Economy

Semi-liquid funds: The hits keep coming

By now there is widespread acknowledgement that something is awry in private credit, both with redemptions in semi-liquid funds and valuations.

Strategy guide: Downside protection

Resilience is the name of the game when it comes to organising downside protection in distressed strategies.

Strategy guide: Restructurings

Distressed debt investing has never been an easy space to navigate. Our nine-part investment guide begins with a look at how restructuring techniques are being introduced to the market.

Davidson Kempner: Opportunistic credit could benefit from ‘capital structure reset’

Stress in private equity funds and portfolio companies could open up opportunities for opportunistic credit managers, DK’s white paper argues.

War’s disruption does not cure contract breach: Wasel & Wasel

The law firm has cited a Dubai case that arose out of Sudanese civil war that may assist financiers of projects around the wartime Persian Gulf today.

BlackRock limits redemptions in non-listed BDC

Redemption requests in HPS Corporate Lending Fund exceeded the usual limit by more than 4 percentage points.

Benefit Street Partners on private credit’s third act: Scale, flexibility and consolidation

Institutional investors are allocating more to alternative credit because of the excess returns and diversification, but they want deeper relationships with fewer managers, say Benefit Street Partners’ David Manlowe, Allison Davi and Daire Wheeler.

Investors pull $3.7bn from Blackstone evergreen

BCRED lifted its 5% redemption limit to 7% of assets.

Fitch: Default events in January double last year’s average

There were 11 private credit defaults in January and 89 in the trailing 12-month period.

Ares supports Vantage Data Centers via a $2.4bn debt facility

The manager commits two-thirds, or $1.6bn, of the total, with $330m of it at closing.