Private Credit archive
Every Private Credit story, newest first. 441 stories
10 stories
- 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.
- Distressed & restructurings
Travelodge brings in Freshfields as bondholders quiz the stack
A switch from Kirkland on a structure the company has long defended points at negotiation rather than trading recovery.
- Fund launches & raises
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.
- Distressed & restructurings
Private credit stress is concentrated as the coverage line worsens
The industry's own quarterly data holds valuations up on earnings growth while the share of borrowers below 1.00x interest coverage climbs to 14.1 per cent, the part of the book where a workout pipeline gets its first names.
- Direct Lending
Direct lending's rising stars are a bench report on a reset
Private Debt Investor named 40 professionals under 40 on Nov. 1; the useful question is whether that bench was built for the market that just closed or the one now arriving.
- Distressed & restructurings
SVP hires Goldman's distribution chief to run everything but the investing
The president's chair spans client relations, firmwide infrastructure and a power-and-infrastructure sourcing brief — a distribution build as much as a C-suite appointment.
- Direct Lending
Stockdale builds a real estate credit arm around a $15m–$75m loan band
A $300m first-year target and a Fortress hire push an owner-lender into the loan sizes the big credit funds leave alone.
- The Wrap
Private credit moves past property into data and tranches
Fina and BlueOrchard are importing data underwriting and securitization into new asset classes, while Hayfin's €15bn close forces origination beyond conventional lending.
- Direct Lending
Bank of Italy clears Savills IM to lend in Italy
The authorisation gives an Italian real estate manager its own AIF vehicle for direct lending, separate from its European debt strategy and pointed at grade A Milan and Rome.
- Fund launches & raises
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.
9 stories
- The Wrap
August's loan rebound came from software, the year's worst corner
Private credit's nearest public proxy for software marks improved in August, and the reset economics of direct lending portfolios depend on whether the bid persists.
- BDCs
WhiteHorse Finance tests the listed BDC's exit price
A BDC strategic review asks the question the unlisted direct-lending market has spent the year answering in private: who buys the book, and at what price.
- Direct Lending
Brightshore's $250m credit anchor is a warehouse
GTIS's rename matters less than the lending platform underneath it, which lands in high-yield property debt just as the corporate direct lending lane contracts.
- Fund launches & raises
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.
- Fund launches & raises
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.
- The Wrap
Europe's direct lending record rests on a hedge
Hayfin's €15bn close is being bought as American diversification while European deal flow shrinks.
- Fund launches & raises
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.
- Fund launches & raises
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.
- Direct Lending
Europe's direct lending record rests on a hedge
Hayfin's €15bn fifth fund and the year's other European closes are being bought as diversification from America, and a hedge reprices when the fear behind it does.
12 stories
- Direct Lending
Black Diamond's $83m cheque makes equity the price of a reset
The reset wave has reached 2019 vintages, and the managers who cannot write the cheque will be selling collateral instead.
- Fund launches & raises
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.
- Direct Lending
Serone's US CLO build starts with two hires, no warehouse
Two New York hires are the inexpensive half of a US CLO platform; loan access and an equity bid are the halves that cannot be hired.
- Direct Lending
Pemberton's Europe thesis is a bet on M&A volume
The pipeline counts will bear him out; the covenant packages on the next European unitranche vintage will show what lenders actually paid for the growth.
- Direct Lending
Barings creates a CLO capital-formation seat as a bet on the funding side
Ankit Aggarwal placed CLO equity for BofA; at Barings he now owns issuance and capital partnerships across a $55bn platform, a bet that the funding side, not the asset side, is where CLO franchises are won next.
- Direct Lending
Silver Point's new seat says funding, not origination, is the next edge
A newly created leverage-solutions role is a cheaper, more reversible bet on private credit's funding squeeze than any vehicle filing would be.
- Direct Lending
Two euro CLO prints, and the constraint is collateral
Royal London's third deal and PGIM's Dryden 134 say more about repeat-issuer intent than pricing appetite, and the pipeline is the thing to watch.
- Direct Lending
Europe's direct lending mix turns to services as the market shrinks
A 26 per cent share for professional and business services, ahead of technology's 20 per cent, arrived in a year when European private credit volume is running 30 per cent behind 2025.
- Fund launches & raises
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.
- The Wrap
Private credit splits into originators and exposure buyers
Qupital's receivables round and Ares's Asia arranger mark the two sides of that funding trade.
- Direct Lending
Ares adds an arranger to Asia direct lending
James Garforth's résumé points to sponsor M&A as the growth engine, and the next hire will show if Ares plans to hold the loans.
- Direct Lending
Qupital's $300m builds a receivables book the ABS market can price
The round splits equity from paper in a way sponsor finance never does, and MUFG is again buying exposure rather than building it.
1 story
- BDCs
BDC commons traded under pressure; the real tell is next week
BDC Reporter's recap gives direction without a figure and a catalyst without a name, leaving the funding window as the only question that matters.
1 story
- Who's investing
New Mexico's $800m re-up is the only disclosed cheque, and it went to an existing relationship
Two New York plans added managers without disclosed sizes; the filings leave open whether those are starter positions or follow-ons.
7 stories
- BDCs
Oaktree Specialty Lending prints $300m in unsecured notes
A $300m note is modest against the portfolio, but the unsecured channel it opens is the part that scales.
- The Wrap
Carlyle wrote a cheque, and the CLO reset stopped being free
Fresh equity is now the price of clearing vintage collateral, and Golub's second pass at the same 2020 book shows why.
- Direct Lending
Jefferies' six-month first close turns secondaries into a launch channel
The bank's in-house advisory desk ran a dual secondaries and primary raise, and if rivals copy it, the secondaries market moves upstream of the fundraise itself.
- Fund launches & raises
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.
- Fund launches & raises
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.
- The Wrap
PIMCO puts its alternatives operator in the legal chair
Rick LeBrun's move from running alternatives business management to general counsel puts fund structuring and private credit at the center of PIMCO's law department.
- Direct Lending
EIG's $2.1bn separate-account sleeve out-raises its $1.9bn infra fund
Infrastructure debt's center of gravity has shifted to bespoke mandates, leaving the fund that gives EIG's platform its name as the smaller half of the raise.