News & Analysis

A recent note from the FCA highlighted both the rapid growth of the asset class and various areas of concern.

In today’s edition, Santander grows its infrastructure debt operation to help manage two new funds. Plus: smaller managers are finding fundraising a struggle; and we invite our readers to participate in our emerging manager survey. Here’s today’s brief for our valued subscribers only.

Asset-based lending and term lending are coming together to meet challenges for a wide range of companies under pressure, argues Richard Gumbrecht.

Analysis of fund close data found that vehicles valued at under $250m have seen a rapid decline since 2024.

The firm also reported a high re-up rate for its latest flagship European credit vehicle.

The firm secured its largest fundraise to date to provide credit to early stage and growth businesses.

State’s pension consultant Meketa recognises problems underlie default headlines, but notes private credit is ahead of public markets in working through the cycle.

Continuation vehicles backed by Pantheon will acquire a total of roughly $2bn of private credit investments.

The investor is also moving into other new areas of illiquid credit, including infrastructure and real estate financing, says founder and CEO Antoine Prudent.

In today’s edition, Analysis of the top fundraisers finds that North American GPs continue to be the dominant force in private credit. However, European unitranche deals are making a comeback, according to research by Houlihan Lokey. Here’s today’s brief for our valued subscribers only.