Tag Archives: Private Credit

Carlyle and SBI PE Holdings announce partnership to support SBI’s expansion into a multi strategy private credit business for Japanese institutional investors

Carlyle

Carlyle and SBI PE Holdings announce partnership to support SBI’s expansion into a multi strategy private credit business for Japanese institutional investors

New York, NY, 30 October 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced a partnership with SBI PE Holdings, Inc., the private equity business of Japanese financial services company SBI Group, to support SBI’s expansion of private credit opportunities for Japanese institutional investors.

As the first step in this collaboration, Carlyle would receive an initial commitment from SBI Group’s own capital to anchor the launch of this new strategy. The partnership would represent SBI Group’s first full-scale entry into the private credit market, reflecting its strong conviction in Carlyle’s global investment capabilities and confidence in the long-term potential of the asset class. The partnership will develop a multi private credit strategy that spans several areas, including direct lending, structured credit, opportunistic credit, and asset-backed finance, enabling Japanese institutional investors to participate in global private credit opportunities across major markets, including the U.S. and Europe. By combining Carlyle’s proven global expertise with SBI Group’s extensive domestic financial network and client relationships, the two firms will aim to broaden Japanese investors’ access to global private credit markets.

Brian Marcus, Head of Cross Platform Investing for Global Credit at Carlyle, said: “We are pleased to announce this collaboration with SBI Group, an institution with deep expertise and a strong reputation in Japan. As the needs of Japanese investors continue to diversify, we see this as a great opportunity to support SBI’s efforts to bring global private credit access to their institutional clients. By combining our global investment capabilities with SBI Group’s extensive network, we look forward to creating innovative solutions and supporting Japanese investors’ long-term growth and diversification objectives.”

Yoshitaka Kitao, Representative Director of SBI PE Holdings, said: “SBI Group is committed to driving innovation and expanding investment opportunities for Japanese institutional investors. Through this partnership with Carlyle, we are confident that we can deliver new value to our clients and further strengthen our position as a leader in Japan’s evolving financial ecosystem.”

Carlyle’s Global Credit platform manages US$203 billion in assets across the credit spectrum, providing creative solutions and scale to approximately 1,000 borrower relationships. The firm has a scaled and established private credit business which focuses on direct lending, opportunistic credit, and asset-backed finance strategies.

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About Carlyle 

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $465 billion of assets under management as of June 30, 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 2,300 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 SBI PE Holdings

SBI PE Holdings is one of Japan’s largest private equity firms and an intermediate holding company within the Japan-based SBI Group, overseeing and managing its private equity investment business. As a member of the SBI Group, a comprehensive financial services group with strengths in banking, securities, asset management, and fintech, the company aims to create long-term value for investors, portfolio companies, and society through its subsidiaries. These subsidiaries leverage their extensive local knowledge with global investment expertise to identify promising companies in next-generation growth sectors.

Media Contacts

Carlyle

Andrew Kenny
+44 7385 662334
andrew.kenny@carlyle.com

Kaede Haseda
+81 80 4209 1053
kaede.haseda@carlyle.com

SBI Holdings

+81 36 229 0126

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Thoma Bravo Announces Key Appointments to Grow Private Credit Platform

Thomas Bravo

Former Morgan Stanley Executives Jeff Levin and Kunal Soni Join as Partners

Levin Named Head of Thoma Bravo Credit

MIAMI and NEW YORK—Thoma Bravo, a leading software investment firm, today announced that Jeff Levin and Kunal Soni have joined the firm as partners on the Thoma Bravo Credit platform. Levin has also been named head of the platform.

Together with the firm’s investors, Thoma Bravo Credit has invested over $25 billion across more than 100 transactions since its inception in 2017. Earlier this year, it successfully closed Thoma Bravo Credit Fund III. Levin and Soni bring decades of experience leading and scaling private credit platforms. They will help drive the next phase of Thoma Bravo Credit’s growth and their addition significantly expands the firm’s origination, structuring, and underwriting capabilities. With deeper credit expertise and greater execution capacity, Thoma Bravo Credit can offer investors broader access to attractive private-credit opportunities while providing borrowers with the flexible, long-term capital they seek to accelerate growth.

