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
Deal Flow
Bain Capital in talks on about $500m private credit financing for CPPIB-backed RMZ
Bain Capital is in advanced talks to provide roughly $500m in private credit financing to Indian developer RMZ Corp, according to Private Equity Wire.
Deal Flow
Blackstone-backed QTS seeks about $800m via private debt placement
QTS Realty Trust is seeking to raise about $800m through a private debt placement via a special-purpose issuer, according to Private Equity Wire citing Bloomberg.
Market Data
ACC research: private credit AUM rose 17% to $4.1tn in 2025
Alternative Credit Council research reported by Bloomberg says global private credit AUM rose 17% YoY to $4.1tn in 2025, with stress concentrated in specific sectors.
All Private Credit Coverage
Direct lending fundraising reaches $129.15bn in 9M 2026 as volumes fall 28% in Q3
Direct lending funds raised $129.15bn in the first nine months of 2026 while estimated direct lending volumes fell 28% year on year in Q3, according to Private Equity Wire.
Bond sell-off drives rise in bearish bets on private credit via ETFs and listed proxies
Net short selling across a 14-ETF private credit sample reached $88.6m in early September as investors used listed proxies to bet against the sector.
BlackRock private credit fund redemption requests declined in Q3 filing
Regulatory filings cited by Reuters show redemption requests fell at BlackRock’s $23.1bn HPS Corporate Lending Fund and other vehicles in Q3.
BlackRock TCP Capital Corp CEO Phil Tseng to step down after portfolio overhaul
Phil Tseng resigned as CEO of BlackRock TCP Capital Corp on 31 August, with Jason Mehring appointed CEO as the listed private credit vehicle pursues a major portfolio overhaul.
Cliffwater Corporate Lending Fund again caps quarterly redemptions at 5%
Cliffwater’s $31bn interval private credit fund limited Q3 redemptions to 5% after investors sought to withdraw about 16% of holdings, according to Private Equity Wire.
Blackstone’s BCRED keeps 5% quarterly redemption cap after ~10% Q3 requests
Blackstone said BCRED, with about $77.2bn in assets, will honor 5% of outstanding shares after receiving about $4.3bn of Q3 repurchase requests.
Private Credit Managers Target UK DB Pension Market
Private credit managers are pursuing Britain's £1tn-plus defined-benefit pension schemes as insurers expand allocations to private assets through risk-transfer deals.
Private Credit Managers Shift Beyond Direct Lending Amid Slowing Fundraising
Non-traded BDCs raised $2bn in Q2, down 82% YoY, as $23bn in withdrawals hit private credit funds and managers expand into secondaries and AI lending.
Private credit managers target UK DB pension liabilities
Private credit managers are directing attention to Britain's £1tn-plus defined-benefit pension market through insurer partnerships and pension risk transfers.
KKR-backed The Executive Centre Targets $500m Debt Raise
Hong Kong-based flexible workspace operator The Executive Centre seeks around $500m in new debt to refinance borrowings and fund expansion.
Private Credit Defaults Rise to Five-Year Highs at Major Managers
Non-accruing loans at Ares, Blackstone, Blue Owl and Golub vehicles hit highest levels in at least five years while returns weaken.
Lord Abbett Private Credit Fund S Files D/A with SEC
Lord Abbett Private Credit Fund S submitted a D/A filing to the SEC on July 29, 2026, with accession number 0002041841-26-000004.
Palmer Square Private Credit Offshore Fund Files 3(c)(1) Notice
Palmer Square Private Credit Offshore Fund, LP submitted a D/A filing claiming Section 3(c)(1) exemption under the Investment Company Act on July 24, 2026.
Lord Abbett Private Credit Fund Submits D/A Filing
Lord Abbett Private Credit Fund filed a D/A notice with the SEC on 2026-06-10 under Section 3(c)(7) of the Investment Company Act.
TRO Specialty Private Credit Fund LLC Files SEC Document
TRO Specialty Private Credit Fund LLC submitted a filing to the SEC on June 8, 2026, according to EDGAR records.
Brighter Private Credit Fund LP Files SEC Document on Section 3(c)(1)
Brighter Private Credit Fund LP submitted a filing to SEC EDGAR on April 27, 2026, related to Investment Company Act Section 3(c)(1).
Private Credit BDCs Trade at Deepest NAV Discounts in Over Five Years
Shares of private credit BDCs are at their widest discounts to NAV since October 2020, per LSEG data, amid investor concerns over valuations and risks.
Private Credit Funds Face Funding Strain as Borrowing Costs Rise
Private credit managers encounter increased funding pressure from higher costs and tighter lending, per JPMorgan data cited in a report.
BTG Pactual Expands Performing Credit Team with Senior Hires
BTG Pactual Global Alternatives has added two senior executives to its performing credit business as it scales its $10.9bn alternatives arm.
Flow Capital to Tokenise $150m Private Credit Fund on Blockchain Platform
Flow Capital Partners plans to list its $150m private credit fund on a Singapore-based blockchain platform by month-end, aiming to raise an additional $30m in tokenised shares.
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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