Liberty Mutual gets a $750m Orion option; HanseMerkur fund targets €500m
Orion and Liberty Mutual have jointly committed $240m so far to the Credit Income Strategy, and HanseMerkur Grundvermögen has already issued a €40m green loan.
At a glance
Liberty Mutual has an option to deploy $750m with Orion Infrastructure Capital, and the pair have jointly committed $240m so far to the Credit Income Strategy.
HanseMerkur Grundvermögen launched its sixth real estate debt fund, targeting €500m, with its parent set to hold a permanent 20 to 30 per cent portfolio stake.
Apollo extended to direct lending the daily pricing cadence it launched on investment-grade products in July, applying it across an $850bn credit book at a $1tn platform.
Liberty Mutual has an option to deploy $750m with Orion Infrastructure Capital, and the pair have jointly committed $240m so far to the Credit Income Strategy. The strategy sits inside Orion's existing infrastructure credit business, which means the commitment buys into a lending franchise already in place rather than capitalising a new one. The $240m committed to date is less than a third of the option's headline size.
HanseMerkur Grundvermögen launched its sixth real estate debt fund, targeting €500m, with its parent set to hold a permanent 20 to 30 per cent portfolio stake. The insurer's investment arm has already issued a €40m green loan to refinance the Holiday Inn Express Düsseldorf Airport. The fund is the sixth in the series, which indicates the platform runs repeat vintages rather than a one-off vehicle.
Funds closed, one BDC reported for sale
Oaktree closed a $2bn asset-backed fund as balance-sheet lending continues to attract institutional capital. Fidelity closed a $451m real estate debt fund, and Oxford Finance raised $368m across five loans that averaged above $70m.
WhiteHorse Finance put itself up for sale, according to BDC Reporter, which named no buyer, price or timetable. The same publication called the week ended Oct. 2 one of the sector's worst and attributed the weakness to macro factors.
Marks without trades
Apollo extended to direct lending the daily pricing cadence it launched on investment-grade products in July, applying it across an $850bn credit book at a $1tn platform. Loans there rarely change hands, and marks come from internal models rather than trades.
Golub Capital invested $5m in AI credit developer F2 and deployed it across underwriting. 9fin's Q2 BDC watchlist puts information technology at just under 36 per cent of $4.19bn in marked-down fair value, with more than half the flagged credits maturing by 2029.
The two commitments with repeat mechanics are the insurance ones. Liberty Mutual holds an option it can draw against rather than a single allocation, and HanseMerkur's parent stays in the vehicle permanently at 20 to 30 per cent instead of subscribing once. Both suggest insurers are treating private credit as a standing allocation rather than a series of one-off tickets. That is the opposite of the problem Apollo is addressing, where the loans almost never trade and the price is an internal estimate. A sale at WhiteHorse would put a number on the valuation question; the report names no buyer, price or timetable.
| Party | Vehicle or strategy | Size | Status |
|---|---|---|---|
| Liberty Mutual / Orion Infrastructure Capital | Credit Income Strategy | $750m option; $240m committed so far | Announced |
| HanseMerkur Grundvermögen | Sixth real estate debt fund | €500m target | Launched |
| Oaktree | Asset-backed fund | $2bn | Closed |
| Fidelity | Real estate debt fund | $451m | Closed |
| Oxford Finance | Five loans | $368m raised, averaging above $70m | Loans made |
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