All themes
Private credit
91 managers wrote about this in 127 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2024 Q47% of 30
- 2025 Q18% of 40
- 2025 Q20% of 88
- 2025 Q35% of 88
- 2025 Q47% of 129
- 2026 Q126% of 137
- 2026 Q24% of 709
- 2026 Q35% of 863
- 2026 Q44% of 73
- Drys Capital Credit FundsOct 2026
Monthly Credit Commentary | October 2026 | Drýs Capital About us Fundamentals Team Strategies Equities Private Credit Structured Listed Content Insights Media Policies and Manuals Documents Credit Guide Contact Terms of use Management Reports Monthly Credit Commentary | October 2026 Performance of Drýs credit funds and reading of the private credit market in October 2026.
Read the letter → - Drys Capital Equitas Equity Funds (Selection, High Convictions and Vision)Oct 2026
Monthly Equity Commentary | October 2026 | Drýs Capital About us Fundamentals Team Strategies Equities Private Credit Structured Listed Content Insights Media Policies and Manuals Documents Credit Guide Contact Terms of use Management Reports Monthly Equity Commentary | October 2026 Performance of Drýs equity funds and reading of the scenario in October 2026.
Read the letter → - Somma Investimentos FundsOct 2026
After the election result, the sharp opening of the interest rate curve intensified a flight to quality movement in the private credit market.
Read the letter → Private Credit: Private credit was typically extended to middle- market firms with revenues up to $1 billion but has grown rapidly in recent years to fund larger companies that were traditionally funded by leveraged loans.
Read the letter →- Miralta Asset ManagementSep 2026
Private credit Miralta Pulsar I, FIL Miralta Pulsar II, FIL P R I V A T E C R E D I T Q U A R T E R L Y L E T T E R · Q 3 2 0 2 6 Banks turn off the tap, without abruptness Banks are still lending, but more selectively.
Read the letter → - Antipodes Global Fund LongSep 2026
If the strain shows, we think it will appear first in private credit: a fast-growing, untested market that has leaned heavily on retail money, where June-quarter withdrawal requests ran at an annualised ~50%.
Read the letter → Default activity moderated during the quarter, with payment defaults and distressed transactions totaling $9.6 billion across high yield bonds and leveraged loans, down from $18.3 billion in Q2.
Read the letter →- LHC Capital High Conviction FundSep 2026
The subsequent share price weakness appears largely attributable to deteriorating sentiment towards the broader private credit sector.
Read the letter → - Regal Investment FundSep 2026
Corporate credit loans and hard asset-backed credit assets held in the Private Credit strategy performed well, delivering stable, positive returns over September.
Read the letter → - Third Point Offshore Fund, Ltd.Sep 2026
Within CLO portfolios, leveraged loans first rallied despite growing concerns around LME maturity walls in 2027 and 2028.
Read the letter → - Windward Capital Management Risk Averse Asset ManagementSep 2026
As a result, there have been notable increases in redemption requests at sev- eral private credit funds because of their high expo- sure to software-related business loans.
Read the letter → - Goodhart Partners European FundSep 2026
In our Q1 note we said the 'big one' would come when the software sell-off spread to the 'mag-7 + friends', and that it could go a lot deeper into the financial system than listed private equity, through the banks and the insurers who have been handed the private credit and private equity exposures as well as benefitting from the fee income of this boom.
Read the letter → Apollo has already led a $35 billion financing of compute capacity for the frontier AI labs, the largest private credit transaction ever completed.
Read the letter →That has already triggered a very predictable blow-up in Australia’s burgeoning private credit sector, which seems very exposed to large scale, risky property developments.
Read the letter →US private credit, where many private equity-owned companies borrow, has roughly tripled since 2019.
Read the letter →- Antipodes Global Credit StrategySep 2026
The leveraged loan software sector is higher quality (larger businesses, better credit metrics) than its US private credit peer yet trades at a material discount with considerably more dispersion in valuation.
Read the letter → - Akre Focus ETFSep 2026
Third Quarter 2026 Akre Capital Management, LLC | 2 West Marshall Street, Middleburg, Virginia 20117 | 540-687-3880 | akrecapital.com | akrefund.com • Private credit is a troubled asset class?
Read the letter → - Somma Investimentos Fund FamilySep 2026
Monthly Letter SOMMA Investimentos SEPTEMBER | 2026 Fixed Income and Credit 8 Monthly Letter SOMMA Investimentos SEPTEMBER | 2026 Credit Market September was marked by a widespread opening of spreads in the private credit market.
