Ardian provides financing to support IK Partners’ investment in Rhétorès Group, a leading independent financial advisor in France

Ardian

Ardian, a global private investment firm, today announces that it has arranged a unitranche facility to support the LBO acquisition of Rhétorès Group (“Rhétorès” or “the Group”) by IK Partners (“IK”), alongside the founders, the management team and Activa, all of whom have significantly reinvested as part of the transaction. The financing package also includes a sizeable committed line to support the Group’s active acquisition strategy.

Rhétorès is a fast-growing French independent financial advisor. Founded in 2010 by Stéphane Rudzinski and Grégory Soudjoukdjian, the Group provides a comprehensive range of financial savings and investment products, including life-insurance wrappers and access to premium asset classes including private equity, real estate and structured products.

Rhétorès focuses on high-net-worth individuals and serves a diversified client base of more than 6,200, representing over €2.7bn in assets under management as of the end of 2025.

Since inception, Rhétorès has achieved strong organic growth and, following Activa’s investment in 2022, it has accelerated its inorganic growth strategy with 20 add-on acquisitions completed to date. Notably, the Group’s acquisition of Dauphine AM in 2023 enabled complementary asset management activity and provided access to an internal distribution platform for high value-added financial products.

“We are delighted to partner with IK as our new majority shareholder and Ardian as our financing partner. Their proven investment experience in the wealth management space will enable us to accelerate our development. We are eager to enter this next phase of growth through further organic development and buy-and-build activity to drive consolidation and diversify our offering.” Stéphane Rudzinski & Grégory Soudjoukdjian, co-founders of rhétorès Group

“The French financial savings market is both large and resilient, supported by strong underlying trends and a favourable regulatory environment. Under Stéphane and Grégory’s leadership, Rhétorès has achieved remarkable success and earned a strong reputation within the French IFA landscape. We look forward to working closely with the team to support their ambitious growth strategy, including further consolidation and diversification of their service offering.” Rémi Buttiaux & Diki Korniloff, Partners, IK Partners

“We are delighted to be able to leverage our deep sector expertise to support Rhétorès, IK Partners and Activa as they embark on this pivotal chapter of growth. The Group has built an exceptional track record to date. We are confident that this partnership will help drive long term value creation and continued expansion.” Gregory Pernot, Co-Head Private Credit France, Ardian

With over two decades of experience, the Private Credit activity at Ardian is among Europe’s most established players, applying a multi local approach to partner with private equity sponsors and management teams in advancing the growth of high quality companies. This transaction adds to Private Credit’s track record of successful investments and reflects a period of strong investment activity for the team.

List of participants

  • Ardian

    • Ardian Private Credit: Grégory Pernot, Gabrielle Philip, Alexis Bernet, Capucine Boulingre
    • Legal Advisor (Financing): Simpson Thacher & Bartlett (Hadrien Servais, Sophie Rezki, Kacper Sztejter, Eline Souffriau)
  • Rhétorès

    • Rhétorès: Stéphane Rudzinski, Grégory Soudjoukdjian
    • Financial Advisor: NewCo Corporate Finance (Alexandre Gebelin, Thibauld Hamaide)
  • IK Partners

    • IK Partners: Rémi Buttiaux, Diki Korniloff
    • Legal Advisor (financing): Weil (Geraldine Lezmi, Constance Frayssineau, Thomas Bouton, Nicolas Krieger)
  • Activa

    • Activa: Christophe Parier, Alexandre Masson, Frédéric Singer, Camille Emin, César Chaperon

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $200bn for more than 1,920 clients worldwide across Private Equity, Real Assets, and Credit.

Ardian. Mastering change for lasting value.

Media contacts

ARDIAN

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Bain Capital Credit Announces $8 Billion of Financing Investments for 2025

BainCapital

BOSTON – April 8, 2026 – Bain Capital Credit, LP, a leading global credit specialist, today announced that the firm’s Private Credit Group invested $8 billion to support the growth of middle market and private equity-backed companies in 2025.

