAA prints and a debut at 124 have put a price on the 24-point hole in European life books before the money moves.
- Direct Lending
MSP hires a Midlands pipeline for its £350m line
A £10m ticket cap and a £350m funding line leave MSP Capital with one real constraint: finding enough loans, which is what a named Midlands hire is for.
1 story
- Distressed & restructurings
The Asia-Pacific distressed trade has a supply problem, not a capital one
Private Debt Investor's own summary concedes the region has plenty of capital—and that putting it to work is the hard part.
10 stories
- BDCs
Cheaper SBIC debt won't settle Capital Southwest's 2027 payout test
The lender has added room under the SBIC debenture program, but the payout question sits on the asset side of the balance sheet.
- Fund launches & raises
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.
- Fund launches & raises
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.
- Who's investing
US public pensions buy European credit as the supply wave reprices it
Four state systems moved into European direct lending in a single quarter, buying a spread that a EUR60 billion, M&A-heavy pipeline is already narrowing.
- Fund launches & raises
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 Wrap
ICE builds private credit's master file before the tape
Reference data looks like back-office housekeeping until a market wants a second bid; then the identifier becomes the toll booth.
- Fund launches & raises
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.
- Who's investing
Insurers plan to buy more private credit; the headroom is European
A Moody's survey puts 42% of US and 36% of UK and European insurers on the buy side, but US life books already hold 35% in private credit and European books just 11%.
- The Wrap
Fasanara’s debut CLO tests Europe’s loan-only pricing
No track record, same 124bp market: Fasanara’s debut CLO next week will show whether European buyers underwrite assets or brands.
- The Wrap
Rithm hires a bank IR chief to sell the integrated story
The appointment puts a shareholder-desk operator in a role most platforms staff from the fundraising side, a tell about which audience the integrated model has to satisfy first.
8 stories
- Direct Lending
Europe's CLO funding is priced at 124bp; the loan spread is next
Four managers cleared Euro CLOs at the benchmark level after the August break, fixing the funding side of the arbitrage and leaving the pipeline to test what the money will buy.
- The Wrap
Private credit's bottleneck moved from origination to the shelf
Amundi, CIFC, SVP and HarbourVest paid for allocator access in four currencies this week, as insurance balance sheets and UK pension defaults became the buyers worth reaching.
- Fund launches & raises
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.
- Who's investing
UK default funds will become private credit's next allocator class
Standard Life projects private markets at 15 to 30 per cent of UK DC default funds by 2035, with credit taking a 20 to 40 per cent slice of the private sleeve.
- Direct Lending
CIFC rents a wealth shelf and leads with covenants
The $47bn manager is putting a covenant-heavy, floating-rate book on a menu where advisers compare yield first.
- Fund launches & raises
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.
- Direct Lending
Monroe's $60m backs the origination machine, not a single lease
A modest cheque from Monroe's equipment finance team reads as the entry price on every lease 36th Street writes next.
- Direct Lending
Anthropic's capital markets hire is the real Big Sky story
The follow-on to June's $35bn financing matters less than the borrower building the desk that will run it.
2 stories
- Who's investing
Private credit's biggest allocators are insurance balance sheets
Allianz's $146.3 billion tops the GI 75, and the asset menus below it show managers which buyer now sets the terms.
- Fund launches & raises
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.