Distressed & special situations

S&P, Moody’s say resilient borrowers entered a vulnerable window in Q1

Two reports agree on the challenges and apparent ‘calm’ of 2026, but suggest different views of what comes next.

CPP Investments unloads European non-performing loan portfolio

Net proceeds near C$1bn to be redeployed as the market for NPL portfolios changes.

State of the market Q2 2026: Pockets of pressure

According to some, the future is at stake (and perhaps be worried if your firm name begins with ‘B’), but there is little in the way of evidence that private credit faces a crisis that spans the entire asset class.

New opportunities arise in private credit amid redemption wave: Milken panel

Retail investor redemptions are not being viewed as a troubling sign for private credit GPs, panellists say, echoing US SEC chair’s sentiment that asset class is not facing systemic issues.

Trade groups dispute antitrust label on creditor co-operation agreements

The groups have submitted an amicus brief saying creditor-on-creditor co-operation is not an illegal cartel and requested that a suit be dismissed.

VCERA’s consultant stresses insulation from negative headlines even as system slows pacing

Southern California pension with $9.5bn in assets approves plans for a third year of stepped-down private credit commitments as it draws closer to allocation target

Addressing trustee anxiety about headlines, Chicago’s consultant stresses credit’s insulation from issues

Consultant for $14bn pension plan, Callan, provided an overview of private credit’s potential tailwinds that ran the gamut – from retail investors to defaults and AI disruption.