Private Credit archive
Every Private Credit story, newest first. 431 stories
3 stories
- Direct Lending
Sona hybrid CLO opens Europe's private credit market to smaller managers
The BSL/private credit structure lowers the scale barrier that kept European CLO funding in the hands of the largest direct lenders.
- Direct Lending
Victory's real prize in First Eagle deal is a CLO engine
The $41bn CLO platform inside the transaction gives Victory the machinery to fund its private credit book in-house.
- The Wrap
BDC books shrink while CLO managers print $1.8bn
A 3.4% non-accrual rate and deliberate balance-sheet contraction have not slowed structured-credit issuance; the separation is the new funding reality.
11 stories
- Direct Lending
Four managers price $1.8bn of US CLOs into summer break
Fresh issuance from Sixth Street, FS, Aegon and Polus shows the funding valve is still open, and who prints now may set next cycle's cost of capital.
- BDCs
BDCs shrink their books by choice as redemptions bite
Morningstar DBRS puts non-accruals at 3.4 percent, up from 3.1 percent, as BDCs let repayments and asset sales outpace new loans—turning a defensive stance into strategy.
- Fund launches & raises
Perpetual credit funds trade the deployment clock for patience
Clearlake and Callan filed evergreen-style credit vehicles the same week traditional drawdown funds kept raising, building capital that can afford to wait.
- Fund launches & raises
Insurers return for Nuveen's fourth C-PACE vintage
The $3bn series total turns climate-linked real estate debt from a pilot into a portfolio line item.
- Direct Lending
The new front in credit: staffing the syndication desk
A staffing spree across banks and private credit managers shows the two loan markets are becoming one—and the prize is control of the mark.
- Distressed & restructurings
First Brands judge knocks out plan and credit bid
A rejected credit bid and a looming Chapter 7 conversion make lien perfection and sale procedure, not just collateral, the deciding factor in private credit recoveries.
- The Wrap
NAIC fast-tracks decision on Apollo CLO variants
The outcome will determine whether insurers can treat private credit securitizations as bonds, and how deep the buy-and-hold bid for the reset wave runs.
- Direct Lending
European direct lending hits a half-year record as Q2 volumes slide
Debtwire's league table shows a front-loaded 2026: a record first half, a 25% second-quarter drop, and Ares atop a concentrated market.
- Fund launches & raises
Arrow's €5.2bn haul rewards the legacy-book trade
Arrow's FUM jumped 44% to €15.5bn while deployment barely moved, showing LPs are funding the purchase of legacy credit, not new origination volume.
- Fund launches & raises
Granite Asia raises $500m for Libra Hybrid from DBS and an insurer
DBS Private Bank and a leading insurer join Temasek, Khazanah and the Indonesia Investment Authority in a Pan-Asia credit strategy with eight mid-market deals since 2025.
- BDCs
BlackRock's TCP exit comes down to pricing a shrunken book
BDC Reporter says the remainder of BlackRock TCP Capital's portfolio is on the block; the hard number is what it will fetch.
5 stories
- Distressed & restructurings
Private credit defaults fall despite AI software panic
S&P data shows the US default rate dropped to 3.9% by mid-2026, even as artificial intelligence anxieties hang over software-heavy direct lending books.
- Fund launches & raises
Barings hires DWS veteran to lead US wealth push
Brian Maute takes a newly created seat atop distribution across RIAs and family offices.
- Fund launches & raises
Sona prices Europe's first hybrid BSL-private credit CLO
The EUR 403.9m vehicle, arranged by Goldman Sachs, fuses syndicated and private credit collateral in one liability stack, giving direct lenders a new route to CLO funding.
- The Wrap
Partners Group monetizes Gong cha, funds $1bn Asia mandate
A 2019 sole-lender exit feeds a fresh $1 billion senior-and-junior Asia mandate while the core direct-lending market stays crowded; Park Square's selection-over-exposure pitch says the next vintage will separate the managers.
