Private credit news covering direct lending funds, BDCs, leveraged loans, fundraising, defaults, and the rapid growth of non-bank corporate lending.
This Financial Times Alphaville commentary critiques Apollo CEO Marc Rowan's claim that the private credit market is $38 trillion, arguing that his estimate is inflated and includes non-investment-grade assets. The author contends that the true addressable market is smaller and that Rowan's framing misrepresents the industry.
Shares of KKR, APO, ARES, and BX dropped in pre-market trading after Cliffwater reportedly limited redemptions at its private credit fund for Q2. KKR fell 5.43%, APO 3.70%, ARES 4.90%, and BX 5.45%.
Unrealised losses at US business development companies worsened in the first quarter, while non-cash interest payments remained elevated, signaling growing strain in the private credit market. The data comes from regulatory filings reviewed by Reuters.