Europe

Private markets fundraising conditions are tightening, but managers with a track record can still attract investors to property credit.

The firm also reported a high re-up rate for its latest flagship European credit vehicle.

The firm secured its largest fundraise to date to provide credit to early stage and growth businesses.

Continuation vehicles backed by Pantheon will acquire a total of roughly $2bn of private credit investments.

The investor is also moving into other new areas of illiquid credit, including infrastructure and real estate financing, says founder and CEO Antoine Prudent.

Despite reaching AUM of $50bn, appetite has not been satisfied for collateralised loan obligations – and retailisation is causing the source of that demand to shift to a wider market.

The CLO market has challenges, but prospects for the rest of the year look bright as it demonstrates continuing resilience, says Matt Maggio, director and senior portfolio manager in the securitised credit and CLO management team at RBC BlueBay Asset Management.

The top end of European private credit may be drifting into syndicated territory and taking pricing and lender protections with it, but original terms have held down-market, says Charles-Henri Clappier, partner, head of KSO France and business development at Kartesia.

Private equity chief financial officers are getting to grips with the power of NAV financing and GP solutions, says Peter Hutton, head of NAV financing at Arcmont Asset Management.