Benchmark prior transactions, bonds, loans or company profiles using over 300 credit metrics.

Comparables

AI transcripts & instant analysis, making earnings season easier than ever.

Earnings

A full suite of ESG data and analysis. Built for your workflow

Spot undervalued credits and potential future restructurings with our purpose-built tools.

Distressed and Restructuring

Full Financial profiles with 3 statements, KPIs, segment splits & credit metrics. All traced to source documents.

Financials

New deal analysis and covenant comparison tools, understand key risks in seconds not days.

Covenants

Say goodbye to CTRL + F with our powerful search. Thousands of documents text searchable for any keyword or phrase.

Search

We've successfully predicted more than 65 price sensitive events - before they happened.

Deal predictions

We use AI to aggregate newsflow from 2,000 sources, and deliver it to your inbox quicker than anyone else.

News

Track high yield deals from issuance through to maturity, with integrated legal, credit and ESG analysis.

High Yield Bonds

Shine a light on private markets with 9fin's news and legal analysis of syndicated loans

Leveraged Loans

21st century tech and expert analysis to help CLO teams make informed decisions faster.

Structured Credit 

Find information others can't see in one of the fastest growing corners of finance

Private Credit 

Synne Johnsson

As Spain has spent the week celebrating its fourth European Championship trophy, England once again has had to face the harsh reality that it’s not 'coming home'.

Despite a staggering number of attempts, England is yet to win the European Championship. Which makes for a stark contrast with Spain, which on Sunday (14 July) became the tournament's most successful team. Bifurcation clearly is everywhere…

9fin's private credit half-year report is coming out next week, where we got an early peek on data from Preqin, underlining the bifurcation in the private credit fundraising market. Although LPs are still allocating to private credit in droves, more money is going to fewer elite-level funds.

In a H1 of two halves, $44.5bn of the $60.9bn raised so far in 2024 was raised in the second quarter of the year, Preqin data showed.

The headline 2024 fundraising figures are below previous record levels, but the Preqin data proves what we already know too well: the largest private credit managers are grabbing more market share.

In H1 2024, Preqin tracked 36 fund-raises, reaching a record average size of $1.7bn. In comparison, in 2023, 186 funds raised $111.9bn with an average size of $601m; in 2022, 295 funds raised $130.6bn with an average size of $443m; and in 2021 172 funds raised $142bn with an average size of $826m.

"There has been a ‘flight to quality’ to larger and more established GPs, as many LPs are concerned about committing capital to GPs that are less proven,” Rush Harvey, director, private capital advisory at Raymond James, told 9fin in June.

HPS is among the beneficiaries of this movement. In June it raised $21bn for its sixth specialty loan fund — one of the largest funds ever raised in private credit. The same month, Ares raised close to $20bn for its third direct lending fund, while Goldman Sachs raised around $20bn for its direct lending strategy, it announced in May.

But there have also been some casualties in 2024. In the first half of the year the likes of Fidelity and Polen Street have exited private credit due to unsuccessful fundraises.

Although there is an undeniable focus on established players among LPs, some people believe an opportunity may rise from the ashes of struggling smaller funds: “The big guys are taking all the money which is frustrating for us. However it is also creating a bit of a void in the lower mid-market, which you can benefit from if you’re differentiating yourself and succeeding in your niche,” a lower mid-market specialist said. “You could definitely take advantage of lower mid-market funds struggling to fundraise and going under.”

This has been a week for partnerships as we saw Oak Hill and OneIM announcing the launch of a $5bn private credit partnership. The joint venture will invest in upper mid-market and large European companies, providing loans including first-lien and unitranches, according to a Bloomberg report.

In addition, Lloyds announced it is partnering with Oaktree Capital Management's European direct lending platform to provide a “one-stop senior debt solution” for mid-market buyouts in the UK. The partnership can provide £175m debt tickets per transaction. The partnership will reduce transaction complexity by removing the need for multiple funding parties in each deal, Lloyds said in a statement.

Lloyds is the latest of a number of banks aiming to surf the private credit wave, as the post-GFC rise of the unitranche has created stern competition for bank clubs in the mid-market. So, if you can’t beat them, why not join them?

In April, Barclays teamed up with AGL Credit Management to get in on the private credit action in the US, while SMBC has partnered with Park Square since 2017. Other banks such as HSBC have set up their own direct lending teams.

One might have thought that the market would have started to die down with August right around the corner, but deals are still in full flow.

J.C Flowers' bid for Axel Springer's Finanzen.net is on unstable ground, 9fin reported this week, as the owners of Axel Springer are considering a split of the business. Axel Springer’s chief executive officer Mathias Doepfner and the founder's widow Friede Springer aim to retain the company’s media assets, while private equity firms KKR and CPPIB want to retain its digital classifieds operation.

We have also seen UK engineering firm Keltbray appointing RBC to carve out its infrastructure services arm, marketed off a £20m EBITDA.

Some processes have come to an end, with Tikehau financing Pictet's acquisition of Technology Services Group, and Crescent financing Mayfair Equity Partners’ acquisition of Jersey-based wealth manager VG.

For the full run down on all the in-market deals in our pipeline, please click here or email subscriptions@9fin.com.

🍪 Our Cookies

Taking the Credit — Go big, or go home — with nothing

Read all our public content for free

Recently Published

Cloud 9fin — Distressed Diaries — Fly on the wall to Altice France debt negotiations

9Questions — Thomas Kyriakoudis and Ilina Chen, LGT Capital Partners — taking a multi-strategy approach

Excess Spread — Spot the arb, new generation, picks and shovels

Consumer Cellular lines up dividend recap with private credit

What are you waiting for?