North America

BCRED issues CLO following redemptions, turbulence in NAV

The CLO issuance is routine but comes after a 0.4% decline in February, the BDC’s first monthly loss in three years.

Ares, Apollo cap semi-liquid redemptions at 5%, FS KKR downgraded

Apollo and Ares’ funds join a growing list of funds enforcing redemption limits, seeking to avoid downgrades.

BlackRock’s HPS raises $6.6bn for junior capital fund

The fund is targeting $10 billion of investor capital, and focuses on customised junior debt financing

Moody’s: Structured finance becoming critical to origination of IG private credit

Alternative managers that sponsor structured finance JVs are using their minority stakes to bring investment grade debt to investors.

Apollo credit funds moving towards monthly NAV reports

Executive outlines an approach to investor jitters involving real-time marks and, beyond that, the use of third-party valuations/modeling.

Stress in private credit funds is stalling efforts to widen retail access

Runs draw down political capital, as examiners step up focus on disclosures, possible conflicts and valuation of funds.

Despite headlines, private credit GPs wield more influence over LPs: Milken Institute panel

Major allocators suggest at Milken Institute event that private credit fund managers have “pendulum swinging back” to them after inflows from alternative capital sources

Conflict of interest concern: Valuation of a loan by the borrower

Valuations of Blue Owl’s BDC’s portfolio provided by Kroll have raised concern given Kroll’s close connection to Deerfield, a borrower from those BDCs.

Cliffwater, Morgan Stanley cap redemptions as liquidity requests rise

Cliffwater and Morgan Stanley seek to reassure investors over the health of their funds’ portfolios, while JPMorgan limits lending activity to credit funds.

Eagle Point holds $559m final close on third ‘defensive income fund’

Eagle Point’s latest closed fund invests in the debt securities issued by BDCs, credit funds and mortgage REITs.