Read the letter → Credit INSTITUTIONAL: TASCX | INVESTOR: TVSVX | Z: TASZX www.thirdave.com | 3 SMALL-CAP VALUE FUND Q3 2026 S S deterioration is clearly visible in private credit, leveraged loans, junk bond yield spreads, high profile failures of asset- backed borrowers and delinquencies in some areas of consumer credit.
Read the letter →- Staude Capital Global Value Fund LimitedSep 2026
RM Infrastructure Income A London-listed closed-end fund which invests in secured private credit, with loans mainly backed by company assets and real estate.
Read the letter → - Liontrust US Opportunities FundSep 2026
The early phase of capital spending was paid for out of hyperscaler cash flows, the current phase relies increasingly on bonds, leases, private credit and vendor financing.
Read the letter → - Saratoga Research & Investment Management Large Cap Quality StrategiesSep 2026
Public equity, cor- porate bonds, private credit, project financing, joint ventures, leasing arrangements, and spe- cial-purpose vehicles are all being used to fund the buildout.
Read the letter → - Cambiar Investors SMID FundSep 2026
And with free cashflow dwindling for many of the hyperscalers, the result is an increased reliance on external financing via the debt and private credit markets.
Read the letter → - Mondrian IP International Equity StrategySep 2026
Conclusion Markets have recovered very quickly from a number of shocks in recent years, including conflicts and escalating geopolitical tensions, tariff-related turbulence, cost of living crises, and recent unease in private credit markets.
Read the letter → Despite emerging cracks, the trading of “rolling bubbles” continues, from GLP-1s to cryptocurrencies to private credit to “banks and tanks” to oil.
Read the letter →With free cashflow dwindling for many of the hyperscalers, the result is an increased reliance on external financing via the debt and private credit markets.
Read the letter →- Mondrian IP Global EquitySep 2026
Conclusion Markets have recovered very quickly from a number of shocks in recent years, including conflicts and escalating geopolitical tensions, tariff-related turbulence, cost of living crises, and recent unease in private credit markets.
Read the letter → Perspective This year, credit investors have experienced episodic bouts of volatility, driven by geopolitical uncertainty, threats of AI disintermediation, increasing evergreen private credit redemptions and notable shifts in monetary policy.
Read the letter →- CrossingBridge Advisors FundsSep 2026
Separate inquiries into accounting at Guggenheim Private Investments (GPI), its private credit business, added to the uncertainty.
Read the letter → - Polaris Capital Management International Equity CompositeSep 2026
Mitsubishi UFJ Financial Group benefited from the Bank of Japan’s latest rate hike to 1.25%, a 31-year high, which should widen the spread Japan’s largest bank earns on loans after decades of near-zero rates; it also agreed to work with BlackRock on private credit.
Read the letter → - Equam Global Value FundSep 2026
Added to this is nearly 800,000 million being channeled through private credit and off-balance-sheet structures.
Read the letter → - Baron Real Estate FundSep 2026
Real asset-focused alternative asset managers • Share prices have reflected investor concerns about software- related AI exposure, private credit, limits on investor withdrawals from certain semi-liquid products, delayed asset monetizations, and the potential for slower earnings growth.
Read the letter → - Polaris Capital Management Global Equity CompositeSep 2026
Mitsubishi UFJ Financial Group benefited from the Bank of Japan’s latest rate hike to 1.25%, a 31-year high, which should widen the spread Japan’s largest bank earns on loans after decades of near-zero rates; it also agreed to work with BlackRock on private credit.
Read the letter → - Third Avenue Value FundSep 2026
Private equity buyout transaction activity and investment realizations have slowed significantly and stress in private credit has appeared fairly quickly.
Read the letter → At the same time, while higher interest rates are generally good for annuity sales, their F&G annuity segment was plagued by fears of deteriorating conditions in the opaque private credit market.
Read the letter →- Buffalo funds High Yield FundSep 2026
The J.P. Morgan Leveraged Loan Index is designed to mirror the investable universe of U.S. dollar institutional leveraged loans, including U.S. and international borrowers.
Read the letter → The shares trade at a discount to tangible book value, and we believe management has a credible path to sustainably higher returns through higher interest rates, a greater allocation to private credit and alternatives, and cost savings, including synergies from its pending merger with Equitable Holdings.
Read the letter →- Invenomic FundAug 2026
Private Credit is currently experiencing redemption requests from investors forcing the fund managers to gate redemptions.
Read the letter → Current estimates put the capital cost at around $5.5 trillion through 2030, of which only about a quarter is expected to come from cash flow and equity; the remainder arrives as debt, across high grade bonds, leveraged finance, private credit and structured markets.
Read the letter →Technology, life sciences and aerospace and defence have been among the most active areas, supported by readily available private credit and strategic demand for capabilities related to AI, data and critical infrastructure.
Read the letter →
Showing the 40 most recent of 127 letters.