Apollo extends daily pricing as Deloitte finds 4% fully revalue daily
Deloitte counts 48% of private credit fund groups refreshing valuations daily on observable market inputs, while BlackRock puts first-lien software loans at about 97% of cost in the second quarter.
At a glance
Deloitte counts 48% of private credit fund groups refreshing valuations daily on observable market inputs.
Apollo has begun extending daily pricing across its $850bn credit business.
First-lien software loans were valued at about 97% of cost in the second quarter, according to BlackRock, which attributes the markdowns to AI uncertainty rather than weaker Ebitda.
Deloitte counts 48% of private credit fund groups refreshing valuations daily on observable market inputs. Only 4% run a full daily update that revisits unobservable inputs, cash flow assumptions and methodology.
Apollo has begun extending daily pricing across its $850bn credit business. Observable inputs arrive from outside the firm and can be pulled into a valuation every day. Unobservable inputs do not arrive; the manager sets them, along with the cash flow assumptions underneath and the methodology that governs both.
Marks and prices come from different places
First-lien software loans were valued at about 97% of cost in the second quarter, according to BlackRock, which attributes the markdowns to AI uncertainty rather than weaker Ebitda. Lincoln data, reported alongside that figure, shows software borrowers grew adjusted Ebitda faster than the wider pool.
BDC common stocks dropped again in the week ended October 9, according to BDC Reporter's weekly recap. Those exchange-traded share prices are a weekly measure, not the same as the second-quarter whole-loan mark in BlackRock's 97% figure.
Two CLOs and two fund launches
CVC Credit priced roughly €400m of Cordatus XXXIX, its second European CLO of 2026, with CVC CLO Equity IV taking the majority of the equity tranche. Brightwood Capital Advisors priced a $253.55m CLO with GreensLedge as placement agent and said insurers, banks and asset managers indicated interest in notes rated AAA through BB.
M&G Investments launched a £74m private credit long-term asset fund, the Diversified Private Credit Feeder, seeded in part by a with-profits fund and aimed at UK defined contribution schemes. It sits inside M&G's £28bn private and structured credit platform.
BlueOrchard and the International Finance Corporation are seeking $2bn for an evergreen emerging-market private debt fund aimed at pension funds, insurers and sovereign wealth funds. Tokio Marine Group anchored the $300m first close.
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