How to Read a BDC Tender Offer Letter Before You Get Prorated
The SEC's December 2024 Investor Bulletin on non-publicly traded BDCs is blunt: investors in retail-offered BDCs can generally only sell their shares when the BDC offers to repurchase them , and those
BDC Redemption Requests Are Easing, Except at One Fund: A Q3 2026 Data Read
Three of the four largest non-traded business development companies (BDCs) reporting Q3 2026 repurchase data through September 11 show declining redemption-request percentages from the prior quarter.
Direct Lending vs. Syndicated Loans: What Accredited Investors Should Know
Over 85% of new U.S. leveraged loans carry covenant-lite terms, while direct lending offers tighter covenants at the cost of full illiquidity.
Jefferies Credit Partners Builds $4 Billion European Direct Lending Platform Anchored by Allianz Global Investors
Jefferies Credit Partners secures approximately $4 billion in European direct lending capacity, anchored by Allianz Global Investors. Here is what this deal means for private credit LPs and independent managers.
Private Credit's Quiet Repair Shop: Why Amend-and-Extend Is Masking Real Risk
Federal Reserve data shows PIK usage in BDC portfolios rising 67 percent over three years. Jeff Barnes examines how amend-and-extend may be masking real credit deterioration in private credit.
Arini Capital Nears $4 Billion Final Close on Debut European Direct Lending Fund
Arini Capital Management nears a $4 billion final close on its debut European direct lending fund, anchored by BCI at $200 million with a 12 to 14 percent net IRR target and a Lazard sourcing partnership.
What Sixth Street Lending Partners' $500 Million Capital Call Actually Signals
On September 1, Sixth Street Lending Partners called 500 million against a closed commitment pool. Here is what that actually means for investors.
Wall Street Built Two Evergreen Fund Structures. Institutions Got the Illiquid One. Retail Got the Redemption Gate.
On September 7, 2026, Alternative Credit Investor reported that Bridgepoint has set up Bridgepoint Direct Lending Evergreen in Luxembourg, a perpetual private credit vehicle for institutional investor
Bain Capital's $250 Million Playfly Loan: A Private Credit Case Study for Accredited Investors
On September 3, 2026, Bain Capital's private credit group closed a $250 million senior credit facility for Playfly Sports, a sports media and sponsorship rights company owned by Baltimore-based privat
Alpha Dhabi Doubles Its Stake in Mubadala Capital Micad Credit JV to $1 Billion
TL;DR: Alpha Dhabi Holding has doubled its capital commitment in the Micad Credit joint venture to $1 billion, lifting its ownership stake from 20% to 40% in a vehicle that now manages $1.7 billion...
Middle-Market CLOs Explained: How BDCs Fund Their Loans Without Margin Calls
You own shares in a business development company (BDC) because you want exposure to private-credit yield without underwriting individual loans yourself. But the return you collect depends on how that...
Private Credit Just Raised $119 Billion in One Quarter. BDC Defaults Just Hit a Record Too.
Private credit funds raised $119 billion in the second quarter of 2026 alone, the fastest single-quarter pace on record, at the same time loan defaults inside the funds that hold this debt hit their...
Private Credit Fundraising Hits a Record First Half in 2026 Even as BDC Redemptions Surge: The Bifurcation Explained
TL;DR: Institutional private credit fundraising hit $190 billion in final closes in H1 2026, a 53% jump over H1 2025 and already 80% of last year's full-year total, according to With Intelligence's August 12, 2026 H1...
Private Credit Is Financing the AI Datacenter Boom. Here's the Concentration Risk Nobody's Pricing.
TL;DR: Private credit funds are underwriting the AI datacenter boom by lending against GPUs and hyperscaler contracts, and the industry is pitching it as diversified, asset-backed credit. It is not....
Star Mountain CFO I: What a KBRA-Rated Collateralized Fund Obligation Tells You About Where Insurance Capital Is Flowing
TL;DR: Star Mountain Capital, an employee-owned New York-based alternative asset manager with approximately $5 billion in assets under management (AUM as of July 31, 2026), has closed Star Mountain CF
Bridgepoint Closes €5.1 Billion BDL IV: What European Direct Lending's Breakout Moment Means for US Investors
TL;DR: Bridgepoint has closed Bridgepoint Direct Lending IV (BDL IV) at €5.1 billion in total commitments (including investor subscriptions, term leverage, and co-investment vehicle allocations), surp
Manulife Comvest Hits $5.4B Record Close: What It Tells You About the Private Credit Cycle
Manulife Comvest Credit Partners closed Comvest Credit Partners VII at $5.4 billion on August 3 — the largest fundraise in the platform's 20-year history. The record close arrives as private credit de
How to Evaluate a Private Credit Manager Before Committing Capital: A Due Diligence Checklist
Private credit defaults hit a record 9.2% in 2025, with small-company loans defaulting at 15.8%. Yet first-lien senior secured lenders recovered at or near par in most cases. The spread between good a
Cov-Lite Loans in Private Credit: What the Lack of Covenants Means for Direct Lending Investors
By Jeff Barnes, MBA | Angel Investors Network | August 3, 2026
NAV Loans in Private Equity: How GPs Borrow Against Fund Portfolios to Pay LPs
By Jeff Barnes, MBA | Angel Investors Network | August 3, 2026