KKR Agrees to Acquire NewDay’s Consumer Credit Portfolio from Cinven and CVC

KKR

Cinven and CVC have agreed to sell NewDay’s portfolio of consumer credit receivables to private credit funds and accounts managed by KKR, a leading global investment firm.

The transaction effectively separates NewDay’s credit balance sheet from NewDay’s origination and servicing business (“NewDay Operating Group”). KKR will enter into a multi-year forward flow agreement with the NewDay Operating Group in respect of its future origination. The underlying portfolios of consumer credit receivables originated by NewDay (the “Portfolios”) will continue to be operated and serviced as they are today by the NewDay Operating Group. Cinven and CVC will remain invested in the NewDay Operating Group, with KKR also investing in it as part of the transaction.

This highly innovative transaction brings together NewDay’s proven origination and servicing capabilities with KKR’s proven expertise in asset-based finance. The combination is expected to enhance NewDay’s ability to scale, broaden its reach, and continue delivering market-leading innovative credit and technology solutions to UK consumer and merchant partners.

The Portfolios will continue to be funded via NewDay’s existing securitisation structures. The NewDay Operating Group will continue to service its customers as it does today and remains committed to delivering exceptional customer outcomes across the Portfolios.

NewDay is a highly profitable and cash-generative business and has demonstrated consistently strong growth. In its half year results for the six months to 30 June 2025 NewDay reported a 30% increase in underlying profit before tax, at £107 million, and a 21% increase in gross receivables, at £5.2 billion. In February 2025, NewDay acquired economic ownership of the Argos Financial Services store card portfolio, with £834 million of gross receivables and 2.2 million customers, which will be included in this transaction. NewDay’s existing retail customers and merchant and technology partners will not see any changes as a result of the transaction.

Completion is anticipated to occur at the end of September 2025 subject to customary closing conditions.

John Hourican, CEO of NewDay, commented: “We are pleased to welcome KKR as a new shareholder and strategic partner. This transaction is a strong endorsement of NewDay’s platform, people, and performance, and reflects KKR’s confidence in our ability to deliver sustainable growth.

We also want to thank our shareholders Cinven and CVC, who have been exceptional partners since their investment in the business in 2017. Together we have built NewDay into a leading provider of consumer finance across multiple brands in the UK, serving c. 5.9 million customers.”

 

Peter Rutland, Managing Partner at CVC, said: “We are pleased to have partnered with NewDay, supporting the company’s impressive growth journey. During this time, NewDay has become the UK’s leading provider of digital embedded finance and credit card solutions, forged key partnerships with top British retailers and developed cutting-edge, next-generation proprietary technology.”

 

Rebecca Hunter, Senior Principal at Cinven, said: “Together with the management team, we identified an important yet underserved area of the market where NewDay had leading underwriting expertise. Throughout our ownership, NewDay has continued to pioneer innovation in credit, whilst also demonstrating a resilient track record. We are proud to have played a role in NewDay’s success and are confident in the continued growth trajectory of the business.”

 

Varun Khanna, Partner and Co-Head of Asset-Based Finance at KKR, added: “We are pleased to enter into this strategic partnership with NewDay to support their continued growth and innovation in the UK consumer credit market. We also look forward to collaborating with Cinven and CVC, whose backing has helped establish NewDay as a leading provider of consumer finance. Through our Asset-Based Finance strategy, KKR is well-positioned to support NewDay’s expanding multi-brand platform as they deliver responsible credit solutions to millions of UK consumers.”

 

KKR’s investment comes from KKR-managed credit funds and accounts via the firm’s Asset-Based Finance strategy.

Barclays Bank PLC served as financial advisor and Clifford Chance LLP served as legal advisor to NewDay. Morgan Stanley & Co. International plc served as lead financial advisor and structuring agent, Societe Generale, London Branch served as lead structuring advisor and provided financial advice, KKR Capital Markets LLC served as arranger, and Latham & Watkins LLP served as legal advisor to KKR.

