Blackstone has limited withdrawals from its flagship private credit fund after investors requested to pull around $4.4bn, marking a notable increase in redemption pressure across the sector, according to a report by the Wall Street Journal citing market data and unnamed people familiar with the situation.
A senior executive at Ares Management has dismissed recent concerns circulating around private credit markets, arguing that there is a significant gap between negative headlines and underlying portfolio performance, according to a report by Bloomberg.
Shares in major US-listed alternative asset managers including Blackstone, Apollo Global Management, Ares Management, Blue Owl Capital and KKR came under pressure in premarket trading on Wednesday as investors positioned for Q2 updates on withdrawals from non-traded private credit vehicles, according to a report by Reuters.
Innovative Chemical Products (ICP), a coatings and adhesives manufacturer backed by PE firm Audax Management, is in advanced negotiations over a restructuring that could result in creditors taking ownership of the company, according to a report Bloomberg citing unnamed people familiar with the situation.
Cliffwater has restricted investor withdrawals from its flagship $31bn private credit fund after redemption requests climbed to 17% in the second quarter, highlighting intensifying pressure across the private credit industry, according to a report by the Financial Times.
Blackstone has signed an agreement with Nippon Life Insurance Co to expand cooperation across private credit and real estate investments, marking another major tie-up between global alternative asset managers and Japanese insurers, according to a report by Bloomberg.
Private credit funds have extended nearly $560bn in new loans to US businesses over the past three years, supporting more than 6.5 million jobs, according to a report by Reuter citing new research by the Managed Funds Association.
FS KKR Capital Corp, a private credit vehicle jointly managed by Future Standard and KKR, is marketing at least $400m of high-yield bonds in a rare public debt issuance for a publicly traded credit fund, according to a report by Bloomberg.
Eurazeo has raised €3.9bn ($4.5bn) for its latest flagship private debt vehicle, signalling continued investor appetite for European direct lending strategies as momentum in US private credit becomes more uneven, according to a report by Bloomberg.
Private credit manager Elham Credit Partners, the Asia-focused lending arm of Hillhouse Investment, is preparing to launch its second Asia Pacific strategy vehicle as investor appetite for regional private debt continues to strengthen, according to a report by Bloomberg.
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