美国私人信贷与中间市场周报

USPrivate Credit andMiddle Market Back at it The private credit market kicked off 2026 with eyes on broadlysyndicated loan issuers that may look just as good in the privatecredit market. This week, asset managerRussell Investments, aBSL issuer, obtained a $1.225 billion credit facility to refinanceits term loan. Funds affiliated with Apollo’s hybrid and credit — Commentary, page 3 Direct lending transaction volume declined 11% in 2025year-over-year, to $247 billion, according to PitchBook LCD’sDecember US Private Credit Monitor. The total direct lendingvolume in 2025 was also spread across fewer deals: LCD tracked —Market feature, page 6 Back at it The private credit market kicked off 2026 with eyes on broadlysyndicated loan issuers that may look just as good in the private Asset managerRussell Investments, a BSL issuer, obtained a$1.225 billion credit facility to refinance its term loan. Fundsaffiliated with Apollo’s hybrid and credit strategies provided thefinancing. The company said it would use the proceeds to fully Funds affiliated with Apollo Global Management led the investorgroup. The new convertible preferred stock is perpetual and will paya preferred dividend rate of 4.75% per annum. Investors committed Direct lenders are set to win another takeout via the fintechsoftware providerClearwater Analytics(NYSE: CWAN), the targetof an $8.4 billion take-private buyout by an investor group led byPermira Advisers and Warburg Pincus. Goldman Sachs AssetManagement and GLQ II Credit Investments LLC will provide thefinancing. Temasek Holdings is participating in the transaction.Francisco Partners is also supporting the investor group. In fundraising news, Monroe Capital held the final close on its2025 Monroe Capital Private Credit Fund V with $6.1 billion incapital, inclusive of leverage. The firm described the fund as itslargest to date. The total includes $2.8 billion of LP commitments, Deerpath Capital Management closed on its seventh flagship directlending fund with about $3.5 billion of total investable capital,inclusive of leverage. The vehicle, named Deerpath Fund VII, Another loan appears set to leave private credit, however.Morgan Stanley has committed to provide a $3.65 billion, 364-day senior secured bridge loan facility to supportBioMarinPharmaceutical’sacquisition ofAmicus Therapeutics(Nasdaq:FOLD), a biotechnology company and private credit issuer. Thecompany said permanent financing will include “one or more bankfinancing or capital markets transactions” with “a meaningful Private credit lenders continue to deploy capital into the asset-backed loan market. Ares Alternative Credit funds have reachedan agreement to establish a joint venture with Goal InvestmentManagement to acquire a portfolio of consumer loans. The Another billion-dollar financing took the form of preferred equity.Building products companyQXO(NYSE: QXO) received a committed Also, Blackstone unveiled an aircraftengine leasing partnership with WillisLease Finance Corporation (Nasdaq:WLFC), with plans to deploy more than $1billion to acquire both engines and selectaircraft. The partnership was made through Housing insurance claim servicerCRS Icelandic biotechnology companyAlvotech has obtained financing for a buyout byRidgemont Equity Partners. AntaresCapital, Apogem Capital, Crescent DirectLending, Churchill Asset Management andManulife Investment Management providedthe financing. Prior to the acquisition, CRSwas backed by Reverence Capital Partners. (Nasdaq: ALVO) obtained a $100 millionsenior credit facility to refinance debt andboost liquidity ahead of strategic initiatives.GoldenTree Asset Management led thefinancing, having previously led a $1.1billion senior term loan for the borrower. In people moves, Blue Owl has added JoeMattina and Al Diaz to its direct lendingorigination team to support the team’scontinued growth, according to marketsources. Mattina was formerly a partnerand head of origination at Penfund, and Healthcare benefits consultancyThe PhiaGroupobtained a senior facility to supportInTandem Capital Partners’ investment inthe company. Monroe Capital was joint Kids’ apparel retailerThe Children’s Place (Nasdaq: PLCE) has obtained a $100million term loan to partially pay down anasset-backed credit facility agented byWells Fargo. SLR Credit Solutions providedthe term loan. Pricing is S+525 until June16, 2026, then S+525-625 tied to thecompany’s fixed-charge coverage ratio. Medical technology companyTreaceMedical Concepts(Nasdaq: TMCI) hasobtained a $175 million credit facility toprepay outstanding private credit loans.Gemino Healthcare Finance, an affiliateof SLR Capital Partners, provided thefinancing, which includes a term loan and Club Scene Automotive and industrial manufacturer Voltava, formerly Detroit ManufacturingSystems LLC, has received a $160 millionterm loan and a $450 million asset-backedloan to support add-on acquisitions.Ansley Park, an affiliate of Ares, servedas lead agent