Despite the lack of deal volume and build-up of dry powder in the sector, there remain parts of the market where borrowing needs are not being met.
Some LPs say they haven't made the move yet, but a large fundraise implies many already have.
Fundraising in private debt has struggled in recent years, a counter-intuitive development given the high hopes widely expressed for the asset class's future. In The Private Debt Investor Podcast, Jess Larsen of Briarcliffe Credit Partners says a corner is being turned in 2025.
The joint venture is structured as a RAIF and will look to acquire mainly senior-secured direct lending stakes.
TPG admires Cliffwater’s long-running status in the retail market through interval funds.
Companies with direct tariff exposure – those that must buy from global sources hit by tariffs – are the obvious candidates for debt default.
Sehayek succeeds Applebaum, who is no longer with the asset manager; Questa remains the other co-head.
Investor sentiment around private debt has proved determinedly positive, but funds have been finding the capital-raising environment tough. Did a surge in Q1 mean a corner has been turned?
The fund closed ahead of target, citing strong demand for European lending from investors.
The public but non-listed vehicle plans to lend to borrowers with EBITDA of $5m-$50m.