Signs of strain are emerging across the US private credit market, with unrealised losses at business development companies (BDCs) worsening in the first quarter and non-cash interest payments remaining elevated, according to regulatory filings and data reviewed by Reuters.
Apollo Global Management Inc and Blackstone Inc are structuring a roughly $36bn private debt package aimed at financing artificial intelligence infrastructure for Anthropic PBC, in one of the largest transactions of its kind in the private credit market, according to a report by Bloomberg.
Private credit investors are increasingly reluctant to underwrite a $2.5bn refinancing for cybersecurity firm Sophos, a portfolio company of Thoma Bravo, marking a sharp reversal from last year’s aggressive lending appetite for software-backed deals, according to a report by Bloomberg.
Apollo Global Management Inc expects continued redemption pressure in parts of the US private credit market targeting high-net-worth and retail investors, as sentiment toward the asset class remains unsettled following recent volatility and valuation concerns, according to a report by Reuters.
Oaktree Capital Management LP has partnered with Pantheon Ventures Ltd to scale its European direct lending strategy, with the joint platform targeting up to €1bn ($1.2bn) in assets as demand for private credit continues to deepen across the region, according to a report by Bloomberg.
A restructuring effort for Eagle Football, the holding company behind several professional football clubs has triggered tensions between major institutional creditors, with MetLife Inc and Ares Management Corp taking opposing positions, according to a report by Bloomberg.
A redemption request from a single institutional investor has prompted a private credit fund managed by Vista Equity Partners to enforce its 5% quarterly withdrawal limit, according to a report by Bloomberg citing an unnamed person familiar with the matter.
KKR & Co Inc expects that trading in private credit assets is likely to develop over time, as the industry explores ways to improve liquidity and broaden investor access, according to a report by Bloomberg citing comments by co-chief executive officer Scott Nuttall.
Stress in US private credit markets is unlikely to trigger a broader liquidity crisis across the financial system, although indirect transmission risks are increasing as the sector becomes more interconnected with traditional finance, according to Deborah Cunningham, CIO of Global Liquidity Markets at Federated Hermes.
The European Central Bank has said recent turbulence in private credit markets is unlikely to pose a systemic risk to the eurozone financial system, although there could be a few pockets of the financial system which are exposed, according to a report by Reuters.
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