Sergio Padilla
Barclays’ liability management exercise report depicts a normalisation of the practice, and a scramble for creditors to protect themselves.
Nearly $20bn of Ares’ $26bn worth of commitments came from its credit business.
The firm's credit AUM is up 25% year-on-year as it chases an overall $40bn fundraising goal, across funds and strategies, for 2024.
The firm's inflows were driven by its acquisition of Global Atlantic, as well as asset-based finance, direct lending and CLOs.
The platform is set to launch in September, and eventually expand into private credit.
Total credit AUM increased to $330bn with inflows of $18.6bn in the quarter.
The partnership has $5bn in investable capital, and follows Oak Hill’s launch of a $1.5bn perpetual BDC.
After slow M&A activity in 2023, private lenders are becoming more aggressive as they fall behind schedule with their deployment of capital.
Golub Capital’s Altman Index shows firm growth in the mid-market was led by healthcare, industrial and tech firms.
The partnership is yet another in a raft of link-ups between a bank and a private credit manager in the last year.