Ares-Arcmont Bury Rivalry in Credit Secondaries Mega Deal

Welcome to Going Private, I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we explore the controversial dividend recap deals lining the pockets of private equity players, the sliding demand for private credit among US corporates and a massive financing opportunity within Apollo’s and Blackstone’s grasp. But first we look at how two erstwhile rivals are teaming up in Europe’s booming credit secondaries market. If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net

There are few rivalries in European direct lending as noted as that between Ares and Arcmont Asset Management. For more than a decade, the two firms have gone toe-to-toe with one another in origination and fundraising. Lately, however, that good-natured competition has taken on a different tone.