North America

Asset-backed finance, insurance power KKR’s credit division in Q3

Co-CEO Scott Nuttall sees ABF as a potentially $5trn-plus market for lenders.

KBRA sees a tension in the rating of feeder funds

New report from rater surveys the key legal features observed in rated transactions.

The perils of FRCP 7.1 – two years on

The federal rule, updated two years ago, requires a high degree of disclosure by asset managers that some say is impossible to obtain. Proskauer’s Mike Mervis and Massimo Capizzi explain key developments since the requirement was introduced.

TPG raises $1.8bn for third special sits fund

The fund is said to seek $4.5bn; LP commitments include the Rhode Island State Treasury and Vermont Pension Investment Commission.

Wendel takes 75% stake in Monroe Capital

A new partnership between the two firms will enable Monroe to expand its activities and see Wendel commit $1bn to its funds.

Goldman Sachs: LPs are significantly underweight to private debt

Survey shows a mixed bag in investor attitudes toward the asset class, though many intend to increase allocations

Morgan Stanley raises $2bn for North Haven Tactical Value II Fund

NHTV operates as a special situations fund, occasionally delving into asset-backed finance.

Black Diamond sues for control over Del Monte

Loan originator acts on behalf of as-yet unnamed lenders, in response to J Crew style restructuring.

Private credit still runner-up to PE, LPs say

LPs want more centralised data, are bullish on dealmaking in 2025, but unsatisfied with returns.

Credit now Blackstone’s largest business

Credit’s $21.4bn in inflows accounted for over half of its total fundraising during the third quarter.