ENDS

 

Media enquiries

For further information, please contact

Investor Relations:

 

investor.relations@newday.co.uk

Sodali & Co

 

 

 

Tel: +44 (0)207 250 1446

Email: newday@sodali.com

Cinven

Clare Bradshaw

Tel. +44 (0)7881 918 967

Email: clare.bradshaw@cinven.com

Alison Raymond

Tel. +44 (0)7826 856 198

Email: alison.raymond@cinven.com

Brunswick Group (Advisers to Cinven)

bgcinven@brunswickgroup.com

Joanna Donne

Tel. +44 (0)7834 307 881

Email: jdonne@brunswickgroup.com

Max McGahan

CVC

Nick Board

KKR

FGS Global (Advisers to KKR)

Alastair Elwen

Tel. +44 (0)7834 502 369

Email: mmcgahan@brunswickgroup.com

Tel: +44 (0)203 906 9700

Email: nboard@cvc.com

Tel: +44 (0)207 251 3801

Email: KKR-Lon@FGSGlobal.com

About NewDay

NewDay is a leading UK consumer credit provider serving c.5.9 million customers through a multi-brand strategy that includes credit builder products, co-branded credit cards, and embedded finance solutions. Operating across prime and near-prime segments, NewDay offers proprietary and co-branded products through long-standing partnerships with major UK retailers and financial institutions. The company combines deep underwriting expertise with a scalable technology platform to deliver responsible credit solutions and drive sustainable growth. With a strong technology platform and proven origination and servicing capabilities, NewDay drives growth and innovation in the UK credit market.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Cinven

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg. Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

Cinven Limited is authorised and regulated by the Financial Conduct Authority. Cinven Fund Management S.à r.l. is authorised and regulated by the Commission de Surveillance du Secteur Financier. In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing. For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/.

About CVC

CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €200 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of over €260 billion from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 140 companies worldwide, which have combined annual sales of over €168 billion and employ over 600,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.

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Ardian arranges a unitranche financing to support the LBO of implid, a leading player in accounting, legal, and business consulting services

Ardian

Ardian, a world-leading private investment firm, today announces the arrangement of a unitranche facility to support the primary LBO of implid and the entry of EMZ Partners as a minority shareholder alongside over fifty managers reinvesting in the transaction. The financing package also includes a sizeable, committed line to support the group’s external growth strategy.

Founded in 1973, implid is a leading player in accounting, legal, and business consulting services in the Auvergne-Rhône-Alpes region. implid is the first company in France to offer the integrated expertise of more than 900 professionals: chartered accountants, statutory auditors, lawyers, notaries, judicial officers, as well as consultants and recruiters. This combination of regulated professions and high value-added services enables implid to meet all the needs of companies and their executives, in a constantly evolving regulatory and technological environment.

The group has experienced a strong growth trajectory, fueled by a successful digital transformation, and driven by robust organic momentum and strategic acquisitions carried out in recent years under the leadership of its founder, Jean-Loup Rogé, and the current management team.

” We are delighted to be partnering with Ardian, whose support will enable us to accelerate our development and take our collective project to the next level. We are now eager to roll out our growth strategy, combining organic development and external growth, to make implid a leading player on a national scale.” Jean-Loup Rogé, CEO and Founder of implid Group

” We are proud to support implid, its management team, and EMZ in this new phase of growth. The group has demonstrated a remarkable growth trajectory, supported by a comprehensive service offering and a strong regional presence. We are convinced that our partnership will help the group achieve its ambitions, through the consolidation of its existing expertise and strategic acquisitions.” Jean-David Ponsin, Co-Head of Private Credit France, Ardian

List of participants

  • Ardian

    • Ardian: Jean-David Ponsin, Melchior Huet, Alexis Bernet
    • Legal Advisor (Financing): Winston & Strawn (Mounir Letayf, Adeline Roboam)
  • Implid

    • Implid: Jean-Loup Rogé, Philippe Duval, Nicolas Ciampi
    • Financial Advisor: D&A (Jean-Marc Dayan, Alban Boitel, Pierre Darras, Mathilde Bilon)
    • Legal Advisor (financing): Freshfields Bruckhaus Deringer (Nicolas Barberis, Julien Rebibo)
  • EMZ Partners

