Solitaire Insights
 

Jefferies has executed its first private credit deal in Saudi Arabia, leading a $125 million asset-backed facility for Erad alongside Channel Capital. Key numbers: • $125 million facility to expand SME lending • $250 billion SME financing gap across the Gulf • $2.4 billion asset-backed facility raised by Tamara two months earlier, backed by Goldman Sachs and Citigroup • $33 million prior debt round raised by Erad earlier this year • Private credit was almost non-existent in S

The latest data offers a clear message for credit investors: No systemic stress, but higher scrutiny ahead. 1. Recent defaults were not systemic According to the report, the September blowups in large borrowers were isolated to issuer-specific issues and the auto sector, not weaknesses in the broader private credit or leveraged loan market. This reinforces what lenders on the ground already see: fundamentals remain intact. 2. Spreads have compressed With tighter spreads, inve

Steve Cohen’s $41.5B hedge fund, Point72 Asset Management, is expanding into private credit with a $1B evergreen vehicle led by Todd Hirsch, formerly of Blackstone. The fund aligns with Point72’s long-term, diversified capital strategy, with Cohen himself investing alongside external LPs. This move reflects a broader evolution in the alternatives landscape. Major hedge funds like Millennium and Jain Global are deepening their exposure to private markets, eroding the tradition

Apollo now manages $690B in credit vs $150B in equity. Blackstone, KKR, Ares, same story. Credit scales faster, offers yield, and fills the gap left by banks retreating under regulation. With insurance capital fueling long-duration mandates, these firms can underwrite 8-12% private loans at scale, often to the same companies they once sought to buy. They’re now showing up in Series B/C rounds, competing directly with VCs. Founders prefer structured credit to avoid dilution; L

India absorbed $9.2 billion in Private Credit last year, a +7% from 2023 (EY). Singapore's Sovereign PC Growth Fund handed Apollo $1B to target local high-growth businesses. Emerging markets account for 65% of global GDP, but only 3% of the industry.