Deep Dive

Private credit’s asset-backed pivot

Scrutiny over software, BDC liquidity diverting managers’ attention back to what could be a $20trn market.

The debate rages over insurance risk in private credit

Insurers ventured into alternative credit for yield and diversification, but the question of whether the risks are appropriate remains unsettled

The big divide: How Europe and America’s private credit markets are parting ways

As North American private credit reels from scathing headlines, Europe appears relatively insulated. Have the asset class’s two most important regions gone their separate ways?

LPs look past the negative headlines

There appears to be a disconnect between critical commentary in the mainstream press and private debt’s enduring appeal to investors. PDI gauges LP opinion.

Questions linger as Wall Street readies for 401(k) blitz

The moment alternatives managers have awaited for years is finally here – but the push for retail assets will not be as straightforward as some might assume.

First Brands bankruptcy prompts questions over private credit exposure

The Ohio-based concern’s term loans were primarily underwritten and syndicated by investment banks.

Why appetite for diversification may not be satisfied

With a wide range of strategic options, it may seem counterintuitive that last year saw LPs doubling down on well-established direct lending exposures. For many of them, committing capital to new areas is not as straightforward as it may seem.

KBRA DLD sees direct lending defaults rising to 3%

Pockets of distress in the consumer sector may result in restructurings in 2025.

Private debt defaults: What lies beneath?

Headline default rates in private debt may be just the tip of the iceberg, with plenty of other dangers lurking in the dark below the surface.