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Apollo extends daily pricing to direct lending across $850bn credit book

The $1tn manager is carrying the cadence it launched on investment-grade products in July into loans that rarely change hands, where marks come from internal models rather than trades.

Liberty Mutual gets option to deploy $750m with Orion Infrastructure Capital

The pair have jointly committed $240m so far to the Credit Income Strategy, which will sit inside Orion's existing infrastructure credit business.

Golub Capital invests $5m in AI credit developer F2 and deploys it across underwriting

9fin's Q2 BDC watchlist shows information technology at just under 36% of $4.19bn in marked-down fair value, with more than half the flagged credits maturing by 2029.

Oaktree closes debut asset-backed finance fund at $2bn

The Brookfield-owned manager raised the money across ABF I and related vehicles, with US public pensions and sovereign wealth funds among the backers.

Metrics Credit Partners suspends three ASX fund redemptions after KPMG valuation dispute

The Australian manager marked the vehicles down by as much as 12.16 per cent, and the coverage describes no borrower default behind the gate.

LSTA reissues outbound-investment credit agreement guidance without naming pending Treasury amendments

The September 30 market advisory updates the May 4 exposure draft and offers model provisions for credit and pledge agreements, but the public summary stops short of identifying the two developments behind the expected changes.

9fin's Q2 BDC watchlist flags 118 credits marked down 5 points or more

Information technology accounts for just under 36% of the $4.19bn in affected fair value, and more than half the credits mature in 2029 or sooner.

Bank of England warns private credit vulnerable as financing conditions tighten

The FPC's September record flags elevated risk-taking and floating-rate debt-servicing pressure, with its private-market stress test still unpublished.

Metrics Credit Partners suspends redemptions after KPMG valuation dispute

The Australian manager, which runs around A$40bn, halted trading in three ASX-listed funds and marked them down by as much as 12.16 per cent.

Pemberton hires CLO head as Kartesia prices €459m and Värde hands off liquid fund

Kartesia's €459m debut clears at +129bp without arranger participation, four months after its loan-management launch.

Kartesia prices debut European BSL CLO at €459m, upsized from €400m

The AAA tranche cleared at +129bp without arranger participation, four months after Kartesia launched its loan management strategy.

Pemberton hires Investcorp's Courtman to run its €1.6bn CLO platform

Courtman starts in January 2027 as managing director and head of the CLO group, while Rob Reynolds steps back from the role to pursue other opportunities.

Castlelake, Canyon, Barings and Cerberus file numbered credit funds with zero sold

All five Form D registrations show zero sold and no target raise, leaving structure as the only filled-in part.

Värde Partners backs Valcia to take over its liquid credit fund

Valcia Asset Management would take over the 2023 Värde Liquid Credit Fund on 1 January 2027, pending regulatory approval.

Fidelity closes second real estate debt fund at $451m, more than doubling the first

The LP list spans institutions, family offices, RIAs and wealthy individuals, and the report gives no figure for the predecessor fund.

SEC restates private credit valuation rules as registered-fund holdings reach $270bn

Kurt Hohl and Brian Daly say disclosure of the context around valuations and their inherent uncertainties can be material for investors in private assets.

New York Life takes majority stake in $20bn Invictus as M&G prices €457m CLO

The deal brings Invictus's Verus Mortgage Capital loan-sourcing platform under New York Life; M&G's fifth Margay CLO prints at €457m after Ontario Teachers' July €200m commitment.

New York Life Investment Management takes majority stake in Invictus Capital Partners

The $20bn residential credit manager brings its Verus Mortgage Capital loan-sourcing platform under the $837.6bn insurer-owned asset manager, with no price or exact stake disclosed.

Oxford Finance raises $368m for asset-based lending within a year of launch

Five transactions from $25m to $160m average above $70m, leaving the first-year pool concentrated.

Golub Capital invests $5m in AI credit developer F2

The manager will run F2's software across screening, diligence, underwriting and monitoring, and David Golub will chair a new invitation-only AI council.

M&G prices fifth Margay European CLO, upsized to €457m

The first Margay print since Ontario Teachers' Pension Plan agreed in July to commit up to €200m to help scale M&G's European CLO business.

BDC shares fell again as the wider market rose, leaving third-quarter marks to explain why

A weekly price cannot separate a funding-cost repricing from a credit warning; the marks, especially loans held below 90, will show which.

Iwoca lent £1.5bn to UK SMEs in 2025 as revenue rose 56%

The London fintech funded about 100,000 loans last year and launched a business credit card on 28 September 2026.

