North America

Pantheon: Primary market noise brings secondary opportunity

Retail redemptions and software exposure highlight the need for liquidity across private credit, offering potential opportunities for secondaries investors, according to Rakesh (Rick) Jain and Toni Vainio at Pantheon.

Blue Owl seeks to reassure investors following Q1 earnings

Co-CEO Marc Lipschultz pushes back on the ‘panic’ narrative, saying it is driven by sentiment, not fundamentals.

Crescent Cove Advisors holds close on $446m

San Francisco-based manager focuses on growth-stage, mid-market tech with long-term demand.

Primary Wave holds $2.2bn final close on music royalties fund

Primary Wave’s fourth and largest such fund exceeded its original $1.5bn target fundraise and hard cap.

Saba Capital to expand second-hand liquidity platform for BDCs, interval funds

The hedge fund and activist investor says it will target public and private BDCs at 30% or more discounts to NAV.

Moody’s analysts discuss their outlook downgrade for BDCs

Four factors weigh on the sector: leverage, redemptions, asset quality and the risk of obsolescence by AI.

Loan Note: Secondaries rise provokes LP/GP debate; Pemberton finds retail, software largely US issues

Secondaries on the rise, but LPs and GPs don’t always see eye to eye. Also, Pemberton highlights US/Europe disparity over retail and software woes; and private credit deals on the up in Africa. Here’s today’s brief for our valued subscribers only.

Blackstone posts earnings rise and shrugs off SaaSpocalypse talk

Private credit returns declined in Q1, but executives blame ‘naysayers’ not fundamentals.

StepStone Group closes $1.58bn credit opportunities fund

The firm’s Credit Opportunities Fund II collected more than double its target and will primarily invest in secondaries and co-investments