Levin was a founding member of Morgan Stanley Investment Management’s Private Credit business and was most recently Co-Head of its North America Private Credit platform. In his role, he served as Portfolio Manager, Head of U.S. Direct Lending, and Chair of the Investment Committee for the U.S. Direct Lending funds. He previously served as a Partner and Managing Director at The Carlyle Group (NASDAQ:CG), where he served as President of Carlyle’s BDCs and as a member of the Investment Committee for their Direct Lending platform.

Soni was most recently the Head of the Western Region and Technology Lending for Morgan Stanley Investment Management’s Private Credit business, where he served as a member of the Investment Committee and focused on originating and executing investment opportunities. Prior to joining Morgan Stanley, Soni was Head of the Western Region for Carlyle’s Direct Lending platform.

“Private credit continues to play an increasingly important role in supporting growing businesses and meeting investor demand for income and diversification,” said Orlando Bravo, a Founder and Managing Partner at Thoma Bravo. “Jeff and Kunal’s leadership strengthens our ability to deliver broader services and compelling investment opportunities to our investors, while expanding our capacity to provide companies with the flexible capital they need to grow and thrive. These appointments reflect our commitment to building a leading, scaled private credit platform positioned to capture attractive opportunities across market cycles.”

“Thoma Bravo Credit has a solid foundation built on discipline, investor alignment, and consistently strong performance,” said Jeff Levin. “Our goal now is to expand the breadth and depth of what we offer so investors can access a broader range of high-quality credit opportunities aligned with their investment objectives, while borrowers can benefit from enhanced expertise and long-term, growth-enabling capital.”

“I’m excited to join Thoma Bravo Credit at such a dynamic time for private credit,” said Kunal Soni. “The market continues to expand and evolve, creating opportunities for platforms with the scale and discipline to meet growing demand. With Thoma Bravo’s reach and resources, we are positioned to deliver meaningful value to both investors and borrowers.”

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world, with approximately $181 billion in assets under management as of June 30, 2025. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 555 companies representing approximately $285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York, and San Francisco. For more information, visit Thoma Bravo’s website at www.thomabravo.com.

Read the release on the PR Newswire website here.

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AEA Private Debt Closes $550 Million Credit Continuation Vehicle, Led by Carlyle AlpInvest

Carlyle

New York, NY – October 20, 2025 – AEA Private Debt, AEA Investors’ (“AEA”) private credit platform, and Carlyle AlpInvest, a leading global private equity investor, today announced the successful closing of an approximately $550 million credit continuation vehicle. The transaction was led by Carlyle AlpInvest, who is also providing additional capital to support new loans originated by AEA Private Debt.

The continuation vehicle was established to acquire a diversified, income-generating portfolio of first-lien senior secured loans from AEA Private Debt’s 2016 vintage direct lending fund – AEA Middle Market Debt Fund III – primarily consisting of loans to sponsor-backed U.S. middle market companies. Further enhancing long-term alignment between AEA Private Debt and its LPs, the vehicle provided existing investors with an attractive liquidity option or the opportunity to reinvest in a high-quality pool of private credit assets that will continue to be managed by a proven, deeply experienced team. Building on the existing relationship between Carlyle AlpInvest and AEA, the transaction also underscores Carlyle AlpInvest’s leadership in credit secondaries and validates AEA Private Debt’s differentiated origination and underwriting capabilities.

“This transaction underscores our commitment to delivering strong outcomes and innovative liquidity solutions for our investors,” said Alexandra Jung, Partner and Head of AEA Private Debt. “Our partnership with AlpInvest is a testament to our cycle-tested approach and reflects the strategic growth of AEA’s private debt business. With this continuation fund, we are further bolstering our ability to support leading middle market companies and sponsors while expanding the reach of the AEA Private Debt platform for the long term.”

“This transaction reflects the strength of AEA Private Debt’s portfolio and their partnerships with many of the best private equity sponsors. With significant overlap between AEA Private Debt’s relationships and Carlyle AlpInvest’s long history of investing alongside leading sponsors, this transaction highlights the strong alignment between our organizations,” said Mike Hacker, Partner and Global Head of Portfolio Finance, Carlyle AlpInvest. “We are proud to establish this partnership with AEA and support the continued growth of their private debt platform.”

