Investors

The business development company market in the US is already coming under pressure – and a high exposure to the software sector may make things worse.

The potential adoption of this strategy follows in the footsteps of CalPERS, which implemented a total portfolio approach this past November.

Fund allocators such as Goldman Sachs’ external investing group and Allianz Global Investors are putting more focus on rising private debt GP consolidation.

Investor appetite for real estate credit is growing as attractive attachment points and diversification opportunities mark out the asset class from other areas of private debt.

The manager previously moved its redemptions threshold to 17% from 5%.

Credit secondaries ranked second only to PE in deal volume across both LP-led and GP-led transactions in 2025.

Nearly one-quarter of LPs have seen evidence of CV-on-CVs, according to Coller Capital’s latest investor survey.

Our latest snapshot of LP opinion appears to suggest capital flows may be changing direction.

The deal will see the American insurer commit significant capital to private and liquid credit strategies.

CalPERS and the European Investment Bank were among the leading investors in credit funds last year.