Fund managers

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.

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

Despite reaching AUM of $50bn, appetite has not been satisfied for collateralised loan obligations – and retailisation is causing the source of that demand to shift to a wider market.

Despite discussions of declining investor demand for liquidity, both funds saw requests for double-digit amounts of shares to be tendered

The firm’s third vintage in its Asia credit strategy is thought to be targeting $1bn.

Our annual ranking of private credit’s biggest fundraisers also shows capital raising increasing overall – and rising especially fast for the largest fund managers.

Hysteria in the business development company market has given way to a calmer search for liquidity options.