    • EMZ Partners: François Carré, Ludovic Bart, Sara Toublanc
    • Financial Advisor: Amala Partners (Nicolas Royer, Jad Sader)
    • Legal Advisor (financing): Paul Hastings (Sebastien Crepy, Olivier Deren, Vincent Načinović, Adèle P., Marc Zerah, Peter Pedrazzani, Charles Filleux Pommerol, Capucine Chareton, Camille Paulhac, Milica Antić)

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

Media Contacts

ARDIAN

Benefit Street Partners closes $2.3 billion private credit continuation vehicle led by Coller Capital

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Coller Capital

Largest single fund credit continuation vehicle supported by a diversified, senior secured credit portfolio.[1]

NEW YORK, September 2, 2025 – Benefit Street Partners L.L.C. (“BSP”), a leading credit-focused alternative asset manager with strategies spanning the credit spectrum, and Coller Capital, the world’s largest dedicated private markets secondaries manager[2], today announced the closing of a $2.3 billion private credit continuation vehicle, BSP Debt Fund IV CV. This landmark transaction, which was led by Coller Capital, represents the largest single-fund portfolio of its kind in the private credit secondaries market.

BSP Debt Fund IV CV was established to acquire a resilient, income-generating portfolio of diversified senior secured, floating-rate loans—both sponsor- and non-sponsor-backed—from BSP’s 2016 vintage flagship direct lending fund, consisting primarily of first lien loans to U.S. middle market companies.

“This transaction underscores our ability to deliver strong outcomes for our investors while also advancing innovation in the private credit secondaries market,” said Blair Faulstich, Head of Private Debt at Benefit Street Partners. “This continuation vehicle structure allows us to extend the life of our fourth flagship private credit vintage and position the portfolio for continued success.”

“We are delighted to have led this landmark transaction with BSP, which represents another significant step in the evolution of the credit secondaries market and highlights the diversified exposure and strength of the core middle market,” said Ed Goldstein, Partner and Chief Investment Officer of Coller Credit Secondaries at Coller Capital. “Our leadership role, combined with the quality of the portfolio and BSP’s established track record, made this a compelling opportunity for our investors.”

Jefferies LLC served as financial adviser on the transaction. Kirkland & Ellis LLP acted as legal counsel for Benefit Street Partners. Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel for Coller Capital. JP Morgan and Wells Fargo provided financing for the transaction.

About Benefit Street Partners

BSP is a leading global alternative credit asset manager offering clients investment solutions across a broad range of complementary credit strategies, including direct lending, special situations, structured credit, high yield bonds, leveraged loans and commercial real estate debt. As of May 31, 2025, BSP, along with Alcentra, has more than $79 billion of assets under management globally, with 501 employees operating across North America, Europe and Asia Pacific. BSP is a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.benefitstreetpartners.com.


 

[1] Jefferies proprietary analysis of global credit secondary transaction data to date.

[2] Based on a review by Coller Capital of the websites of Adams Street Partners, AlpInvest Partners, Ardian, Goldman Sachs, HarbourVest Partners, Landmark Partners, Lexington, Partners Group, Pomona Capital and Strategic Partners in January 2025.

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Blackstone Credit & Insurance and Aligned Data Centers Expand Financing Partnership, Surpassing $1 Billion in Commitments

Blackstone

NEW YORK, NY and DALLAS, TX – Blackstone Credit & Insurance (“BXCI”) and Aligned Data Centers, a leading technology infrastructure company offering innovative, sustainable and adaptive Scale Data Centers and Build-to-Scale solutions for global hyperscale, AI/HPC, and enterprise customers, today announced the successful upsize of their existing senior secured credit facility to fund Aligned’s continued growth and accelerate its portfolio strategy.  The upsize brings BXCI commitments to Aligned to over $1 billion and is committed entirely by accounts managed by BXCI’s Infrastructure & Asset Based Credit Group.

The expanded financing partnership supports Aligned’s rapid growth and accelerates the development of the company’s planned 5+ GW of future capacity across the Americas. The investment also positions Aligned to better meet surging demand for adaptive, sustainable and future-ready infrastructure supporting next-generation workloads ranging from high-density AI implementation, to cloud, and enterprise applications.