Bain Capital Credit’s Private Credit Group made 81 investments in 2025, supporting the refinancing, leveraged buyout, and add-on acquisition activity of both new and existing portfolio companies. With over 25 years of middle market private debt experience, the Private Credit Group has invested over $30 billion across 581 portfolio companies since inception.

Additional 2025 highlights include:

•    Closed over $6 billion of new capital for investments
•    Investments across 83 companies, including 55 new platforms
•    New investments spanned senior secured debt, unsecured debt and preferred and common equity, given our flexible capital solutions
•    Served as majority lender on approximately 72% of new commitments, with a weighted average portfolio company EBITDA of $53 million
•    Strong credit performance across our diversified portfolio of more than 240 middle market businesses

“We believe today’s market environment offers compelling tailwinds and opportunities for experienced, flexible capital partners given increased demand from middle market companies and private equity sponsors for more complex and bespoke borrowing needs,” said Michael Ewald, a Partner and Global Head of the Private Credit Group.  “Against this backdrop, our Private Credit Group continues to curate a strong pipeline of attractive lending opportunities, particularly in more specialized industries.  Our platform’s scale, experience navigating various credit cycles, longevity in the core middle market, and ability to provide reliable capital across geographies positions us well to continue successfully executing our longstanding senior direct lending and junior capital strategies.”

Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific. The Private Credit Group, which manages approximately $21 billion of capital, has a dedicated global team that supports Bain Capital Credit to diligence the most complex situations and provide flexible private capital solutions to middle market businesses.

Important Disclosures
All data is as of December 31, 2025, unless otherwise stated. Represents Bain Capital Credit’s views at this time and are subject to change. Past performance is not indicative of future results. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past. Actual results may vary

Assets under management (AUM) data estimated as of December 31, 2025. AUM for Bain Capital Credit includes vehicles advised and sub-advised by Bain Capital Credit, LP, except for vehicles managed by the Bain Capital Special Situations team, but for which Bain Capital Credit LP is the named adviser.

This release was issued by Bain Capital Credit, LP, an affiliate of Bain Capital, LP.

About Bain Capital Credit, LP
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $61 billion in assets under management, investing across the credit spectrum with a team of more than 100 investment professionals.  Bain Capital’s Private Credit Group focuses on providing complete financing solutions to middle market companies across North America, Europe, and Asia Pacific. With more than 25 years of private credit experience, the group partners closely with private equity sponsors and management teams to support leveraged buyouts, refinancings, and growth initiatives, leveraging Bain Capital’s global platform and deep expertise to underwrite complex situations and support long-term value creation.

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Intercontinental Exchange Launches ICE Private Credit Intelligence with Apollo as Anchor Partner

Apollo logo

ATLANTA & NEW YORK–Intercontinental Exchange, Inc. (NYSE: ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, today announced the launch of ICE Private Credit Intelligence, which will bring greater transparency to the private credit market. Apollo (NYSE: APO) is supporting the launch as an anchor partner and ICE expects to onboard additional originators, asset managers and capital markets participants over the coming months.

The $40 trillion private credit market has experienced rapid growth over the last decade, fueled by regulatory change, increased adoption among large, high-quality corporate borrowers and growing global demand for long-duration capital. As the market grows and public and private markets converge, the data infrastructure supporting the asset class has not kept pace, creating a need for greater transparency, standardized data and clearer information for investors.

ICE Private Credit Intelligence establishes a private credit data infrastructure layer that is largely consistent with the experience of public credit markets. Key features include:

  • Secure, permissioned data sharing utilizing a standardized reference data set that enables the flow of deal-level information with authorized counterparties without exposing proprietary data broadly.
  • Scalable data distribution and extraction, leveraging ICE’s technology stack to ingest deal documents, extract key terms and data points and distribute secured, consistent information at scale.
  • Expanded capabilities over time, including performance analytics and pricing insights to enhance portfolio management, risk assessment and market transparency.

