Direct lending

Private debt occupies a good position to capitalise on opportunities, but faces increased competition.

Sponsor-backed companies’ share of overall defaults surged to the highest ever, while Fitch found LMEs and distress depressed recovery numbers.

Principal Asset Management says the new appointment will help expand its alternatives business, which focuses on private debt and real assets.

Pockets of distress in the consumer sector may result in restructurings in 2025.

The fund is thought to be one of the largest ever raised for European private debt and, with associated vehicles and leverage, will have around €30bn of deployable capital.

Medical services is a challenging subsector, but there are promises elsewhere, says a new white paper by the manager.

The Abu Dhabi sovereign wealth fund will expand its reach into fund finance and open itself to external shareholders.

COAERS is expected to approve a 10% allocation to private debt as part of an overhaul to focus on that asset class and real assets.

The UK pension fund is about to close its second private debt fund, which it aims to scale to £500m, and is looking to consolidate GP partnerships.