“Our stakeholders are key partners in our journey. We are thankful for their support as we strategically pursue the vast development opportunities driven by AI, cloud, and enterprise services,” said Meghan Baivier, Chief Financial Officer at Aligned. “This issuance is a testament to the market’s confidence in our long-term strategy and the strength of our entire portfolio. It provides us with an efficient capital structure to fuel our long-term growth and continue delivering industry-leading solutions that scale with our customers’ evolving needs.”

“We are thrilled to partner with Aligned, and this financing is consistent with Blackstone’s focus on providing large scale and flexible high-grade capital solutions to support critical digital infrastructure,” said Rick Campbell, Head of U.S. Private High Grade Credit at BXCI.

Alex Zoeckler, Senior Associate, Infrastructure & Asset Based Credit at BXCI, said, “We are grateful to work with the Aligned team and look forward to continuing to support the company’s infrastructure that powers the digital economy.”

Aligned is uniquely positioned to address the growing demand for AI, cloud, and enterprise services, leveraging its history of successful deployments in scalable locations and over a decade of innovation in both air and liquid cooling solutions optimized for the most powerful Graphics Processing Units (GPUs).

About Aligned Data Centers
Aligned Data Centers is a leading technology infrastructure company offering innovative, sustainable, and adaptive Scale Data Centers and Build-to-Scale solutions for global hyperscale, AI/HPC, and enterprise customers. Our intelligent infrastructure allows densification and vertical growth within the same footprint, enabling customers to scale up without disruption, all while maintaining industry-leading Power Usage Effectiveness (PUE). By reducing the energy, water and space needed to operate, our data center solutions, combined with our patented cooling technology, offer businesses a competitive advantage by improving sustainability, reliability, and their bottom line. For more information, visit www.aligneddc.com and connect with us on XLinkedIn and Facebook.

About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Press and Analyst Inquiries
Jennifer Handshew for Aligned Data Centers
jennifer@180-mktg.com
+1 (917) 359-8838

Thomas Clements for Blackstone
Thomas.Clements@blackstone.com
(646) 482-6088

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CVC Credit provides financing to CapVest-backed Novus Foods through its Capital Solutions strategy 12 August 2025

CVC Capital Partners

CVC Credit is pleased to announce that it has provided a tailored financing solution to Novus Foods (“Novus” or “the Company”), a leading US refrigerated foods platform backed by CapVest, to facilitate its acquisition of food producer noosa and support continued future growth.

Founded in 1988, Novus Foods is a US refrigerated foods platform focused on products sold in retailers’ stores. It produces refrigerated dips, desserts, salsa and yogurt across a portfolio of market-leading brands and strategic private label products. Novus Foods has national distribution capabilities and sells to all major US food retailers. The company has over 1,200 employees and operates six manufacturing facilities across the US.

This investment has been made through CVC Credit’s Capital Solutions strategy, which provides bespoke financing solutions to established European and US medium and large companies. It focuses on providing good quality companies with primary junior capital or structured equity to support M&A, refinancings and/or liquidity events.

Quotes

Novus’ leading position in the US foods market is supported by positive consumer trends and a well-diversified business model across both branded and private label products. The strength of the CVC global network, as well as a strong existing relationship with CapVest, meant we were comfortable providing a comprehensive financing solution to the Company to finance its recent acquisition and drive future growth.

Miguel ToneyPartner in CVC’s Private Credit team, focused on Capital Solutions

Miguel Toney, Partner in CVC’s Private Credit team, focused on Capital Solutions, said: “We are delighted to close this latest transaction for the Capital Solutions strategy, which is gathering momentum in an increasingly complex global M&A environment. Novus’ leading position in the US foods market is supported by positive consumer trends and a well-diversified business model across both branded and private label products. The strength of the CVC global network, as well as a strong existing relationship with CapVest, meant we were comfortable providing a comprehensive financing solution to the Company to finance its recent acquisition and drive future growth.”

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CVC Liquid Credit prices Cordatus XXXVI, its fifth new issue CLO of 2025

CVC Capital Partners

CVC Credit, the €46 billion global credit management business of CVC, is pleased to announce that it has successfully priced Cordatus XXXVI (36), a new €400m Collateralised Loan Obligation (“CLO”) vehicle and CVC Credit’s fifth new issue CLO of 2025.