“Since ICE was founded over 25 years ago, we have been using sophisticated technology to modernize markets and offer innovative new services to our customers that help manage risk and support their alpha generation initiatives,” said Chris Edmonds, President of ICE Fixed Income and Data Services. “By bringing our vast data science expertise, and working with a leading firm like Apollo, we’re excited to launch a new service that will solve crucial challenges in the private credit market and ultimately offer new opportunities to our customers.”

“As private credit continues to scale, the next phase of the market’s evolution will require stronger infrastructure and more standardized data that enables market participants to own and transact in private credit in a way that mirrors the public credit experience,” said Eric Needleman, Partner and Head of Apollo Capital Solutions. “Working with Intercontinental Exchange to develop the foundational data layer that the market has historically lacked is an important step toward improving transparency, enabling more efficient market activity and supporting the continued maturation of private credit.”

Apollo is a leader in private credit that has taken several steps to support the continued evolution of the asset class with more frequent pricing and transparency, including launching a dedicated secondary trading effort last year that has already facilitated nearly $10 billion of trading volume. Apollo is also beginning to transition to more frequent pricing reporting across its credit business, as private credit increasingly serves as a core fixed income allocation replacement in investor portfolios amid more fragmented and less liquid public fixed income markets.

ICE is a global leader in fixed income and data services, providing comprehensive fixed income execution, clearing and data solutions that can help enhance market insights, manage risks, and uncover investment opportunities. ICE provides fixed income evaluations on approximately three million instruments, reference data across global markets, and indices across all asset classes, with $2 trillion in AUM benchmarked to them. For connectivity and data access, ICE offers a suite of desktop solutions and data feeds, as well as the ICE Global Network, which offers high-quality content, delivery and execution services through ultra-secure, highly resilient fiber and wireless networks.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges — including the New York Stock Exchange — and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.

Category: Fixed Income and Data Services

SOURCE: Intercontinental Exchange

ICE-CORP

Contacts 

ICE Media Contact
Damon Leavell
damon.leavell@ice.com
+1 212 323 8587

media@ice.com

ICE Investor Relations Contact:
Steve Eagerton
+1 904 854 3683
steve.eagerton@ice.com

investors@ice.com

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Carlyle provides a structured capital solution to Peloton Computer Enterprises to support growth

Carlyle

New York, NY and Calgary, AB — 23 February 2026 — Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a structured capital solution to Peloton Computer Enterprises Ltd. (“Peloton” or the “Company”), a leading provider of integrated energy data management software, to support ongoing investment in the Company’s platform and long-term growth strategy.

Founded in 1991, Peloton is a leading vertical software provider, delivering integrated solutions that support energy companies’ core proprietary data and workflows across the well, production, and land lifecycles. The Company serves as a system of record for its deeply embedded customers, built on trusted performance and extensive vertical expertise focused on the oil and gas industry. As a category leader in a highly specialized market, Peloton is well positioned to support customers’ evolving data and analytics needs, with AI representing a key forward growth driver in enhancing operational insight and decision-making.

This investment provides Peloton with long-term, flexible capital to support continued investment in the Company’s platform and analytics capabilities, while enabling the management team to accelerate strategic initiatives, including M&A, and support the business’s next phase of growth.

In connection with this transaction, Silver Lake, TriWest, and HarbourVest, who made a strategic investment in Peloton in 2017, will be exiting shareholders, and Glen Gray, co-founder and Chief Executive Officer of Peloton, will continue to lead the Company during this next phase of growth.

Glen Gray said: “We are excited to partner with Carlyle as we continue to execute on our long-term growth strategy. Carlyle’s capital, deep sector expertise, and integrated global platform will enable us to further invest in product innovation, expand our international footprint, and evaluate strategic opportunities that enhance our platform and better serve our loyal customer base.”

Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America, said: “Peloton is a high-quality vertical software leader with a long history of supporting the oil and gas industry’s most critical operational needs. Drawing on Carlyle’s long-standing global technology and energy franchises, and deep sector insights across software, we were able to structure a capital solution tailored to Peloton’s business and growth objectives. We look forward to partnering with Peloton’s management team to drive its next phase of growth.”

