Skip to content
Thursday, October 29, 2026 · Today’s edition, 6:30 a.m. ETThu, Oct 29 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

Canyon and Castlelake file Form D for new private credit funds, no sales reported

Canyon's two home equity vehicles and Castlelake's asset-based private credit fund disclose no offering amount and zero sales in Sept. 28 Form D filings.

At a glance

  1. Canyon filed twice, both vehicles checked as pooled investment funds and typed as private equity funds.
  2. Castlelake's contribution is Castlelake Asset-Based Private Credit IV, L.P., with Evan Carruthers and Isaiah Toback named as related persons, and here the Roman numerals do the work the body of the form does not: a feeder paired with a co-investment vehicle on Canyon's side, a fourth entry in a series at Castlelake.
  3. What the documents leave out is a reminder of what Form D is for: no offering amount, no named investor, no fee terms, no indication of which channel the capital will arrive through.

Three Form D notices dated Sept. 28 came from two alternative managers, each listing the total offering amount as undisclosed and the amount sold to date as $0K—the only firm number among them.

Canyon filed twice, both vehicles checked as pooled investment funds and typed as private equity funds. The two entities—Canyon Home Equity Credit Co-Investment Feeder Fund II, L.P. and Canyon Home Equity Credit Co-Investment II, L.P.—name CHECC II GP Co. LLC and Canyon Capital Advisors LLC as related persons, with Joshua Friedman and Mitchell Julis listed alongside them. The names place the collateral in home equity, a corner of the credit market that sits apart from the sponsor lending absorbing most of the attention paid to private credit.

Castlelake's contribution is Castlelake Asset-Based Private Credit IV, L.P., with Evan Carruthers and Isaiah Toback named as related persons, and here the Roman numerals do the work the body of the form does not: a feeder paired with a co-investment vehicle on Canyon's side, a fourth entry in a series at Castlelake. Predecessor filings do not appear in this material, so the numbering implies a track record without documenting one, and the co-investment label suggests a vehicle meant to sit alongside a main fund rather than replace it.

What the documents leave out is a reminder of what Form D is for: no offering amount, no named investor, no fee terms, no indication of which channel the capital will arrive through. A reader who wants to know whether either manager is building a wealth-accessible version of these strategies will not find it on the filing, and the manager's name at the top does not answer the question.

A checkbox where the size should be

The two managers are filing on adjacent ground—both vehicles carry collateral in the names, one in home equity, one describing itself as asset-based credit—but neither filing says what the loans will be, what they are expected to return, or what they cost. This page has argued that the private-markets fee pool is shifting from selling tickets to building the sleeve; a co-investment feeder inside a numbered series is the kind of structure that argument describes, though nothing in these filings indicates who the sleeve is being built for.

The related-persons lists are the only human detail in the batch: Friedman and Julis appear on both Canyon entities, Carruthers and Toback on Castlelake's, and beyond that the paperwork is entity names, a fund-type checkbox, and a zero.

The number to watch is the one that replaces zero: Form D filings are amended as capital is raised, and an amendment is where the size of either vehicle becomes visible. Until those arrive, the three documents say only that the entities exist—organized, named, and reported with no sales.

Reported by the Filings desk from SEC EDGAR, SEC EDGAR and SEC EDGAR. Published . Corrections

Related

Deals & PE

Declaration Partners and Canyon file zero-sold Form Ds as Anthropic SPV sells out

Five vehicles naming companies reported roughly $8.5 million of subscriptions on the same filing date that six established managers registered pools with nothing sold.

M&A

Nuveen closes Schroders deal without disclosing the price

The combined manager holds $2.6 trillion in assets, and the release claims top-ten positions in active equities, fixed income and private markets.

Filings

Heppner sentencing adjourned without new date as new counsel takes over

A Manhattan jury convicted the former GWG Holdings and Beneficient chairman in May on four counts tied to more than $150 million extracted from GWG, which went bankrupt in 2022.

Filings

Brown Advisory reports $3.5 million sold in DRA XII private equity fund

The Oct. 19 Form D lists the first sale as Oct. 14 and no total offering amount.

Filings

FINRA bars Houston advisor Robert Wayne Thompson over withheld documents in $2.3 million client suit

The bar follows an October 2025 termination from O.N. Equity Sales Company over an unapproved power of attorney and undisclosed shell companies.

Private Wealth DailyThe morning edition

The private wealth industry in four minutes, every morning at 6:30 a.m. ET. Free.

Free. Every morning. Unsubscribe from any edition in one click.

From other sections