Private Credit archive
Every Private Credit story, newest first. 441 stories
1 story
- Distressed & restructurings
Private credit's 0.8% default rate is a size-weighting artifact
Marks below 90 of par in the smallest borrowers have gone roughly twelvefold since 2023 while the payment data on those same credits has barely moved — which is what a workout pipeline looks like before it starts.
11 stories
- Direct Lending
The pricing test begins with a EUR60bn pipeline, two-thirds of it M&A
The deal supply helps unitranche volume and hurts spread; the second effect is the one that sticks.
- Fund launches & raises
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.
- Direct Lending
Downing's £500m line is a third of its lifetime lending
Against £1.5bn of private credit committed since 2010, a £500m facility says more about what Downing could fund than what it could find. The pricing depends on a structure the firm has not described.
- Fund launches & raises
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.
- The Wrap
A 25-basis-point gap now separates private credit's two senior funding markets
A seasoned CLO reset at SOFR plus 120 and a new-issue print at 145 set the spread; Ares Capital's unsecured notes will test what the balance-sheet route costs on the other side.
- Direct Lending
Jefferies' first close makes secondaries desks the anchor channel
The split in LP liquidity — capped retail redemptions, priced institutional exits — now decides where the biggest private credit tickets get placed.
- Fund launches & raises
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.
- Direct Lending
ICG buys structuring talent for infrastructure debt
Two hires from Schroders and Antin point a $126bn platform at the tranches European infrastructure borrowers don't price on a screen.
- The Wrap
France makes private credit the default lender; football shows the scarcity premium is gone
A six-point gain in French deal share and a mid-single-digit football book mark the end of the scarcity premium in European private credit.
- Who's investing
Nest builds private credit in nine-figure tickets, weighted to infrastructure
The UK's largest workplace pension scheme has put £650m to work across private credit in five months while keeping the asset class under four per cent of NAV. The DC push arrives as a handful of large mandates, not a broad reallocation.
- Direct Lending
PGIM's $1.5bn football book shows the trophy premium is gone
A decade of private credit money has settled European football into a mid-single-digit trade where relegation, not scarcity, sets the price.
8 stories
- Direct Lending
Private credit closes 45% of French deals
A six-point gain turns direct lenders from a niche option into the pricing reference in France.
- Direct Lending
Nuveen Private Capital hires Barings' Rdzak for consultant relations
Rdzak's mandate links NPC's $99bn platform to the consultants who now control institutional access as private credit fundraising concentrates.
- BDCs
Ares Capital prints unsecured notes as the funding test lands
Issued weeks after Q2 closed on a funding test, the unsecured print is a cost-of-capital call from a sector giant — the coupon will show what balance-sheet trust costs.
- Direct Lending
Audax-Churchill tie shows a market moving to bigger loans
Flat first-half volume masks a market doing fewer, larger loans, with Audax and Churchill tied at No. 1.
- Direct Lending
Golub resets 2020-vintage CLO again in $496M rework
The R2 suffix shows the same collateral is back in front of CLO investors, making repetition the latest sign of where private credit funding lives.
- Distressed & restructurings
First Brands' $11bn chapter 11 puts private credit stress on the public docket
A liability stack above $11 billion puts multiple direct lenders on the public record in auto-parts' latest stress test.
- Fund launches & raises
ICG's Europe Fund IX hits €12bn hard cap
New investors supplied the larger share of a fund already a fifth deployed.
- Fund launches & raises
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.
5 stories
- Fund launches & raises
M&G installs one head over £13.8bn impact platform
The hire suggests institutions are ready to underwrite impact credit as a dedicated allocation.
- Direct Lending
Kilde's Creditstar hybrid blurs debt-equity lines
The Singapore platform's €4.6m convertible at a €130m pre-money valuation gives a lender an option on consumer credit's upside.
- Distressed & restructurings
Altice International loans fall to 59.75 in 2.6-point slide
Altice International's EUR 1.2bn of 2027 loans broke below 60 on the morning of 8 September; at that level, a 500bp coupon prices recovery, not income.
- Direct Lending
Pluto's flagship fund crosses £500m and targets Europe
As Lending Vehicle VIII expands beyond the UK, Pluto is betting on the 65% of borrowers who come back.
- Direct Lending
Bridgepoint's €1.2bn CV gives a 2017 fund a new clock
The Pantheon-led transfer shows secondaries capital absorbing seasoned direct loans, turning fund maturity from a selling deadline into a choice.
7 stories
- Fund launches & raises
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.
- BDCs
BDC non-accruals climb as stress stays contained
The median non-perpetual-life BDC now carries 2.75% of investments at cost on non-accrual, up from 1.81%; the deterioration is selective enough to make manager selection the only durable answer.
- Direct Lending
European direct lending is now the M&A market
Debtwire data puts direct lenders at the center of European leveraged buyouts, making their underwriting discipline the swing factor for the region's M&A credit cycle.
- The Wrap
Blackstone’s October hybrid CLO will test the cost of private credit’s opacity
Sona’s second all-credit print and Eagle Point’s infrastructure move broaden the question of how far the CLO structure can stretch beyond broadly syndicated loans.
- Direct Lending
PGIM names Frankfurt-based head for DACH direct lending
The M&G hire puts a proven regional operator on sponsor-led origination as European direct lending volume sags.
- Fund launches & raises
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.
- Direct Lending
Blackstone sets October test for hybrid CLO
A euro-denominated hybrid blending private credit and broadly syndicated loans would put Blackstone's private assets under public CLO pricing; October's print will show what that access costs.
1 story
- BDCs
Loan trading's second-quarter dip masks a record tape
Underwrite the $978 billion trailing volume, not the quarter that followed a record.
5 stories
- BDCs
BCRED's redemption queue stabilizes, but the cap still binds
Blackstone's nontraded BDC broke its run of rising exit requests last quarter, but the 5% repurchase limit remains the constraint and the backlog unresolved.
- BDCs
Blue Owl borrows to grow; BDC Reporter wants spread math
The new debt is a growth trade whose spread math has not been disclosed.
- BDCs
Phil Tseng out at BlackRock TCP as credit stress persists
BlackRock's listed BDC has tapped a successor, but the underperforming credits weighing on the shares will outlast the corner-office handoff.
- Direct Lending
Oak Hill CLO reissue prices AAA debt under SOFR plus 120
A sub-120bp senior note print makes repricing a seasoned CLO cheap enough to widen the set of managers who can fund existing books through resets.
- Direct Lending
Antares prices $850M private credit CLO, AAA at 145bp
The upsized Antares CLO 2026-4 shows new-issue private credit collateral still has liability buyers.
2 stories
- Direct Lending
IFM opens Singapore office to push Asia private credit
The Australian pension-backed investor plans to put up to half of its $1bn private credit fund in Asia, backed by A$175m in Australian government support.
- Fund launches & raises
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.