Arjun Shah, a Managing Director on Carlyle’s Technology team, said: “Peloton is a true vertical industry leader, providing a mission-critical offering for its deeply embedded customer base. The Company’s deep domain specialization positions the business exceptionally well for continued growth. This growth-driven investment reflects a truly collaborative effort across Carlyle’s global platform, and we look forward to further leveraging our scale and capabilities to help deliver long-term growth for the business.”

As part of the transaction, Andreas Boye and Arjun Shah will join Peloton’s Board of Directors.

Evercore served as financial advisor and Burnet Duckworth & Palmer and Davis, Polk & Wardwell served as legal advisors to Peloton. Latham & Watkins served as legal advisor to Carlyle.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Peloton 

Peloton is a leading global provider of innovative technology solutions for the energy industry, offering solutions to optimize operations and enhance productivity. With a focus on security, mobility, integration, automation, and real-time monitoring, Peloton powers energy clients to thrive in an ever-evolving landscape. Further information can be found at www.peloton.com.

Media Contacts 

Carlyle:

Charlie Bristow

Tel: +44 (0) 7384 513568

Email: charlie.bristow@carlyle.com

 

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M&G and CVC agree landmark $1.1 billion private equity transaction

CVC Capital Partners

M&G Investments (M&G) today announces the expansion of its private equity platform with the completion of a landmark $1.1 billion managed fund secondary transaction in a new strategic partnership with CVC Secondary Partners (CVC), deepening the relationship with one of the world’s leading private markets managers.

Under the terms of the partnership, funds advised by CVC have committed $1.1 billion to M&G’s 2025 PE Secondary Fund to acquire a portfolio of private equity interests – primarily in mature North American mid-market buyout funds – and to make future co-investments alongside these managers. M&G will maintain the management of the portfolios and the direct relationships with the underlying managers.

Building on M&G and CVC’s history of collaboration, the transaction delivers immediate exposure to a diversified portfolio of high-quality US private equity funds and access to M&G’s established network of leading General Partners. The partnership provides a strong platform for allocating capital to compelling opportunities through innovative structures, whilst also expanding M&G’s private assets platform for the next phase of growth.

Emmanuel Deblanc, Chief Investment Officer, Private Markets at M&G, said: “Having worked with CVC for more than two decades supporting the growth of private companies globally, this new mandate builds on a relationship rooted in investment excellence, aligned philosophies and a shared commitment to disciplined portfolio construction. By partnering with CVC on this transaction, we are combining our joint sourcing capabilities, scale and expertise in secondary investing, which broadens what we can deliver for clients, supports the continued growth of our private equity business and reinforces our commitment to backing strong businesses with long-term capital.”

Louise Boothby, a Managing Partner at CVC Secondary Partners, said: “We are pleased to be partnering with M&G again in this landmark transaction. This represents an exciting expansion of our long-standing relationship with M&G and importantly provides our investors with exposure to a seasoned and diversified portfolio, managed by some of the highest quality private equity managers.”

Francesca Paveri Fontana, Senior Managing Director at Evercore, said: “This transaction showcases the innovative nature of the secondary market by not only providing a strong liquidity solution for existing assets, but also expanding the primary deployment capabilities of both firms involved. We are delighted to have partnered with M&G on their successful transaction and congratulate the M&G and CVC teams on reaching this important milestone.”

The transaction completed on 31 December 2025

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Eldridge and Carlyle AlpInvest Partner to Launch the Eldridge Diversified Credit Platform and the Closing of its First Fund, EDCF I

Carlyle

New York, NY — January 22, 2026 – Eldridge and Carlyle AlpInvest today announced the successful closing of Eldridge Diversified Credit Fund I (“EDCF I” or the “Fund”), the inaugural fund in Eldridge’s diversified credit platform. As part of the transaction, Carlyle AlpInvest, who served as a limited partner in this transaction, and its co-investors made an equity commitment to Eldridge managed vehicles which, when combined with debt financing from BNP Paribas, is expected to provide up to approximately $1.5 billion in investable capital.

