A majority of listed business development companies are currently trading at discounts to their net asset values, as investors weigh liquidity risks, portfolio valuations, and broader private credit market pressures, according to a report by Bloomberg citing LSEG data.
Bonds issued by semi-liquid private credit funds had already been under pressure before recent investor redemptions, highlighting underlying stress in the $2tn sector, according to a report by Reuters citing analysis by Fourier Asset Management.
Permira, the €85bn ($98bn) global private equity group active in technology lending, is exploring opportunities in software loans that have been hit hard by market fears over artificial intelligence disruption, according to a report by Bloomberg.
Ares Management Corp’s Ares Strategic Income Fund suffered its largest monthly decline since inception in February, reflecting broader pressures in the $1.8tn private credit market, according to a report by Bloomberg.
Executives from Blackstone and Apollo Global Management have sought to counter growing market anxiety around the $1.8tn private credit sector, arguing that fears reflected in recent headlines overstate actual risks., according to a report by Bloomberg.
Doug Ostrover, co-founder and co-CEO of Blue Owl Capital, has attributed recent investor unrest in private credit to the industry’s own actions rather than underlying loan performance, according to a report by the Financial Times.
Ares Management has become the latest alternative asset manager to limit investor withdrawals from a private credit fund capping redemptions from its $10.7bn Ares Strategic Income Fund after requests exceeded the vehicle’s quarterly threshold, according to a report by the Financial Times.
Moody’s has downgraded FS KKR Capital, a private credit vehicle managed by KKR and FS Investments, to Ba1, pushing the fund below investment grade, according to a report by Bloomberg.
Apollo Global Management has limited investor withdrawals from its $25bn Apollo Debt Solutions fund to 5% of shares after redemption requests exceeded the vehicle’s quarterly cap, according to a report by Bloomberg News.
The majority (59%) of global LPs expect to take a more integrated approach to their public and private credit allocations within five years, up from 35% today, according to research from Benefit Street Partners.
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