PGIM shakes up credit platforms in major reorganization
The reorganization eliminates the separation between PGIM Private Capital and PGIM Fixed Income. The insurer-led firm appointed a single head of public and private fixed income  

Not everything in private credit is rosy – Goldman Sachs’ James Reynolds
The firm's global co-head of private credit spoke to Creditflux managing editor Lisa Lee at the Debtwire Private Credit Forum Europe in London

US MM CLO Rankings – May 2025
Golub and Wells Fargo emerged on top in Creditflux's latest monthly mid-market CLO rankings for managers and arrangers

CalPERS rolls out ESG due diligence for private debt investments
The California pension giant also has an investment mandate specific to battling climate change

Ares launches direct lending fund for European wealth investors
The firm’s first ELTIF product will give individual investors access to its existing European direct lending strategy

Defaults could rise for private ARR loans during the next two years—KBRA
Borrowers of annual recurring revenue loans, typically software companies, have so far outpaced other industries in terms of growth

CPP Investments backs Varde’s subline strategy launch
The Canadian pension giant provided USD 300m of strategic equity toward the new fund finance platform

Monroe Capital Partners returns to primary market with first 2025 print
The deal’s upper mezz priced in line with earlier investor guidance, but the triple Bs priced notably wide, with the spread remaining unchanged from its pre-reset level

Blackstone hires ex-Lazard co-head of US financial institutions
Joseph Cassanelli will work on the team behind Blackstone’s Tactical Opportunities strategy, which allows Blackstone to invest across asset classes, industries and geographies

Turning Rock hires head of credit
The new head of credit joins from Z Capital Group, where he oversaw both funds and CLOs

Allianz GI eliminates role after head of direct lending exit
Nadia Nikolova leaves after spending 11 years working for the asset management arm of insurer Allianz; team will now report to CIO for private credit  

US pensions' push into European private credit involves local expertise pursuit, mid-market strategy differentiation
The European credit market is expected to benefit from recent fiscal stimulus announcements and lower primary tariff impact, while mid-sized managers are likely to see growing demand for differentiated strategies

Public ABS volatility creates opportunity for Citi, Carlyle ABF partnership
By backing fintech specialty lending businesses, Carlyle will gain access to their portfolio of alternative collateral, Carlyle’s head of ABF told Creditflux

Investors opt for debt as alternative to secondary sales to generate liquidity
Investors are increasingly seeking financing as an alternative to selling their fund stakes on the secondaries market

News in brief
US credit returns fail to reflect risk

Private lenders fund record mega-loan for Clearlake
A large group of private credit firms clubbed together to raise the USD 5bn Clearlake Capital needed for its acquisition of Dun & Bradstreet. But is this huge deal a sign of things to come?

Maybe the only thing riskier than JPMorgan’s multifaceted private credit strategy is ignoring private credit entirely
No other bank has been as expansive in its attempts to join this market

As direct lenders seek efficient, scalable financing tools, private credit CLOs are growing fast
PCLOs have reached USD 135bn, or 13% of the overall CLO market

BlackRock pushes private markets for revenue diversification
The world’s largest asset manager is planning to launch three new private credit products for the wealth channel, in addition to its purchase of private credit shop HPS

Carlyle, Citi to partner on ABF in fintech specialty lending sector
Under the agreement, the two will share expertise and explore co-investment opportunities

Pemberton expands into North America with new office, hires
The European private credit shop has established an office in New York

Ares 'bespoke' mid-market CLO unlocks UK insurance capital
Ares’ debut mid-market European CLO employs a highly unusual structure that allows it to attract investments from UK insurance firms

US pensions increasingly eye European private credit amid expanding allocations, diversification pressures
US public pensions have committed at least USD 4.4bn to European private credit strategies since July 2024  

Silver Point prints new private credit CLO
It is the second new issue private credit CLO from the manager this year

CalPERS invests USD 16.2bn in private debt, mostly through custom accounts
The institutional investor committed USD 12.2bn to the asset class across 17 customized investment accounts in the past 12 months