The vehicle has a four-and-a-half-year reinvestment period and a one-and-a-half-year non-call structure with more than 65% of assets already sourced. Natixis served as the lead arranger.

Quotes

We are very pleased to announce another new issue CLO in what has already been a busy year for CVC Credit, despite multiple periods of market volatility. While these market fluctuations can be challenging, they also create opportunities for established managers, and at CVC our global team is well-positioned to capitalise in these periods.

Guillaume TarneaudPartner and Co-Head of Global Liquid Credit at CVC Credit

Guillaume Tarneaud, Partner and Co-Head of Global Liquid Credit at CVC Credit, said: “We are very pleased to announce another new issue CLO in what has already been a busy year for CVC Credit, despite multiple periods of market volatility. While these market fluctuations can be challenging, they also create opportunities for established managers, and at CVC our global team is well-positioned to capitalise in these periods.”

CVC’s Liquid Credit business manages over €30 billion in assets across more than 70 active funds, managed by a team of around 40 investment professionals in both Europe. Recently the business reported a very active first six months of the year, pricing 17 transactions with an aggregate volume of approximately $7.9 billion (c.€7.1bn). This followed an exceedingly busy year in 2024 with 25 transactions priced with a volume of $11 billion.

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KKR Completes $6.5 Billion Asset-Based Finance Fundraise

KKR

Successor Fund Expands on Firm’s Commitment to Fast-Growing ABF Space

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the completion of a $6.5 billion fundraise focused on committing capital globally to privately originated and negotiated credit investments backed by large and diversified pools of financial and hard assets. The fundraise includes $5.6 billion in KKR Asset-Based Finance Partners II (“ABFP II” or the “Fund”) and nearly $1 billion from separately managed accounts focused on the same type of investment opportunities.

“The $6 trillion Asset-Based Finance (ABF) market, projected to exceed $9 trillion by 2029, is one of the most dynamic opportunity sets today, yet it remains relatively undercapitalized,” said Daniel Pietrzak, Partner and Global Head of Private Credit at KKR. “ABFP II will help fill this gap by providing long-term capital to the real economy and offering investors a chance to diversify their portfolios with high-quality non-corporate collateral-backed cash flows.”

“Our extensive experience and global scale in ABF uniquely positions us to capitalize on the dynamic opportunities we see across various sectors and geographies,” said Varun Khanna, Avi Korn, and Chris Mellia, global co-heads of ABF at KKR. “At over 2.5x the size of its predecessor, ABFP II’s success is a testament to the confidence our investors place in our team to deliver compelling risk-adjusted returns. We are grateful for their continued support.”

ABFP II received widespread support across a diverse group of new and existing investors globally, including public and corporate pensions, sovereign wealth funds, private banks, insurance companies, asset managers, and family offices.

KKR established its ABF strategy in 2016 and has since grown the platform significantly, with more than $74 billion in ABF assets under management and a team of approximately 50 ABF professionals globally. Today, the ABF business has two distinct investment strategies, offering solutions to borrowers across the capital structure. These include an opportunistic approach and a high-grade strategy that focuses on investment grade opportunities at the top of the capital structure.

KKR’s ABF portfolio focuses on four key themes: Consumer/Mortgage Finance, Commercial Finance, Hard Assets, and Contractual Cash Flows. The firm has 18 captive ABF platforms across these four segments, enabling proprietary sourcing and structuring of investments. KKR’s broad, multi-sector approach offers flexibility to invest across a diverse range of industries, including aviation, real estate, automotive finance, mortgages, royalties and equipment leasing, among others.

Over the past two decades, KKR has built one of the largest private credit platforms globally, with the ability to invest across the capital structure and liquidity spectrum. These capabilities are paired with KKR’s approach to proprietary sourcing, capital preservation, and active portfolio management to seek out long-term capital appreciation and attractive risk-adjusted returns. Today, KKR manages approximately $254 billion in credit assets globally, including approximately $117 billion in private credit and $129 billion in leveraged credit.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Contact
Lauren McCranie
media@kkr.com

Source: KKR

 

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CVC Liquid Credit closes H1 2025 with $7.9 billion in CLO activity across 17 Deals

CVC Capital Partners

CVC Credit, the €46 billion global credit management business of CVC, is pleased to announce that CVC Liquid Credit (formerly known as CVC Performing Credit) has recorded a very active first six months of the year, pricing 17 transactions with an aggregate volume of approximately $7.9 billion (c.€7.1bn). This follows an exceedingly busy year in 2024 with 25 transactions priced with a volume of $11 billion.

