Kat Hidalgo

VFS Global, a Switzerland-based provider of outsourced visa and consular services, is seeking to raise $2 billion-equivalent in term loans to refinance existing unitranche debt.

The former co-head of global private finance at Barings moved to block a lawsuit from his ex-employer seeking to recoup £6.3 million ($8.5 million) in bonuses paid out before the corporate raid of its credit team.

Warnings on defaults are starting to pile up in the $1.7 trillion private credit market, prompting at least some analysts to raise concern about underappreciated risks in one of Wall Street’s favorite money spinners.

Private credit is pulling out all the stops to attract retail investors with increasingly popular open-ended vehicles that are bringing a new set of risks for the fast-growing industry.

After pouring billions into asset-backed finance, private credit managers and investors are starting to scrutinize what exactly they get back if their bets sour.

Vista Equity Partners’ Chief Executive Officer Robert F. Smith said he expects AI to have a seismic impact on jobs in the private market industry.

Brookfield Asset Management is seeking to raise at least $7 billion for its fourth infrastructure debt fund, according to people familiar with the matter.

Blackstone Inc.’s European private credit fund for high net-worth individuals, ECRED, is set to reach €1.5 billion ($1.53 billion) by month’s end, a threefold surge over the past year.

For years, buyout firms used controversial loans backed by their equity stakes to juice up returns in their funds. After attracting criticism from some of the same investors the practice was supposed to benefit, they are hitting the brakes.

The good news for private credit lenders: they’re getting to work on a record number of deals. The bad news: rising dealflow hasn’t brought them the billion-dollar deals they covet most.

Private credit will “wildly outperform” the high-yield and leveraged loan markets in a recession, James Zelter, co-president of Apollo Global Management Inc. said in an interview on Bloomberg Radio.

Global Infrastructure Partners (GIP) is targeting $3 billion for a new infrastructure debt fund, according to people familiar with the matter.

HSBC Holdings Plc’s asset management arm has launched a net-asset-value financing strategy, a fund that will help private equity firms borrow against their portfolios, its first such offering as part of an expansion of its alternative credit business.

Wall Street banks were burned two years ago when they backed big corporate buyouts and ended up with tens of billions of dollars of “hung debt” they struggled to get rid of. Now they’re back for more.

Institutional investors, which have traditionally made up private debt’s largest pool of money, are no longer a source of growth for the $1.7 trillion industry.

Robert Seminara, head of Europe at Apollo Global Management Inc., says he’s seeing a sharp pick up in private equity dealmaking, predicting returns for investors getting into the asset class today will prove “very attractive.”

It’s the hottest trade on Wall Street. Everywhere you turn, money managers have upped their investments in private credit, helping the asset class balloon into a $1.7 trillion industry. But there’s one group where interest appears to already be waning — the family office.

The Federal Reserve’s widely expected pivot to lower interest rates next month is creating a conundrum for one of the biggest winners of the high-rate era: private credit.

Golub Capital is boosting its trading of private credit deals, according to people familiar with the matter, the latest evidence of growing interest among some industry players in developing a secondary market for direct loans.

KKR & Co. is in the early stages of plans to finance its acquisition of public relations firm FGS Global with about $500 million of debt from private credit lenders, people with knowledge of the matter said.