Sergio Padilla
Run-off evergreens and rolling vintage umbrella funds are giving LPs more flexibility than traditional closed-end drawdown funds.
Managers will expand their capabilities within asset-backed finance in 2026, but focus on partnerships with originators.
Patria’s first Latin American vintage raised $314m, which the company says delivered a nearly 16% IRR.
Privacore VPC Asset-Backed Credit Fund will be seeded with $250m in capital from CNO Financial and Corbin Capital.
Shares of BDCs, alts managers and software companies are down, but some are urging caution.
The growth partnership is meant to grow Ferghana Investment Partners’ hybrid capital platform.
Economic growth may not be as rapid as the US, but spreads and credit docs may compensate.
As the firm reports record AUM, executives on the earnings call say only 8% of AUM is in software lending, with strong loan-to-value ratios.
While the firm’s fundamentals were solid, investors cautious about private credit’s future punished Ares’ shares.
The business development company market in the US is already coming under pressure – and a high exposure to the software sector may make things worse.