CAPITAL MARKET
Private Credit
Private credit has grown from roughly $400 billion in 2013 to over $2 trillion in assets under management, now rivaling the syndicated loan market in scale. The strategy spans direct lending, mezzanine, distressed debt, specialty finance, and infrastructure credit — each with distinct risk, return, and liquidity profiles that LPs are still learning to benchmark.
Coverage here tracks fund closes and target sizes across direct lending and opportunistic credit, BDC quarterly disclosures of leverage and non-accruals, Federal Reserve and OCC commentary on bank exposure to non-bank lenders, insurance company allocations to private credit (now >$700B across US life carriers), and the growing retail product wrappers — interval funds, nontraded BDCs, and evergreen vehicles — that open the asset class to wealth channels.
PipelineRoad sources this feed from SEC Form N-2, 10-K, and 10-Q filings, primary press, regulatory speeches, and LP disclosures — giving fund managers early signal on which LPs are pacing, which strategies are clearing, and where the next capital is going.
Featured Stories
Regulatory
LEO Multi-Manager Private Credit Fund Files SEC Form D/A
LEO Multi-Manager Private Credit Fund, LP filed a Form D/A on April 15, 2026, citing Section 3(c)(1) of the Investment Company Act.
Regulatory
LEO Multi-Manager Private Credit Fund LP Files SEC Document for Section 3(c)(1)
D/A - LEO Multi-Manager Private Credit Fund LP filed a SEC document on April 15, 2026, related to Item 3C.1 under the Investment Company Act.
Fundraising
Blue Owl Capital Raises $400m in BDC Bond Deal
Blue Owl Capital has raised $400 million through a bond issuance from its BDC, OBDC, amid volatility in the private credit sector, according to a report.
All Private Credit Coverage
Blue Owl Capital Raises $400m Through OBDC Bond Issuance
Blue Owl Capital has raised $400m in a bond deal from its BDC, OBDC, amid private credit sector volatility, according to a report.
Major US Banks Disclose Private Credit Exposures Amid Investor Scrutiny
US banks like Wells Fargo, JPMorgan Chase, and Citigroup reveal details of their private credit lending in quarterly earnings, addressing risks as investor focus intensifies.
Carlyle Secures $1.5bn First Close for Asset-Backed Income Fund
Carlyle Group has raised $1.5 billion in the initial round for its new asset-backed finance vehicle, attracting commitments from institutional investors including pension funds.
Adams Street Closes $7.5bn Private Credit Fund as Strategy Assets Reach $15bn
Adams Street Partners has closed its third private credit vehicle with $7.5bn in total capital, expanding its direct lending platform and increasing strategy assets to $15bn, according to Private Equi
Dawson Partners to Launch New Flagship Credit Fund After $7.7bn Close
Toronto-based private credit manager Dawson Partners prepares a new flagship fund mid-year, following the $7.7bn close of its predecessor, according to Private Equity Wire.
Carlyle Limits Withdrawals from $7bn Private Credit Fund Amid Redemption Surge
Carlyle caps withdrawals at 5% for its $7bn Tactical Private Credit Fund after requests reached 15.7% of shares, according to a report cited by Private Equity Wire.
Carlyle Limits Withdrawals from $7bn Tactical Private Credit Fund
Carlyle capped withdrawals at 5% for its $7bn Tactical Private Credit Fund after requests reached 15.7% of shares, amid broader market pressures.
Q1 2026 Review: Democratisation Dynamics in Private Markets
Private Equity Wire highlights democratisation trends in private markets for Q1 2026, focusing on education narratives and potential disruptions.
Q1 2026 Review: The Real Story in Private Markets
Aftab Bose of Private Equity Wire examines democratisation dynamics in private markets for Q1 2026, including education efforts and potential disruptions.
Mercer Raises $3.8 Billion for Latest Private Markets Fund
Mercer, part of Marsh & McLennan Cos, has closed its Private Investment Partners VIII fund at over $3.8 billion, attracting diverse global investors for multi-asset private markets exposure.
Mercer Raises $3.8 Billion for Private Investment Partners VIII Fund
Mercer has secured over $3.8 billion for its latest private markets fund, attracting commitments from global institutional investors amid strong demand for diversified strategies.
Mercer Raises $3.8bn for Latest Private Markets Fund
Mercer, part of Marsh & McLennan Cos, has raised over $3.8 billion for its eighth private investment fund, attracting commitments from global institutional investors.
North American Pensions Maintain Private Credit Allocations Despite Market Strains
Large North American pension funds, including CalSTRS, are holding firm on private credit investments amid sector challenges, according to a report.
UK Regulators Plan Stricter Rules for Private Equity-Linked Insurance Structures
UK authorities are preparing to tighten oversight of funded reinsurance transactions involving private equity, as reported by Private Equity Wire.
Private Credit Funds Face Over $20bn in Redemption Requests in Q1 2026
Wealthy investors attempted to withdraw more than $20bn from private credit funds in the first quarter of 2026, affecting major managers and highlighting sector pressures.
Private Credit Funds Faced Over $20bn in Redemption Requests in Q1 2026
Wealthy investors attempted to withdraw more than $20bn from private credit funds in the first quarter of 2026, affecting major managers and highlighting sector pressures.
Ares Appoints Former Goldman Sachs Exec as Asia Credit Head
Ares Management Corp names E G Morse as partner and head of Asia credit, succeeding Edwin Wong amid regional leadership changes.
Ares Management Appoints E G Morse as Head of Asia Credit
Ares Management Corp names E G Morse, a former Goldman Sachs executive, as partner and head of Asia credit in Hong Kong, succeeding Edwin Wong who retires in June.
Blackstone Closes $10bn Opportunistic Credit Fund at Hard Cap
Blackstone has raised over $10bn for its fifth flagship opportunistic credit fund, reaching its hard cap amid strong demand for private credit strategies.
Blackstone Hits $10bn Hard Cap for Fifth Flagship Opportunistic Credit Fund
Blackstone has closed its Blackstone Capital Opportunities Fund V with more than $10bn in commitments, reaching its hard cap due to strong investor demand for private credit strategies.
Frequently Asked Questions
How large is the private credit market?
The private credit market has grown from roughly $400 billion in 2013 to over $2 trillion in assets under management as of 2025, now rivaling the broadly syndicated loan market in scale. Preqin, BlackRock, and IMF estimates converge in the $1.8-2.3 trillion range.
What are the main private credit strategies?
Core strategies are direct lending (senior secured loans to middle-market companies), mezzanine, distressed debt, specialty finance (asset-backed lending, royalty finance, litigation), infrastructure credit, and opportunistic credit. Direct lending represents roughly 45-55% of the market by AUM.
Who are the largest private credit managers?
Top managers by AUM include Blackstone Credit, Ares Management, Apollo, Blue Owl, HPS Investment Partners, Goldman Sachs Asset Management, and Oaktree. Together, the top 10 managers control roughly 40-45% of private credit AUM.
How do BDCs relate to private credit?
Business Development Companies (BDCs) are publicly or privately held closed-end vehicles that invest primarily in private credit. Public BDCs offer daily liquidity and trade like stocks; non-traded/perpetual BDCs serve retail investors with monthly or quarterly liquidity. BDCs hold roughly 15-20% of private credit AUM.
What is the typical yield on private credit?
Senior secured direct lending typically yields SOFR + 500-700 basis points (roughly 9-12% all-in in current rate environments). Junior capital and specialty finance strategies target mid-teens to low-20s net returns. Distressed credit targets 20%+ gross on workouts.
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