News & Analysis

Goldman’s Reynolds on scale and the $10bn deal

Deals approaching $10bn are becoming possible for direct lenders, says James Reynolds of Goldman Sachs Asset Management. In this podcast, he explains the firm’s new climate strategy and expresses optimism over levels of deployment and the M&A market.

How to conquer the retail market

Wealth management has become one of the fastest-growing areas of private debt this year as firms pile in.

Loan Note: Ex-CalPERS chief plots lending venture; why LPs are choosing credit

Former CalPERS CIO Nicole Musicco is planning a $1 billion mid-market lending platform. Briarcliffe looks at six reasons LPs are demanding private credit over private equity.

AlbaCore launches senior strategy with $1.8bn anchor commitments

Commitments from Mitsubishi UFJ Trust Bank and Abu Dhabi’s sovereign wealth fund give the strategy’s first vintage significant firepower.

Carlyle-backed insurer completes $4bn annuity reinsurance deal

The transaction is Fortitude’s sixth in Japan, and brings its originations to $8bn in 2025.

Alaska’s Waldrop on the danger of too much focus on DPI

In this nine-minute interview, Alaska Permanent Fund’s deputy CIO says prioritising distribution ratios as a metric will cause GPs to do ‘very unnatural things’.

Geopolitical concerns impacting majority of LPs’ investment decisions – report

Investors believe 2025 will have improved deal and exit volumes for private markets in spite of US policy uncertainty and looming tariffs, according to a survey from Adams Street Partners.

Fitch: US private credit default rate hit 5.7% in February

Healthcare has been a problematic sector, with a default rate of 7.5%.

Goldman Sachs: The great pivot for insurance investors

Executives at insurance companies with $14trn of assets prefer private debt, particularly investment grade credit, a new report found, and they see public debt as range bound.