News & Analysis

From ‘status quo’ to ‘remain in place’: ILPA updates CV guidance for an evolving market

The industry body’s prior guidance was ‘silent on a lot of things’, chief executive Jennifer Choi tells affiliate title Secondaries Investor.

Carlyle-affiliated Fortitude Re strikes reinsurance deal with Unum

The deal to transfer $3.8bn of long-term care policies to Fortitude will earn Carlyle recurring fees.

Loan Note: Ex-Runway CIO launches new lending business; SIMCo and PIMCO announce infra debt partnership

Former Runway Growth CIO Greg Greifeld launches a new business providing capital to consumer businesses. SIMCo and PIMCO embark on an infra debt partnership. Here’s today’s brief for our valued subscribers only.

Hayfin raises €15bn for fifth direct lending fund

The firm said it benefited from a more conservative approach to fund structuring following difficulties with US semi-liquid vehicles.

Jiří Król: Regulators provides one good model, two with work to do

The Fed’s disciplined analysis of private credit stands in sharp contrast to the FSB’s too-broad definitions and the ECB’s skewed scenarios, argues the global head of the Alternative Credit Council.

AI in private debt: A modest start but rapid growth

Market participants need to get their heads around what has changed, what hasn’t and what soon may.

A brief history of (investment) time

Timescales matter to investors, often in very different ways, and GPs need to think about how they can cater to those with different outlooks on the future.

Loan Note: MEAG head to depart; Apollo issues $750m of notes

MEAG’s longtime head of illiquid assets, Thomas Bayerl, will leave the business this month. An Apollo BDC has issued $750 million of unsecured notes. Here’s today’s brief for our valued subscribers only.

Market conditions: Goldman challenges negative sentiment

Despite a wave of negative coverage, Goldman Sachs Alternatives argues private credit fundamentals remain strong, with attractive spreads and growing opportunity sets.

Are BDC intermediary relationships changing?

While some managers suggest their relationship with intermediaries is the same, investor capital continues to leave non-listed BDCs.