EDCF I was established through a credit secondary solution anchored by the purchase of a diversified portfolio of loans and leases from Eldridge and its affiliates. The Fund’s capital base includes commitments from leading institutional investors globally.

“Our goal is to meet the evolving needs of institutional borrowers while generating attractive returns through a differentiated, multi-strategy credit platform,” said Nicholas Sandler, Co-President and Co-Head of Diversified Credit at Eldridge Capital Management. “The Fund reflects our disciplined origination and structuring, designed with flexibility to support borrowers up and down the capital structure. We are grateful for the trust placed in us by our investors and look forward to continuing to execute on our strategies.”

“We are pleased to partner with Eldridge on its first diversified credit fund and support this next phase of growth,” said Mike Hacker, Partner at Carlyle AlpInvest. “Eldridge’s highly compelling diversified credit platform combines its corporate credit capabilities with its leading asset-based equipment origination franchise, creating a broader and more flexible toolkit for navigating the market. We look forward to continuing our partnership across future initiatives.”

“EDCF I is built around a diversified, high-quality private credit portfolio that highlights Eldridge’s differentiated origination and underwriting capabilities,” said Justin Karp, Managing Director at Carlyle AlpInvest. “By structuring a tailored managed fund solution, we were able to support the evolution of Eldridge’s captive platform while preserving its core strategy and differentiation.”

BNP Paribas arranged and led a senior credit facility to support EDCF I.

PJT Partners served as lead financial adviser and Jefferies served as co-lead. Kirkland & Ellis LLP acted as legal counsel to Eldridge. Ropes & Gray LLP acted as legal counsel to Carlyle AlpInvest.

About Eldridge

Eldridge is an asset management and insurance holding company with over $70 billion in assets under management, consisting of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies: diversified credit, GP solutions, real estate credit, and sports & entertainment. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries. To learn more, visit www.eldridge.com.

About Carlyle AlpInvest

Carlyle AlpInvest is a leading global private equity investor with $102 billion of assets under management and more than 700 investors as of September 30, 2025. It has invested with over 370 private equity and credit managers and committed over $111 billion across primary commitments to private equity and credit funds, secondary transactions, portfolio financings, and co-investments. Carlyle AlpInvest employs more than 290 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

Media Contacts

Eldridge

eldridgePR@prosek.com

Carlyle

Kristen Ashton

Kristen.ashton@carlyle.com

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KKR Completes US$2.5 Billion Asia Private Credit Fundraise

KKR

HONG KONG–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the completion of a US$2.5 billion fundraise focused on committing capital to privately originated performing credit investments in Asia Pacific. The fundraise includes US$1.8 billion in KKR Asia Credit Opportunities Fund II (“ACOF II” or the “Fund”) and US$700 million raised from separately managed accounts focused on the same types of investment opportunities.

At close, the Fund is the largest pan-regional performing private credit fund in Asia Pacific. This closely follows KKR’s inaugural Asia Pacific-dedicated private credit fund, KKR Asia Credit Opportunities Fund, which closed at US$1.1 billion in 2022 as the largest inaugural pan-regional fund focused on performing credit. KKR’s Asia Credit platform has signed 10 investments through ACOF II representing US$1.9 billion in KKR commitments, including other pools of capital, and a total transaction volume of US$4.6 billion.

Diane Raposio, Partner and Head of Asia Credit & Markets at KKR, said “Asia is a key pillar of KKR’s global credit strategy. The close of ACOF II demonstrates the breadth and scale we have built across our Asia credit platform, spanning both private and liquid markets. We are seeing growing investor demand for allocation to credit in the region. Our pan-Asia approach and ability to leverage the broader KKR Asia platform uniquely positions us to continue sourcing and executing interesting opportunities across the region for our investors.”

KKR’s Asia Credit platform seeks to provide bespoke private credit solutions to companies and sponsors which harness the strength of KKR’s investment capabilities and its expertise as one of the largest credit managers globally. The Asia Credit team leverages KKR’s local and global resources to source, diligence, and execute investment opportunities to provide borrowers with customized financing and value creation potential while ensuring lender capital protections. Like its predecessor, ACOF II will pursue investments in performing privately originated credit and target opportunities across three primary investing themes, including senior and unitranche direct lending, capital solutions, and collateral-backed investments.

