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NVIDIA announces $500 billion vendor financing platform with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR
This would be the largest vendor-financing platform of all time. It allows buyers to access large amounts of finance at subsidized rates.
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BlackRock retail private credit vehicle sells $500 million in exposure to Pantheon
This transaction could stem reputational risk for BlackRock from redemption gating press related to this retail vehicle.
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Blackstone shopping $36 billion deal to finance chips for Anthropic
The deal allows Anthropic to secure AI capacity without needing to borrow on their balance sheet. Blackstone’s underwriting capacity allows them to earn high fees with…
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Two new structures for getting retail money into private credit – Blackstone, Vanguard, and Wellington team up
Three structural innovations – i) funds jointly branded by three top-tier managers, ii) a fund that mixes liquid public securities with illiquid private assets, iii) a…
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Hundreds of billions of dollars of AI-infrastructure debt might need re-analysis after surprise release of open-weights (free-to-use) model Kimi K3
This top-tier model being made freely available to use changes the “stories” we use about how the future will unfold for AI providers
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Aircraft financing market continues to grow as AIP and Monroe launch a securitization program with a $643 million deal
The deal likely allows AIP and Monroe to book larger profits, free up their own capital to grow scale, and by proving their ability to exit…
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Investment banks raise over $30 billion last week – as deregulation gives us bigger banks
Banks lock in over $30 billion in bond sales this week – as deregulation drives growing balance sheets.
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Jumbo private credit deals in India growing – US$1.6 billion deal arranged by Deutsche Bank with investors including Cerberus, Davidson Kempner and Farallon
Deal split between international and local private credit firms. Potentially offers value as margins compress in “easier” jurisdictions
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The Iran war is a wildcard – issuers and investors might want to de-risk
It is difficult to predict the outcome of this complex situation. For credit issuers and investors, this outcome is outside their control and their credit underwriting…
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BBVA closes another €2 billion SRT synthetic securitisation – using this tool at scale to free up capital
This is BBVA’s fourth project finance SRT. SRT transactions are growing rapidly in Europe and becoming a highly effective tool for banks to free up regulatory…
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Private credit
Direct lending, opportunistic credit, asset-based finance, and the capital formation behind them – evergreen vehicles, insurance balance sheets, retail access. We track fundraising and deal flow.