BDC stocks fell again as the wider market rose

A weekly price print cannot separate a funding-cost repricing from a credit warning, and the third-quarter marks will decide which.

Private credit's distribution war moves to the insurance shelf

BSP hired the coverage, Aegon built the wrapper, Enercon sold the pipeline. The three moves are one trade, and the firms building now are betting the anchor pool reprices later.

Insurance regulators answer Warren as private credit's anchor pool grows

State regulators' defense of their own oversight doubles as the capital terms on which insurer money will keep reaching direct lenders.

The wealth wrapper is now the product

Same-day moves from Blackstone and Infranity show private credit's next scarcity is the distribution shelf.

Private credit's 1.7% quarter came from the wrong sleeve

The composite improved on the sleeve allocators don't buy, and the week's deals show the industry paying for origination instead of capital.

Blackstone wraps its perpetual funds for non-US wealth

One subscription, four asset classes — and a test of whether packaging now decides the wealth channel's economics.

Infranity's €15bn was built on insurance; wealth is the unproven leg

The platform milestone is real, but the push into private wealth is a distribution build the firm has not yet tested.

Private credit's 1.7% quarter was carried by its riskiest sleeve

The composite improved because opportunistic lending carried it while direct lending and real estate debt each printed 1.0 per cent, and the flow underneath argues allocators already treat steadiness as the product rather than the return.

Orix sells 11 CLOs; the middle of the market thins

Anchorage's platform now runs $26.1 billion of CLO collateral. The fixed cost of managing a CLO does not shrink with the book.

The hiring tape says origination is the scarce input

Two ICG hires and a new structured credit desk at CPP Investments are both purchases of origination capability, and the next vehicle will show it.

A $407.7m Golub CLO print and the collateral question behind it

Golub priced $407.7m through BNP Paribas while CVC, Trinitas and Guggenheim moved through the pipeline; the real test is what the vehicles hold.

Valey Primus prices at 129bp, and the template holds

The AAA print on a first-time manager's CLO looks like a market rate and behaves like an administered one, which leaves the mezzanine and equity to price everything a debut cannot show.

Fasanara's debut shows AAA demand is not the constraint

A first-time manager cleared the top of its stack at 129bp over Euribor, which makes collateral the harder question for Europe's new-manager wave.

Cheyne's £3bn close is really a deployment story

With half of CRECH IX already in loans at final close, LPs are underwriting a lending desk rather than a fundraising pitch.

BSP hires distribution where the liabilities run longest

A global head of insurance and two managing directors point to the shelf Benefit Street wants on repeat.

BofA sees more European hybrid CLO entrants, fewer reasons to cheer

A forecast of more issuers lands in a market where the constraint is collateral, not liability demand, and that changes who the entrants should be.

Onex guides CLO reset AAAs at 117bp, tightest in six months

A reset guide three basis points inside August's fresh-issue print says the senior bid has reopened, and the queue that follows will decide who gets it.

Fund managers want more private credit and more hedges

A Clearwater survey of 250 senior executives finds near-unanimous intent among fund managers to add alternatives, alongside a hedging figure that prices the illiquidity they are buying.

Aegon opens insured credit fund to European institutions

Aegon has launched the wrapper and left the target raise unsaid.

AI is thinning the analyst bench direct lending cannot spare

Creditflux's recruitment slowdown is a bet that software replaces the apprenticeship which produces workout lenders.

Britain's state bank is lending where private credit's economics stop

The second regional fund in a month puts £140m behind £25,000-to-£2m loans, a bracket no unitranche fund can originate at cost.

Palmer Square BDC's manager contract outranks its dividend forecast

BDC Reporter forecasts distributions through 2027, but a change of control at the external manager is what sets what those distributions can be.

KKR's $350m equipment platform is an origination bet

The asset-based finance strategy has $91bn and no shortage of capital; what the $350m Akrapoint launch buys is a desk that finds mid-ticket collateral.

Peakline buys Kalon to own equipment finance origination

The platform acquisition is the fast route into collateral-based credit, and the announcement withholds price, book size and funding structure — the three inputs that would show whether Peakline paid for originators or a static lease book.

Brightwood is back in the CLO primary after 18 months with a $253.55m private credit issue

A sub-$300m private credit print ends an 18-month absence and says more about collateral than about demand.

Goldman's Palmer Square talks price collateral, not fees

Goldman's talks for Palmer Square say the scarce input in private credit is now the team that picks the loans.

One in four private credit borrowers is a workout question now

Morningstar DBRS's read, reported by Creditflux, puts a quarter of private credit borrowers in stress or support talks; the resolution rests with whoever holds the pen on the next amendment.

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