AW Manager Scorecard: Alts strategies raise $22bn

Private credit firms saw strong asset growth in May, with a total of 12 new funds launched making up 55% of the $22 billion in assets raised in new funds.

The top four fund closes over the course of the month were from credit shops. The funds were managed by Audax, Valor Equity Partners, Stonepeak Infrastructure and Bellinger Asset Management, Centares Management and Knighthead Capital Management.

Also making headlines again was Oaktree Capital Management, which completed a deal to offer a version of its Global Credit Strategy on Schroders’ UCITS platform.

The largest asset raise in May was Audax Private Debt, which attracted $1.85 billion for its mezzanine fund that saw global interest despite the challenging fundraising environment.

Compared with private equity, private debt/credit raised more capital across the same number of funds. Private equity saw roughly $9 billion in fresh capital roll in over the course of the month.

By comparison to May 2020, the interest in credit — specifically, providing financing to private equity and venture firms to acquire and bridge financing to pre-IPO companies — is a shift following the surge in distressed debt interest as the impact of the pandemic was beginning to be felt across the global economy.

Below are the fund launches/closes, Alternatives Watch covered in May 2021.

Source: Alternatives Watch

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