- Direct Lending
Partners Group exits Gong cha, adds $1bn Asia mandate
A 2019 sole-lender package realizes on Bain Capital's acquisition, and a fresh $1bn senior-and-junior mandate says the Asia bet is only moving.
1 story
- Direct Lending
Park Square's credit pitch is selection, not exposure
The pitch fits a crowded market; the next vintage will decide.
4 stories
- The Wrap
Software loans carried July BSL returns
When one sector supplies the month's tailwind, CLO investors should read concentration, not breadth.
- BDCs
The BDC tape cools as the reset gets priced
The weekly give-back is the common stock marking the direct-lending reset before the quarterly marks catch up.
- Direct Lending
LSTA's latest credit forms adjust the market's baseline
The trade group's revised templates are the default starting point for direct-lending documentation, and a short list of clarifications still moves the terms of the next wave of deals.
- Direct Lending
LSTA survey gives private credit a benchmark to live up to
The trade group's landmark survey promises a common measure of size and leverage; the release offers no figures and no commitment to repeat the work.
14 stories
- Distressed & restructurings
Distressed desks pivot from default waves to name-picking
A lower default count for 2025 is forcing distressed desks to swap macro-wave bets for the harder work of picking individual credits.
- The Wrap
Hayfin's CLO sale talks mark the reset wave's exit trade
The CLO reset wave is now producing platform sales and equity-layer secondaries as arbitrage compresses.
- BDCs
Second-quarter BDC earnings season closes with a split verdict
A miss, a match, and a stalled relief rally leave allocators a single-name map and a funding test for Q3.
- Who's investing
Colorado pension commits $20m to Aldine private capital fund
The oversubscribed SBIC close and the small pension check show where private credit formation still clears.
- Fund launches & raises
Neuberger prices $508M CLO at 120bp
Fresh-issue demand holds at the tight end as the reset wave rolls on.
- Direct Lending
Onex and Aristotle Pacific keep the CLO reset wave rolling
Two managers brought $756 million of CLO paper to market this week, extending a reset wave that now governs which private credit managers can keep their cost of capital low.
- The Wrap
Hayfin weighs sale of US CLO unit
The choice between a full US exit and a CLO-only sale will tell other platforms with marginal CLO books what their own are worth.
- BDCs
BlackRock TCP finds a liquidity valve in CLO equity
Creditflux reports the listed BDC is selling CLO equity instead of loans, giving the sector a cleaner exit that may become permanent.
- Fund launches & raises
Sona packs middle-market loans into a €400m European CLO
The rated vehicle puts private credit inside a broadly syndicated CLO, a structure other managers may adopt.
- Who's investing
Alternative Credit Investor launches members-only club for private credit allocators
The Allocators Club gives limited partners a private place to compare notes as allocators push into newer corners of private credit.
- The Wrap
Private credit's new frontier is the balance sheet
PGIM's GreenSky facility and Crestline's European fund are two versions of the same trade: financing asset pools, not corporate cash flows.
- Fund launches & raises
Domestic funds take 74% of India's shrinking private credit market
Domestic managers now command 74 percent of a smaller Indian private credit market, with global funds' share cut to 26 percent, per EY data reported by Alternative Credit Investor.
- Who's investing
Allocators push private-debt dollars toward Asia-Pacific
Spread premiums and diversification are pulling North American and Western European allocators into Asia-Pacific private debt, according to Private Debt Investor.
- Distressed & restructurings
Prospect of rising US defaults opens liability management avenues
Private Debt Investor's April 8 trend story sees higher US default expectations as an opening for liability management work.
2 stories
- Fund launches & raises
Private Debt Investor's outlook puts private debt ahead of other asset classes
The publication's October 2 outlook cites robust fundraising and strong returns, but the summary carries no figures and hedges its claim.
- The Wrap
NAIC and Moody's mark the perimeter of private credit's leverage
A fast-track Apollo ruling and Moody's concentration-limit analysis turn fund-level leverage into a regulated asset class.