Private Credit Goldrush to Squeeze Fund Managers: Credit Weekly
- CPPIB and GIC are among three largest lenders in Adevinta debt
- More LPs look to invest directly, fueling deal competition
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The €4.5 billion ($4.9 billion) loan backing Blackstone Inc. and Permira Holdings’ buyout of European online classified company Adevinta ASA this week didn’t just smash records. It also highlighted a new trend that sees institutional investors offer portions of the debt direct to the borrowers.
They’re doing so because pension funds and sovereign wealth funds — among the largest pools of capital on the planet — are increasingly eager to cut out the middle-man when investing in the $1.6 trillion private credit market.