News · Credit · Global · 30 Jun 2026
In the first quarter of this year, the average withdrawal request across the 12 largest funds was 12.1% of total invested money. They are only allowed to release 5%. Seven of the twelve hit that limit, spread the withdrawals proportionally across everyone who asked, and ended up paying out just 53 cents on every dollar requested.
Deep Dive · Credit · Global · 29 Jun 2026
Funding-structure risk, redemption pressure, and the bifurcation of BDC platforms as the zero-rate expansion unwinds
Deep Dive · Credit · US · 23 Jun 2026
Goldman Sachs is building total return swaps on AI-exposed corporate loans. The product isn't ready. The demand is. Here's what the structure does, what it doesn't do, and what happens when it goes live at scale.
News · Credit · US · 19 May 2026
Perpetual BDCs record their first-ever negative net flows in Q1 2026, as AI-driven fears over software collateral send redemptions past inflows — and managers scramble to shut the gates.
News · Credit · US · 19 May 2026
Ordinary investors were told they could access Wall Street's most exclusive loans, with a quarterly exit if they needed out. Now, as federal prosecutors circle and redemption gates snap shut, that promise is unraveling.
News · Credit · US · 1 Apr 2026
Two related but sequentially distinct transactions define Blue Owl Capital's credit positioning in 2025–2026. Project Beignet — a $30 billion off-balance-sheet data center financing for Meta Platforms — closed in October 2025, with PIMCO anchoring $18 billion. Five months later, an acute retail redemption crisis prompted Blue Owl's $400 million PIMCO bond placement. This note examines the deal mechanics, the accounting engineering under ASC 810 and ASC 842, and the structural risks the spread implies investors are pricing — but that S&P's preliminary rating may not fully capture.
News · Credit · Global · 1 Apr 2026
How higher rates and agentic AI hit the software industry at the same time — and what Tier-1 LPs should do about it. Three foundational assumptions underpinned every software buyout from 2015 to 2025. All three are gone simultaneously. This is not a valuation reset. It is a structural one.
News · Credit · US · 1 Apr 2026
Five primary sources tracked by Icarus Asia point to a credit market that has been systematically repriced against the interests of senior secured lenders. Bankruptcy recoveries in 2025 reached a decade low of 43 cents on the dollar. Moody's forward LGD sits 19 points below its own historical mean. Liability management transactions have wiped out recovery entirely in 14 documented cases.
News · Credit · Global · 10 Mar 2026
HPS Corporate Lending Fund capped withdrawals at 5% after exit requests nearly doubled the limit
