North America

Is junior capital PIK’s innocent victim?

Why the ‘good’ vs ‘bad’ PIK debate is also about junior capital vs senior debt.

First Brands, in chapter 11, discloses over $11bn of liabilities

A number of private credit firms have exposure to the latest instance of trouble in the auto and auto-parts industries.

Jirí Król: Private credit and the future of America’s 401(k)s

Policymakers increasingly recognise that private assets can serve as a valuable complement to public equities and bonds in retirement portfolios.

Three key speciality finance trends

Speciality finance strategies are gaining pace in the broader credit market, with investors keen to participate in niche plays.

Hamilton Lane’s Perry shares six trends to watch

The MD and head of direct credit discusses where the consumer environment is headed, deal levels, PIK and other market currents.

Apollo launches private debt sports investment subsidiary

NorthStar’s Al Tylis will become CEO of the venture, which will focus on both debt and hybrid capital investment opportunities.

General Atlantic holds $2bn first close for flagship credit strategy

The North American senior debt fund seeks to find divergent credit opportunities in return for higher yield.

City of Jacksonville eyes doubling private debt commitments

Investment consultant RVK estimates allocation of an additional over $200m would get the pension to its 7% target in 2029.

Janus Henderson sells stake in Victory Park to US life insurer

CNO will take a minority stake in Victory Park and commit $600m to future and existing strategies

Why run a credit CV?

It is more in credit GPs’ interests to actively pursue liquidity than remain passive with tail-end portfolios.