CVC Liquid Credit has leveraged its global investment team to create value for investors through both new CLO formation and active portfolio management, by continuously evaluating and executing on opportunities to enhance the return profile of its existing CLO vehicles through resets, refinancings and/or reissues.

So far this year, the team has priced four new CLO issuances in the period between January and June and driven further value uplift and return of capital to investors across its existing platform of CLOs by executing ten resets and three refinancings and partial refinancings.

Andrew Davies, Managing Partner and Head of CVC Credit, said: “It has been a positive start to the year and we are pleased with the progress made across both our Liquid Credit and Private Credit strategies. Looking ahead, we remain firmly committed to building on this success, deepening our support for our clients and continuing to generate long-term value for our investors.”

It has been a positive start to the year and we are pleased with the progress made across both our Liquid Credit and Private Credit strategies.

Andrew DaviesManaging Partner and Head of CVC Credit

Guillaume Tarneaud, Partner and Co-Head of CVC Global Liquid Credit and Head of European Liquid Credit at CVC, said: “We are very pleased with the strong activity across the CVC Liquid Credit platform this year. Despite market volatility in April, we sustained our momentum throughout the first half and continue to leverage our leading presence in Europe to consistently price new vehicles while actively managing and optimising our existing CLOs”

Kevin O’Meara, Partner and Co-Head of CVC Global Liquid Credit and Head of US Liquid Credit at CVC Credit, added:  “In parallel, the U.S. CLO strategy has also posted a constructive first half of the year for the platform, with transaction volumes remaining robust.  We expect this elevated pace to continue through the remainder of 2025, supported by a balanced mix of new issuance and the refinancing or resetting of current structures when accretive opportunities arise. Our activity so far has been met with positive reception from both investors and the broader market, reinforcing confidence in our strategy and the strength of our execution.”

CVC Liquid Credit manages over €30 billion in assets across more than 70 active funds, managed by a team of around 40 investment professionals in both the US and Europe.

H1 2025 CLO activity summary

Deal Name

Deal Type

Pricing Date

Cordatus X (10)

Reset

January

Apidos XLII (42)

Reset

February

Cordatus XXXIV (34)

New issue

February

Apidos LII (52)

New issue

February

Cordatus III (3)

Reset

March

Apidos XXIII (23)

Refi

March

Cordatus Opportunities Loan Fund

Refi

March

Apidos XI (11)

Refi

March

Cordatus XXV (25)

Reset

April

Apidos XXXIII (33)

Reset

April

Apidos LIII (53)

New issue

April

Cordatus XXVII (27)

Reset

May

Apidos XXIX (29)

Reset

May

Apidos XLIII (43)

Reset

May

Cordatus XXXV (35)

New issue

June

Apidos XLV (45)

Reset

June

Cordatus XXIX (29)

Reset

June

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CVC Credit provides debt facilities to smartTrade through its European Direct Lending strategy

CVC Capital Partners

CVC Credit is pleased to announce that it has provided debt facilities to support the acquisition and growth strategy of smartTrade Technologies (“smartTrade”), a global SaaS platform providing multi-asset trading and payment software, owned by TA Associates.

Headquartered in Southern France, with subsidiaries in London, Paris, Geneva, New York, Toronto, Tokyo and Singapore, smartTrade provides essential FX trading software used for order management, trade execution and post-trade support. It boasts a global blue chip client base of large, regional and local banks, brokerages and corporations.

This investment has been made through CVC Credit’s European Direct Lending strategy, which focuses on lending to established European medium and large companies, with a focus on the senior secured piece of the capital structure.

Eva Boutillier, Managing Director at CVC Credit, said: “We are delighted to announce this latest transaction for our European Direct Lending strategy, leveraging the broader CVC Network’s expertise in the software sector to diligence smartTrade and gain comfort around the business’s strong fundamentals, attractive market and ambitious growth strategy.