SJ Lim, Managing Director and Head of Asia Private Credit at KKR, said “Private credit remains a relatively nascent yet compelling opportunity across the region. We see strong demand for private credit as an important tool for sponsors or corporates seeking flexible financing solutions and bespoke, partnership-oriented capital to support growth and meet their diverse needs. Our performing credit strategy is based on the same long term structural themes such as rising consumption, urbanization and digitalization that have underpinned the growth of private markets in Asia.”

The Fund received strong support from a diverse group of new and existing investors, including insurance companies, public and corporate pension funds, sovereign wealth funds, family offices, banks, corporates, and asset managers.

In Asia Pacific, KKR has closed over 60 investments through its Asia Credit strategy since 2019, accounting for approximately US$8.3 billion invested by KKR and total transaction value of US$27.5 billion. This has included providing acquisition financing and bespoke capital solutions for companies and financial sponsors in the healthcare, education, real estate, logistics, and infrastructure sectors. KKR targets credit investments in Australia, Greater China, India, Japan, Korea, New Zealand, and Southeast Asia.

Over the past two decades KKR has built one of the largest credit investment 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 US$282 billion of credit assets globally, including approximately US$143 billion in leveraged credit, approximately US$131 billion in private credit, and approximately US$8 billion in strategic investments, as of September 30, 2025. KKR has a team of approximately 250 credit investment professionals across 12 offices globally.

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
Wei Jun Ong
Media@kkr.com

Source: KKR

 

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Blackstone Credit & Insurance Announces $1 Billion Forward Flow Origination Partnership with Harvest Commercial Capital

Blackstone

NEW YORK – December 11, 2025 – Today, Blackstone Credit & Insurance (“BXCI”) announced a forward flow origination partnership with Harvest Commercial Capital, LLC (“Harvest”), a leader in small business lending, to acquire business loans secured by first lien mortgages on owner-occupied commercial real estate. Under the terms of the partnership, BXCI has purchased an initial portfolio of loans and established a forward flow program for a total of $1 billion in loans.

Under the long-term partnership, BXCI will acquire small business loans from Harvest, including both SBA 504 and non-SBA conventional loans, providing permanent capital to expand lending to small businesses across the United States.

“We are excited to expand our asset-based credit platform by partnering with Harvest to bring much needed financing solutions to many small businesses, secured by their real estate assets,” said Aneek Mamik and Nick Menzies, Senior Managing Directors at Blackstone Credit & Insurance. “We believe their multifaceted approach to underwriting and comprehensive underlying collateral package creates a differentiated and attractive lending program.”

“Blackstone’s scale and expertise make them an ideal partner, and their commitment to Harvest validates the strength of our franchise and the critical role we play in serving America’s small businesses,” said Jason Raefski, Chief Financial Officer of Harvest Commercial Capital. “This capital relationship allows us to significantly expand our lending capabilities while maintaining our disciplined underwriting standards.”

Harvest will continue to operate independently, maintaining its specialized expertise in SBA 504 and conventional small balance commercial loans while benefitting from Blackstone’s platform and scaled insurance capital base.

BXCI’s Infrastructure and Asset Based Credit group manages over $100 billion and has over 80 investment professionals, as of September 30, 2025. The platform is focused on providing investment grade credit, non-investment grade credit, and structured investments across the real economy in sectors such as physical assets and infrastructure, commercial finance, fund finance, consumer finance, and residential loans.

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 Harvest Commercial Capital, LLC
Harvest Commercial Capital, LLC is a Delaware limited liability company that originates, owns, sells and services first-lien small balance commercial loans backed generally by multi-purpose commercial real estate. HCC originates conventional loans and first-lien loans pursuant to the U.S. Small Business Administration’s (“SBA”) 504 loan program. HCC is majority owned by an affiliate of Medalist Partners, LP, an SEC registered investment manager with approximately $2.3 billion of net assets under management as of September 2025, that invests predominantly in securitized credit and asset-based private credit strategies. HCC was founded in February 2016 and is based in Laguna Hills, CA.

