News & Analysis

Loan Note: Senior debt dry powder shrinks; private credit commitments lower

Rapid senior debt deployment reduces strategy’s dry powder. Also, private credit commitments shrinking at the expense of private equity; and a senior hire at Barings. Here’s today’s brief for our valued subscribers only.

UK’s L&G mulls 25% rise in large infra debt allocation

The insurer’s head of portfolio management, Roman Hederer, sees more opportunities and value now in the asset class than a few years ago, particularly in Europe.

Stable outlooks for ‘vast majority’ of rated BDCs: KBRA

But cap raises at the top five perpetual life BDCs declined 50% year-on-year and profitability is pressured.

CalPERS promotes Orlich to oversee private markets portfolio

Anton Orlich, architect of the US pension giant’s PE turnaround, will now also be responsible for its private credit, real estate, infrastructure and other alternative programmes.

Canyon hires former ATLAS SP CEO to lead ABF venture

Management, Daiichi Life Insurance and Korea Investment Holdings will provide permanent capital with more than $5bn annual origination capacity

Loan Note: Connection private clients target higher return profile; credit secondaries has $80bn target

Higher interest rate environment sees private wealth target capital solutions. Plus: credit secondaries momentum set to continue; and questions around stickiness of retail capital. Here’s today’s brief for our valued subscribers only.

Private credit sharpens focus on climate’s missing middle

Recent moves by Lightrock, Nest and Galvanize offer signs that the private credit market is starting to bridge the climate financing gap, but there is still a long way to go.

PGIM: The view from Down Under

Mike Jones, managing director and head of Australia private credit at PGIM, says that growth has slowed somewhat as the country’s big banks remain active, with patience vital.

Ares closes Pathfinder III at increased $8.5bn hard-cap

The asset-based fund beat its target and raised $12.7bn of investable capital including commitments extended from the prior vintage.

Asian insurer Prudential hires head of product development

The Hong Kong-headquartered firm, with $166bn under management, has appointed a former insurance CIO to what is understood to be a newly created role, Private Debt Investor has learned.