News & Analysis

In today’s edition, Blue Owl opens window for BDC tender offer. Plus: Carlyle backs storied US racetrack; and CFA Institute calls for better retail regulations in private credit. Here’s today’s brief for our valued subscribers only.

Continuation vehicles present an interesting opportunity for fund finance, but concentration risk and a reluctant investor base pose a challenge.

The manager, which operates in the lower mid-market, in early June wrapped up one of the year’s stand-out private credit fundraisings to date.

As fundraising has slowed and exits become harder, fund finance in the region has never been busier, with GPs increasingly tapping into sources of liquidity.

Endowments and foundations using outsourced investment offices increasingly view GP-led secondaries as a way to deploy capital more quickly into private markets, prioritising performance opportunities over liquidity concerns.

Despite record-breaking H1 fundraising activity, infrastructure and real estate credit funds are largely absent from the total.

Research points more towards idiosyncratic stress in particular borrowers and market segments than broad deterioration across portfolios, says the global head of the Alternative Credit Council.

Managers are looking to where there’s an apparent need for capital, including opportunistic credit.

Judge Lopez sees ‘no doubt that there is cause to convert’ as there is no going concern to reorganise.

Retail money may be fleeing BDCs right now, but that doesn’t mean private credit’s dalliance with retail money is over, writes David Brooke.