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1 week ago | 
pitchbook.com | Sami Vukelj |Zack Miller
Higher economic uncertainty due to tariff policies led Blackstone Secured Lending (Nasdaq: BXSL) to pass on more deals in the first quarter and focus on lending to larger borrowers in the upper middle market, despite recent spread widening on loans to smaller borrowers, according to the BDC’s May 7 earnings call.
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2 weeks ago | 
pitchbook.com | Sami Vukelj
Demand for asset-based loans has increased as market activity slows and higher costs hurt cash flows, according to SLR Capital Partners. At the same time, the growing popularity of the defensive and counter-cyclical private credit strategy also reflects heightened preparation for a broader economic downturn, which is the type of environment where the uncorrelated liquidation value of assets other than cash flow is more appealing. “ABL is really a canary in the coal mine.
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2 weeks ago | 
pitchbook.com | Sami Vukelj |Zack Miller
Private credit has continued to offer financing availability in recent weeks despite broader uncertainty and public market volatility, helping deals continue to close, Blackstone said. “In the past, when you’d have volatility in public markets, high-yield spreads and leveraged loans would gap out. And that’s exactly what’s happened,” said Blackstone President and COO Jon Gray on an April 17 earnings call. In such an environment, the cost of capital rises and loan availability typically drops.
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3 weeks ago | 
pitchbook.com | Sami Vukelj
The venture debt market is increasingly seeing larger deals with thinner equity cushions, led by a pullback among venture capital investors, says Silicon Valley Bank president Marc Cadieux. Venture capital has suffered in recent years amid a lack of exit opportunities — M&A is paltry, and recent tariff developments have created their own set of concerns stalling deal activity.
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1 month ago | 
pitchbook.com | Sami Vukelj |Zack Miller
The share of life insurers’ general account assets invested in “risky” corporate debt has roughly doubled since the 2007-09 financial crisis, driven in recent years by partnerships between insurers and asset managers, according to the US Federal Reserve.
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Nov 8, 2024 | 
9fin.com | Sami Vukelj |Anna Russi |Peter Benson
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Oct 17, 2024 | 
9fin.com | Sami Vukelj
The Unicrunch is our US private credit newsletter, in which we break down everything from unitranches to ABL lending. Find out more about 9fin for private credit here. It’s fair to say tech has had a bit of a bumpy ride over the last couple of years. Elevated interest rates skimmed off the frothy valuations in the sector and there has been a sobering reality check for many investors.
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Oct 9, 2024 | 
9fin.com | Sami Vukelj
News and AnalysisSami Vukelj9 October 2024•2 min readTikehau Capital, a prominent credit secondaries investor, has acquired a special purpose vehicle of loan assets managed by Brightwood Capital. The NAV of the SPV is about $70m, according to 9fin sources. The SPV is made up of mostly senior direct loans to both sponsored and non-sponsored borrowers, sources said, but the assets will be placed in a new continuation vehicle.
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Oct 8, 2024 | 
9fin.com | Sami Vukelj
9QuestionSami Vukelj8 October 2024•10 min read9Questions is our Q&A series featuring key decision-makers in the corporate credit markets — get in touch if you know who we should be talking to!Specialty lending strategies within the alternatives space are hot right now. It’s why ABF is getting so much attention as LPs seek ways to diversify their private market holdings beyond direct lending and private equity.
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Oct 1, 2024 | 
9fin.com | Sami Vukelj |Shubham Saharan
Many today are banging the drum that there is more to private credit than sponsor-backed direct lending and that there is a wider world of asset-based finance to consider. It was why it was perhaps appropriate that DealCalayst’s third annual US Asset Based Finance Conference in New York described asset-based finance as “the emerging frontier of private credit.”So what are on the minds of those working in this growing market? 9fin went to the conference to find out.