Quotes

smartTrade is exactly the type of business we like to invest in through this strategy, with strong existing market positioning but also a large addressable market to allow for further future growth.

Andrew DaviesManaging Partner and Head of CVC Private Credit

Andrew Davies, Managing Partner and Head of CVC Private Credit, added: “smartTrade is exactly the type of business we like to invest in through this strategy, with strong existing market positioning but also a large addressable market to allow for further future growth. We are also pleased to strengthen our relationship with TA Associates, a high-quality sponsor that has experience investing in this sector.”

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L&G and Blackstone Announce Strategic Partnership to Accelerate Growth Ambitions

Blackstone

LONDON, UK and NEW YORK, US – 10 July 2025 – Today, Legal & General (L&G, LSE:LGEN) and Blackstone (NYSE:BX) are announcing a long-term strategic partnership that combines the strength of L&G and Blackstone’s respective credit platforms to enhance L&G’s competitive advantage in annuities and bolster its asset management proposition in key geographies and channels.

L&G’s annuities business will leverage Blackstone’s private credit origination platform to access a pipeline of diversified investment-grade assets, predominantly from the US. This partnership will complement L&G’s existing capabilities to gain competitive advantage, enhanced returns, and support its growth ambitions. L&G will invest up to 10% of anticipated annuities new business flows. This will add to the $237 billion in third-party insurance assets Blackstone manages across investment-grade private credit, liquid credit, and other strategies.[1]

Additionally, L&G’s asset management business will develop public/private hybrid credit solutions that combine Blackstone’s leading private credit platform with L&G’s best-in-class active fixed income capabilities. This will accelerate L&G’s ambitions to expand into highly attractive global wealth and wholesale channels.

The partnership combines L&G’s leading positions in pension risk transfer and asset management – comprising a $122.5 billion (£92 billion) annuities book and $1.4 trillion (£1.1 trillion) in assets under management[2] – with the strength and scale of Blackstone’s $465 billion credit platform.

Antonio Simões, Group CEO, L&G said: “Today’s announcement marks another important step in delivering our strategy for focused, sustainable growth and enhanced shareholder returns. Complementing L&G’s own insurance, investment and asset origination capabilities, our partnership with Blackstone will further cement our market leading position in pension risk transfer, and enable us to address growing demand for public-private hybrid investment products. L&G will benefit from a more diverse pipeline of assets for our annuity book, and growth in asset management as we develop more sophisticated investment solutions for clients around the world.”

Jon Gray, President and Chief Operating Officer, Blackstone said: “We’re thrilled to partner with L&G, a world-class firm with strong performance that we have long admired. Blackstone has been a pioneer in bringing the benefits of private markets investing to insurance companies, individuals and institutional investors. Together, our two firms’ unmatched scale and expertise should drive innovative solutions in the private credit market.”

Eric Adler, CEO, Asset Management, L&G said: “In June, we set out our vision as a leading global investor innovating to solve client challenges, using the power of L&G. This partnership brings together the combined strengths of L&G and Blackstone’s respective credit businesses, to offer new, innovative investment solutions and extend our international reach. I am especially energised by the potential of our alliance to advance our proposition in global wealth and wholesale channels, and deepen the capabilities we can draw upon to support our institutional clients.”

Philip Sherrill, Global Head of Insurance, Blackstone said: “We believe this partnership shows the best of what Blackstone can offer to our insurance company clients. The breadth of our capabilities allows us to support our partners across their businesses – originating assets, working together to identify investment opportunities, and designing products that meet the needs of both institutional clients and individual investors.”

About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

About L&G
Established in 1836, L&G is one of the UK’s leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

Forward-Looking Statements
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone’s current views with respect to, among other things, its operations, taxes, earnings and financial performance and the strategic partnership referred to herein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in its periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in its other periodic filings. The forward-looking statements speak only as of the date of this release, and Blackstone undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

FURTHER INFORMATION:

Blackstone
Felix Lettau
Felix.Lettau@blackstone.com
+44 20 7104 4562

L&G
Sneha Patel
sneha.patel@group.landg.com
+44 75536 04804

Headland Consultancy
Lucy Legh
landg@headlandconsultancy.com

[1] As of March 31, 2025
[2] FX conversion rate as at YE 2024

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