North America

Five LPs speak of an asset class in transition

The shift from direct lending to speciality finance, adapting to ESG requirements and responding to regulatory scrutiny: these are some of the evolutionary steps being taken by private debt. Five investors share their thoughts on changing times.

Benefit Street Partners closes $1bn CRE CLO

Franklin BSP Realty Trust’s Comparato breaks down the transaction, which marks a bright spot for a quiet sector.

Moody’s: Apollo, State Street ETF proposal raises questions of liquidity mismatch

If the SEC approves it, the success of this novel ETF could influence the creation of others like it

Citigroup and Apollo form $25bn direct lending venture

Mubadala and Apollo’s Athene will be strategic partners in the enterprise, which focuses on below investment-grade deals.

New York City Pensions’ CIO questions private equity’s billionaires

Meier, who oversees assets worth $272bn, believes private equity’s fees are ‘too high’.

Waterton closes $1.7bn multifamily fund with credit angle

The Chicago-based firm joins a growing list of managers targeting distress.

Powell, Barr and Oaktree on banks and Basel III

Amid the back-and-forth on the proposed banking rules, banks seem committed to a complete withdrawal from below investment grade lending.

Indiana Public Retirement System raises its private debt allocation

The pension fund has increased its debt allocation to 5.4 percent, which has netted a 7.8 percent return year-to-date.

Bankruptcy court: Yellow on hook for pension contributions

Judge’s ruling does not give a number to pension liability but suggests that it will far exceed the debtors’ assets.