Contacts
Blackstone
David Vitek
David.Vitek@blackstone.com
(212) 583-5291

Harvest Commercial Capital
Adam Seery
Aseery@harvestcref.com

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Bain Capital and SMBC Launch €1.5 billion Joint Lending Platform Backing European Corporate Credit

Partnership to Deliver Flexible Credit Solutions to European Sponsors

London — December 4, 2025 — Bain Capital, a leading global private investment firm, today announced a joint venture with top-tier bookrunner SMBC to establish a new European loan platform providing up to € 1.5 billion in senior secured credit to corporate borrowers across Europe and the UK.

The platform is structured as a co-governed credit vehicle, combining SMBC’s pan-European leveraged finance origination and structuring expertise with Bain Capital’s underwriting and asset management capabilities. Leveraging SMBC’s position as a leading arranger of leveraged finance transactions, the platform benefits from access to primary deal flow in the syndicated loan market. The initiative brings together Bain Capital’s Special Situations and Credit businesses and reflects the firm’s focus on scalable, cycle-aware capital solutions.

“This partnership with SMBC represents a pivotal moment for our Special Situations business in Europe,” said Angelo Rufino, a Partner and Head of Bain Capital Corporate Special Situations in Europe. “It highlights our ability to engineer large-scale and innovative platforms with leading global partners and to underwrite complex capital structures that perform across market cycles.”

“This structure gives us direct access to primary origination through a globally respected bank, while maintaining full underwriting control,” said Gauthier Reymondier, a Partner and Head of Bain Capital’s Credit business in Europe. “It also positions both institutions as solution providers to financial sponsors seeking capital across market environments.”

“The JV is a strong validation of our European team’s sourcing, structuring and asset management capabilities,” added Elena Lieskovska, a Partner in Bain Capital’s European Special Situations Corporate Investing team. “We believe this platform is well positioned to support sponsor-led transactions at scale and across cycles,” concluded Ray Colleran, a Managing Director on Bain Capital’s Liquid & Structured Credit team.

The platform will target financing for sponsor-backed European companies across a diversified set of industries, with a focus on opportunities in the broadly syndicated loan (BSL) market. Designed to offer flexibility, strong governance, and institutional-grade underwriting discipline, the joint venture reflects the evolving landscape of private credit in Europe.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $205 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About SMBC

Sumitomo Mitsui Banking Corporation (SMBC) is a leading global financial institution headquartered in Tokyo, Japan. With a presence in over 40 countries, SMBC provides a comprehensive suite of financial services, including corporate banking, investment banking, and asset management.

SMBC has one of the largest Leverage Finance platforms in the European market with over 100 investment professionals across 4 offices and a strong presence across the broadly syndicated and private credit markets. SMBC acted as Bookrunner on over 60 leveraged loan transactions in 2024 and rank #8 in Dealogic’s European Sponsor Leveraged Loan Bookrunner league table.

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Investec Direct Lending and Carlyle AlpInvest partner on launch of Investec’s inaugural European senior debt fund

Carlyle

Carlyle AlpInvest structured credit secondary transaction and provided significant new capital to launch the fund

November 25, 2025 – Investec Alternative Investment Management (“IAIM”), a subsidiary of Investec Bank plc (“Investec”), and Carlyle AlpInvest, a leading global private markets manager, today announced the successful launch of Investec’s inaugural European senior debt fund, Investec Senior Debt Fund I (“SDF I”, the “fund”), a private credit fund with approximately €400m of investable capital managed by the Investec Direct Lending team.

SDF I was established through an innovative credit secondary transaction, led by Carlyle AlpInvest, comprised of a secondary purchase of high-quality performing loans from Investec’s balance sheet to form a seed portfolio. In addition, Carlyle AlpInvest provided significant new capital which is available alongside this portfolio to invest in new direct lending investments.

