Analysis

New York State CRF invests $200m in music royalties fund

Pension expands its entertainment royalty portfolio with investment in a Primary Wave music fund.

BlackRock: Family offices increasing private debt allocation in 2025-26

Low loss performance, low distributions from PE and willingness to trade liquidity for yield bringing family offices off the sidelines.

Burgers in alleys and sector specialisation: 7 things Korean LPs want from GPs

Speaking at PDI’s Seoul Forum this week, executives from Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, National Federation of Fisheries Cooperatives and Government Employees Pension Service shared their key criteria for GP selection.

Chicago Teachers’ Pension Fund formalises private debt allocation

CTPF’s private debt target allocation will be phased in over a 36-month period beginning 1 July.

Insurers seek to add more private debt through rated vehicles

Asset managers are racing to meet investor demand for vehicles that can show positive characteristics to regulators

Carlyle, Citi form asset-backed finance partnership for fintech lenders

The partnership formed following Carlyle’s September purchase of home equity sharing company Unison.

Cracks emerging in BDC loans, mid-market issuers

Direct tariff exposure remains low, but second-order effects could prove troublesome.

Reports: Apollo, Goldman Sachs, JPMorgan form partnership to syndicate debt

Goldman Sachs and JPMorgan will serve as broker-dealers, keeping some debt on their balance sheet as well as leading third-party sales

HarbourVest report: Some LPs not taking a holistic approach to private debt

Investing sequentially, rather than simultaneously considering allocations in ABF and niche strategies, could be harming some LPs returns.