“Carlyle AlpInvest has a long history of delivering innovative and LP-friendly solutions to GPs across private equity and private credit. The growth of our Secondaries & Portfolio Finance platform continues to strengthen our ability to build impactful and differentiated partnerships with credit managers like AEA Private Debt,” said Stefan Singer, Managing Director on Carlyle AlpInvest’s Portfolio Finance Team.

PJT Partners LP served as financial adviser on the transaction. Simpson Thacher & Bartlett LLP acted as legal counsel for AEA Private Debt. Ropes & Gray LLP acted as legal counsel for Carlyle AlpInvest. Wells Fargo provided certain financing for the transaction.

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About AEA Investors
AEA Investors (“AEA”) was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives, and leaders, many of whom invest with AEA as active individual investors, join its portfolio company boards, or act in other advisory roles. Today, AEA’s over 120 investment professionals operate globally with offices in New York, Stamford, Jacksonville, San Francisco, London, Munich, and Shanghai. The firm manages funds that have approximately $18 billion of invested and committed capital including the leveraged buyouts of middle market and small business companies, growth equity, and private debt investments.

AEA Private Debt makes senior debt, unitranche, junior debt, and equity co-investments in leading middle market companies across a broad range of industries and end markets. AEA Private Debt’s team of experienced professionals partners with private equity firms, family offices, and entrepreneur-backed companies to provide financing solutions in support of leveraged buyouts, recapitalizations, add-on acquisitions, refinancings, and other similar capital needs. Since inception in 2005, AEA Private Debt has invested over $8.5 billion across more than 425 transactions.

For more information, visit www.aeainvestors.com.

About Carlyle AlpInvest
Carlyle AlpInvest is a leading global private equity investor with $97 billion of assets under management and more than 600 investors as of June 30, 2025. It has invested with over 380 private equity managers and committed over $100 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

Media Contacts

AEA Investors:
Kaitlin Bilby
+1 212-845-4307
Media@aeainvestors.com

 

Carlyle:
Kristen Ashton
+1 212-813-4763
Kristen.ashton@carlyle.com

 

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CVC raises €10.4 billion for its European direct lending strategy

CVC Capital Partners

CVC Credit, the global credit management business of CVC, is pleased to announce the final close of its fourth European Direct Lending fund (“EUDL IV”)

CVC has raised €10.4 billion1 to deploy across the European Direct Lending opportunity, representing a significant increase over CVC’s prior European Direct Lending funds, which raised €6.3 billion1 in 2022 and €1.3 billion1 in 2020.

The growth of CVC’s European Direct lending platform has been underpinned by CVC’s deep local relationships across its network of sixteen European offices, and CVC’s focus on Europe for over forty years.

Rob Lucas, CEO at CVC said: “This is an excellent outcome for our latest European Direct Lending fund reflecting strong investment performance and deep and longstanding relationships with the highest quality institutional investors.

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This is an excellent outcome for our latest European Direct Lending fund reflecting strong investment performance and deep and longstanding relationships with the highest quality institutional investors

Rob LucasCEO, CVC

“CVC’s Credit platform benefits greatly from our international network of 30 local offices and its deep investment expertise. We are the number one CLO manager and a top three Private Credit manager in Europe. Our Liquid and Private Credit strategies have grown consistently over recent years and together now account for nearly a quarter of CVC’s total assets under management. We continue to see a significant number of opportunities for further growth in our Credit platform and forms a key part of our broader ambitions in Insurance and Private Wealth.”

Andrew Davies, Managing Partner, Head of CVC Credit, said: “We are extremely grateful for the continued trust and support of CVC’s global investor base. The European private credit market has developed significantly in recent years, driven by structural tailwinds and the increasing relevance of private credit within the wider credit ecosystem. We have capitalised on this market shift to scale our platform and deepen our resources, establishing CVC Credit as one of the top three private credit players in Europe.

“Looking ahead, our focus remains on delivering compelling financing solutions for Europe’s leading financial sponsors. By leveraging the insights from CVC’s leading Private Equity platform and the strength of the wider CVC Network, we are ideally positioned to act as a reliable long-term partner and to continue to take advantage of the significant European credit opportunity.”

