The Unicrunch is our US private credit newsletter, in which we break down everything from unitranches to ABL lending. Find out more about 9fin for private credit here.

Greasing the fundraising wheels

May flowers certainly followed April showers this year. For, while the opening quarter showed fundraising was in the doldrums for private credit, Goldman Sachs, HPS, and this week Ares have reported huge fundraises that show the private credit has sprung back into action. Many of us now are feeling that private credit heatwave.

Global private credit fundraising, this year, has been tepid at best. Per Preqin, direct lending funds worldwide raised $33.1bn from the beginning of January to the end of May — less than a third of the sum raised in the first half of 2023.