Kat Hidalgo

Either private credit has a serious default problem, or barely one at all — it all depends on who’s counting.

A KKR & Co. fund serving wealthy clients outside of the US has seen withdrawal requests drop, even as redemption pressure continues to build in the North American private credit market.

Jefferies Credit Partners is seeking to raise around €1 billion ($1.16 billion) from investors who trade private credit in the secondary market.

Bridgepoint Group is exploring a deal to sell more than €1 billion ($1.15 billion) of private credit stakes in a secondaries transaction, according to people familiar with the matter.

Ares Management Corp. is preparing to sell €3 billion ($3.4 billion) of bundled stakes in a flagship European direct-lending fund, one of the largest credit-secondaries deals ever.

Private credit firms’ efforts to reap leveraged debt business from Wall Street is coming at a steep cost — safeguards that made them less vulnerable to an economic downturn.

Welcome to Going Private, Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we reveal why the co-owner of a haunted attraction in Pennsylvania wants to turn his property into a data center — and what this says about the AI gold rush. ​​​​​But first, we examine more signs of possible stress in private credit. If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net — Isabella Farr,

It was supposed to be a quick fix for a sudden problem in credit markets.

Private credit firms are in the business of lending, not owning. But as more borrowers start to struggle with their liabilities, lenders are swapping their debt positions for equity stakes to try and stem losses.

The Bank of England is “closely monitoring” standards in leveraged finance markets and watching out for signs of forced selling by investors after the high-profile collapse of two US companies, according to an executive at the bank.