Key Takeaways
- • PIMCO bought all $400 million of bonds sold by private credit firm Blue Owl Capital in the week before April 21, 2026, according to Reuters, becoming a talking point in debt markets.
- • Private credit BDC funds drew $868 million in the first quarter of 2026 across 22 funds, the largest quarterly total on record, per LSEG Lipper.
- • The State Street IG Public & Private Credit ETF led inflows with roughly $700 million, while the VanEck Alternative Asset Manager ETF (GPZ) took in $110.06 million with $214.8 million in AUM and no outflows over three months.
- • Golub Capital launched a direct lending fund that raised approximately $320 million from 14 institutional investors, despite its exposure to software services that investors worry about.
- • Goldman Sachs Private Credit Corp. priced $750 million of 6.15% fixed-rate notes due 2031 to repay revolving credit facilities and diversify funding.
Summary
Big fund managers and investors are continuing to direct capital into private credit fund managers and business development companies (BDCs), even as these vehicles face redemption pressure and scrutiny over the opacity of their portfolios, according to Reuters.
PIMCO became a focal point in debt markets last week when it purchased the entire $400 million of bonds sold by Blue Owl Capital, a private credit firm. Other fundraising has come through collateralized loan obligations, share placements and bond issues.
Golub Capital, which has significant exposure to the software services sector that investors have grown concerned about, launched a direct lending fund that raised approximately $320 million from 14 institutional investors. Goldman Sachs Private Credit Corp. separately priced $750 million in 6.15% fixed-rate notes due 2031 to pay down revolving credit facilities and diversify its funding base.
Exchange-traded funds investing in private credit and BDCs have drawn record inflows despite growing concerns about redemption pressures and valuation risk. According to LSEG Lipper, 22 BDC funds received $868 million in the first quarter, the largest quarterly figure on record. The State Street IG Public & Private Credit ETF accounted for about $700 million of those flows. Brandon Rakszawski, head of product development at VanEck, said the firm's flows did not reflect the negative headlines, and that investors appear to view the sector's pullback as an opportunity to invest at a discount to recent prices. The VanEck Alternative Asset Manager ETF (GPZ), which holds alternative asset managers including Blackstone, KKR, Apollo Global Management and Ares Management, had $214.8 million in AUM, no outflows over the past three months and $110.06 million in inflows.
Smaller vehicles also reported fundraising. StepStone's private credit fund raised $88.7 million in March and holds $3.19 billion in investments against $1.24 billion in debt. BlackRock Private Credit Fund raised about $38 million in new institutional capital in early March 2026, and Point Credit Income Fund raised roughly $11.85 million in April.
PIMCO became a focal point in debt markets last week when it purchased the entire $400 million of bonds sold by Blue Owl Capital, a private credit firm. Other fundraising has come through collateralized loan obligations, share placements and bond issues.
Golub Capital, which has significant exposure to the software services sector that investors have grown concerned about, launched a direct lending fund that raised approximately $320 million from 14 institutional investors. Goldman Sachs Private Credit Corp. separately priced $750 million in 6.15% fixed-rate notes due 2031 to pay down revolving credit facilities and diversify its funding base.
Exchange-traded funds investing in private credit and BDCs have drawn record inflows despite growing concerns about redemption pressures and valuation risk. According to LSEG Lipper, 22 BDC funds received $868 million in the first quarter, the largest quarterly figure on record. The State Street IG Public & Private Credit ETF accounted for about $700 million of those flows. Brandon Rakszawski, head of product development at VanEck, said the firm's flows did not reflect the negative headlines, and that investors appear to view the sector's pullback as an opportunity to invest at a discount to recent prices. The VanEck Alternative Asset Manager ETF (GPZ), which holds alternative asset managers including Blackstone, KKR, Apollo Global Management and Ares Management, had $214.8 million in AUM, no outflows over the past three months and $110.06 million in inflows.
Smaller vehicles also reported fundraising. StepStone's private credit fund raised $88.7 million in March and holds $3.19 billion in investments against $1.24 billion in debt. BlackRock Private Credit Fund raised about $38 million in new institutional capital in early March 2026, and Point Credit Income Fund raised roughly $11.85 million in April.
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