SDF I is a close-ended, Luxembourg-based special limited partnership focused on providing traditional senior secured loans for European private equity and corporate backed businesses between €3m-€50m EBITDA primarily based in the UK, Ireland, Benelux, and DACH regions. The strategy is focused on lending to high quality growth-orientated companies in the lower mid-market – a segment which remains underserved by banks and fund managers. It partners with management teams and their financial sponsors supporting their strategic ambitions, whether organic or inorganic, to drive business growth.

SDF I is managed by Investec’s Direct Lending team consisting of over 50 investment professionals all with extensive experience in growth capital, leveraged finance and direct lending in the UK and Europe. The team has more than 15 years’ experience sourcing and managing private debt assets and has invested over €10 billion in private debt across more than 350 transactions over that period. The team has a strong track record of credit selection and delivering premium risk adjusted returns combined with de minimus losses.

The launch of the fund complements the 2021 launch of the €250m Private Debt Fund I (“PDF I”) – focused on stretched senior and unitranche direct lending solutions – and PDF II which is forecast to have its final close in January, with a target of €500m.

Investec intends to significantly expand its alternative investment activities across the private credit spectrum providing investors access to its significant sourcing capabilities. In addition to Direct Lending, Investec’s private credit activities include Fund Solutions, Energy and Infrastructure, Aviation and Real Estate.

 Investec’s Head of Direct Lending and IAIM, Callum Bell commented:

“The launch of this senior loan fund marks an important milestone for our alternatives platform, and we are delighted to have partnered with Carlyle AlpInvest. It enables us to showcase the full breadth of the team’s sourcing and underwriting capabilities across the European private debt market.

“We are actively and strategically growing into new adjacencies to strengthen our platform and to offer investors access to tailored risk-reward profiles across our sourcing spectrum. This new fund represents an exciting step forward as we pursue our growth ambitions over the next five years.”

Carlyle AlpInvest’s Mike Hacker, Partner and Global Head of Portfolio Finance, commented:

“This transaction highlights the strong momentum within Investec’s direct lending franchise and the depth of its relationships with leading sponsors. AlpInvest has a long history of partnering with leading financial institutions to provide solutions as they scale and broaden their asset-management capabilities, and this collaboration with Investec is a natural extension of that strategy. Our involvement in establishing SDF I underscores our commitment to building differentiated partnerships with high-quality credit managers. We’re excited to support Investec as it expands its senior lending platform and to further strengthen AlpInvest’s position as a partner of choice for private credit managers.”

The transaction was advised by Ely Place Partners, with legal advice from Travers Smith and K&E representing Investec and Carlyle AlpInvest respectively.

Ends

 

For further information, please contact:

Charles Clarke charles.clarke@investec.com

+44 (0)750 394 0139

 

Kristen Ashton kristen.ashton@carlyle.com

+1 (646) 4774164

 

Nicholas Brown nicholas.brown@carlyle.com

+44 7471 037 002

 

 

Notes to editors

This press release is issued on behalf of Investec Bank plc. Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 172330. Registered in England and Wales (No. 489604). Registered office at 30 Gresham Street, London EC2V 7QP. Member of the London Stock Exchange.

 

 

About Investec

Investec Bank plc (‘IBP’) is the banking subsidiary of Investec plc. Investec plc is a FTSE-250 listed company which holds the majority of Investec Group’s non-Southern African businesses under a dual listed company structure. IBP partners with private, institutional and corporate clients, offering banking and investment services in the UK, Europe and US, Continental Europe, Channel Island, India, Switzerland and Ireland.

IBP also offers wealth management services through its strategic partnership with Rathbones Group. IBP has operated in the UK since 1992. 

As part of the Investec Group, IBP is a purpose-driven organisation, dedicated to its core purpose of creating enduring worth. This means we will always strive to create long-term value for all stakeholders and contribute meaningfully to people, communities and the planet. 

Further information can be found at www.investec.com.

 

About Carlyle AlpInvest

Carlyle AlpInvest is a leading global private equity investor with $102 billion of assets under management and more than 700 investors as of September 30, 2025. It has invested with over 370 private equity managers and committed over $111 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 290 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

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