EUDL IV has already made strong progress, committing to more than 30 investments. Recent transactions completed by EUDL IV include: KKR’s buyout of Immedica Pharma; the acquisition and growth strategy of smartTrade; Cinven’s acquisition of idealista; acting as sole lender for the acquisition of Innovative Beauty Group; and, supporting the delisting of Alpha FMC from the AIM market of the London Stock Exchange by Bridgepoint.

CVC Credit manages total assets of more than €48 billion (€43 billion of fee paying AUM) across its Liquid Credit and Private Credit businesses. The Private Credit platform comprises its European Direct Lending and Capital Solutions strategies with assets of more than €18 billion.

1. Taken together with parallel investment funds and accounts

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Apollo Expands Wealth Platform with Three Evergreen ELTIFs, Unlocking Broader Access to Private Markets

Apollo logo

Apollo European Private Credit ELTIF, Apollo Global Diversified Credit ELTIF and Apollo Global Private Markets ELTIF Receive Regulatory Authorization

Launch Provides Investors in EMEA as well as Asia and LatAm with Greater Access to Institutional-Quality Private Markets Strategies Under the ELTIF 2.0 Regime

LONDON, Sept. 24, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that it has received regulatory authorization to launch three new evergreen, semi-liquid European Long-Term Investment Funds (“ELTIFs” or the “Funds”):

  • Apollo European Private Credit ELTIF (“AEPC ELTIF”), an evergreen, semi-liquid fund that will seek to provide investors with attractive income from newly originated, primarily first-lien, senior secured direct lending to large-cap and upper middle-market European companies
  • Apollo Global Diversified Credit ELTIF (“AGDC ELTIF”), an evergreen, semi-liquid fund that will seek to provide investors with attractive income through a global, multi-asset credit strategy. The fund is designed to invest dynamically across private credit sectors, including direct lending and asset-backed finance
  • Apollo Global Private Markets ELTIF (“AGPM ELTIF”), an evergreen, semi-liquid fund that will seek to provide investors with long-term capital appreciation by investing in private companies globally via secondaries and co-investments sourced across the Apollo platform

Apollo expects to bring the ELTIFs to market in the coming months via the Apollo Private Markets Umbrella SICAV, having received authorization from Luxembourg’s Commission de Surveillance du Secteur Financier (“CSSF”). With these launches, Apollo’s Global Wealth business will have eight evergreen Luxembourg products available on its platform, where it continues to build a full suite of solutions and turnkey access points to institutional-quality private markets strategies that are available to investors in Europe, Asia and Latin America, subject to applicable local law and investor eligibility requirements.

The three new products will launch under the ELTIF 2.0 fund regime, providing individual investors with greater access to Apollo’s private markets expertise via tailored, evergreen formats and broader distribution channels.

Veronique Fournier, Head of EMEA Global Wealth, said: “With these three new ELTIFs, we continue to bring the best of Apollo’s investing expertise to wealth investors in Europe and around the world, in product formats tailored to their needs. Apollo has been an early mover under the ELTIF regime, launching the closed-end ACT Equity ELTIF in 2023, and we’re thrilled to now have authorization for three new evergreen formats under the 2.0 regime.”

Fournier continued, “In our Global Wealth business we continue to expand our holistic suite of solutions to meet growing demand from investors seeking to build diversified portfolios with meaningful private markets exposure.”

Apollo’s Global Wealth business reported $9 billion of inflows in the first half of 2025, across 18 separate strategies. The business continues to invest in its product and distribution, growing global team and educational resources to bring turnkey access to diversified private markets.

To learn more about Apollo’s Global Wealth business, please visit Apollo.com/Wealth.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had approximately $840 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com / EuropeanMedia@apollo.com

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KKR agrees to acquire NewDay’s consumer credit portfolio from Cinven and CVC

CVC Capital Partners

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.”

Quotes

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.

Peter RutlandManaging Partner at CVC

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.

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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.

ardian.com

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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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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Black and white formal headshot of Ed Goldstein.

Ed Goldstein

Partner, CIO of Coller Credit Secondaries
Press contact
Edelman Smithfield

coller@edelmansmithfield.com+44 (0)7980 684 247

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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 X, LinkedIn 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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