Private Credit’s Winners Are Becoming Clearer: Credit Weekly

A chasm is forming between the haves and have-nots in the rapidly expanding private credit asset class.

Intermediate Capital Group Plc this week wrapped up a €15.2 billion ($16.8 billion) European direct-lending fund raise, the largest pool of capital of its kind ever secured in the region. It follows July’s record-breaking haul of $34 billion, including leverage, by Ares Management Corp. for a similar US strategy.

Meanwhile, firms such as Fidelity International and Boca Raton-headquartered Polen Capital have halted their early European direct lending activities this year after struggling to get them off the ground. The contrasting fortunes are a ...