Private Credit

Non-accrual loans, one of the clearest markers of credit deterioration, have grown faster than the BDC market itself over the past year.

A look at performance, capital flows, and perpetual capital growth across the publicly traded alternative asset managers in Q3 2026.

Banking year-end incentives are projected to grow up to 30% compared with 2025, while buyout executives will be lucky to see a modest increase.

The US Private Credit Monitor provides a high-level view of private credit market activity. Topics covered include estimated volume and counts, spread distribution, syndicated and direct lending takeouts, and middle market CLO issuance.

CEO Marc Rowan has pledged $350 million to reduce the opaqueness and illiquidity that have kept the private market from including individual investors at scale.

The firm has long pushed for a more liquid market for private credit assets and has been active in secondary markets.

Increased competition has reversed industry dynamics, according to Rony Ma, Managing Director of KKR’s Credit & Markets team.

Stress has been rising among private credit borrowers, largely under the surface.

Lenders buzzed about these opportunities at the recent Private Credit Connect: East conference in Miami.

Continuation vehicles are an increasingly popular way for private credit GPs to return capital to existing LPs while retaining underlying assets.

SpaceX called the deal the largest-ever committed GPU financing.

A plurality of respondents characterized elevated redemptions at BDCs as a temporary setback rather than a long-term issue.

Large-cap managers at PitchBook LCD’s London breakfast briefing said they are competing through creativity rather than looser terms.

Price talk on the new debt is S+600, and the financing will extend maturities by five years.

Lenders have reined in their exposure to software companies this year, putting software borrowers with upcoming debt maturities in a bind.

Speaking at the CAIS conference in LA this week, the head of the $23.8B lender spoke out against maneuvers being employed to mask the health of credit portfolios.

The transaction included a new senior secured credit facility provided by US Private Credit Investments, a division of BTG Pactual.

Lenders are drawn to the sector’s diversified industrial end markets with long-term demand and revenue visibility.