Core Viewpoint - The recent bankruptcies in the private credit sector, particularly the cases of First Brands and a subprime auto lender, raise concerns about the stability of this rapidly growing asset class, which has reached a size of $2 trillion [2][5]. Private Credit Market Concerns - The bankruptcies are seen as potential indicators of broader issues within private credit, which has been characterized by easy borrowing and aggressive financial assumptions [3][4]. - The slowing economy is expected to lead to reduced growth and earnings, increasing the likelihood of financial difficulties for companies reliant on private credit [4][7]. - Experts warn that the private credit market is built on optimism and lacks transparency, which could lead to unforeseen problems [6][8]. Economic Implications - The Federal Reserve's actions, particularly lowering interest rates, may mitigate some of the risks associated with a potential mini-recession, providing some relief to the private credit market [4][7]. - The opacity of lending practices in the private credit sector complicates the assessment of risk, as it is unclear at what multiples companies are borrowing [9][10]. Lending Practices - The lending environment remains robust for certain firms that can dictate terms, with lending occurring at more conservative multiples compared to the broader market [11]. - There is uncertainty regarding the overall health of the private credit market, as the lack of transparency makes it difficult to gauge the extent of potential issues [12].

Core Viewpoint - JPMorgan Chase & Co. is launching an actively managed ETF that will invest in both private and public debt, aiming to attract retail investors to the growing private credit market [2][3]. Group 1: ETF Details - The proposed JPMorgan Total Credit ETF will allocate up to 15% of its portfolio to private credit, adhering to SEC regulations that limit illiquid investments in ETFs [2]. - The ETF aims to generate total returns and income by opportunistically investing across various debt markets [2]. Group 2: Market Context - The private credit industry, valued at $1.7 trillion, is increasingly targeting retail investors as institutional fundraising slows down [3]. - The convergence of the US corporate credit market is noted, with issuers moving fluidly between public bonds and private credit, reflecting growing investor interest in this spectrum [4]. Group 3: JPMorgan's Position - JPMorgan Asset Management manages nearly $200 billion in private securities within its total assets of $4 trillion, indicating a strong position in the market [5]. - The firm will underwrite the ETF's investments in both primary and secondary markets, although specific details like ticker and fees are not yet available [5]. Group 4: Industry Trends - The ETF industry has experienced mixed results, with some funds like State Street Corp.'s SPDR SSGA IG Public & Private Credit ETF facing muted demand since their launch [6].

The insurance industry’s embrace of private credit is an echo of how it used to invest in the early 20th century, says Blackstone’s Phil Sherrill, the company’s head of insurance https://t.co/foGSm1Ae3P ...

Overview - Sei 网络上一切都在加速，包括私人信贷、国债、稳定币和货币市场等 [1] Sei Network Focus - Sei 网络关注金融领域的各种资产，范围广泛 [1] - Sei 网络强调交易速度，适用于各种金融工具 [1]

Moves by private credit giants to muscle into lending to blue-chip firms took center stage at a gathering of executives in Paris this week, given the potential to propel the industry’s future growth https://t.co/qrNTIUgT8g ...

Private Markets - Private credit and equity之间的界限变得模糊 [1] - 基础设施融资的需求正在迅速增长 [1]

Core Viewpoint - Simplify Asset Management has launched the Simplify VettaFi Private Credit Strategy ETF (PCR), focusing on private credit as a significant investment theme for 2025, aiming to provide income and capital appreciation while mitigating associated risks [1][5]. Group 1: ETF Structure and Strategy - PCR tracks the VettaFi Private Credit Index (VPCIX), gaining exposure through Business Development Companies (BDCs) and Closed-End Funds (CEFs) that specialize in private credit, filling a gap for retail investors and advisors [2]. - The ETF incorporates a proprietary hedging strategy to smooth returns, building on Simplify's experience with its High Yield ETF (CDX), aiming to cushion returns during market pullbacks and provide a smoother return profile [4]. Group 2: Market Demand and Accessibility - There is a growing demand for products targeting retail and advisor interest in private credit, with the trend being structural rather than temporary, driven by the need for new sources of return and diversification [3][6]. - PCR is designed to be accessible for advisors and retail investors who have historically lacked efficient access to private credit, while also serving as a capital-efficient placeholder for institutions [6]. Group 3: Competitive Positioning - Despite concerns about PCR's 76 basis points fee, it is competitively priced within the private credit category, particularly due to its use of Total Return Swaps that help avoid additional fund fees [5]. - Simplify, managing over $10 billion in assets across more than 30 ETFs, anticipates that PCR will enhance its offerings in alternative investments, providing a systematic, hedged, and liquid entry into private credit [8].

Tokenization & Private Credit Market - Private credit is a $2 trillion asset class well-positioned to benefit from tokenization [1][2] - Tokenization transforms private credit into a robust onchain asset class, representing 57% of the total RWA market value [1] - Scaling a $2 trillion private credit market onchain requires institutional-grade rails for global-scale settlement [2] Private Credit Characteristics - Private credit includes corporate loans, real estate debt, and consumer credit [1] - Private credit offers returns uncorrelated to public markets and meaningful premiums [1] - Historically, private credit is one of the most opaque, illiquid markets [1] Technology & Speed - Private Credit Moves Faster on Sei [2]

Core Insights - Apollo Global Management (APO) is pursuing growth through an acquisition-driven strategy, focusing on inorganic expansion to enhance its assets under management (AUM) and diversify revenue streams [1][2][24] - The company aims to scale its total AUM to $1.5 trillion by 2029, with significant growth expected in its equity and private lending segments [8][12][13] Inorganic Growth Efforts - Apollo completed the acquisition of Bridge Investment Group Holdings Inc., which adds approximately $50 billion in assets and nearly doubles its real estate AUM to over $110 billion [4][5][11] - The acquisition is expected to enhance Apollo's fee-related earnings and strengthen its offerings for institutional and wealth clients [5][11] Strategic Partnerships - In May 2025, Apollo partnered with JPMorgan Chase and Goldman Sachs to increase liquidity in the private credit market, aiming to originate larger loans more quickly [6] - Strategic alliances with Citigroup and State Street were formed to broaden access to private credit and enhance retail distribution channels [7][10] Revenue Growth and Financial Goals - Apollo has shown strong organic growth, with total GAAP revenues experiencing a three-year CAGR of 63.7% through 2024 [9] - The company expects fee-related earnings to grow at an average annual rate of 20% by 2029, with spread-related earnings projected to grow at 10% [12] Capital Distribution and Shareholder Returns - As of June 30, 2025, Apollo had $2.4 billion in cash and cash equivalents, supporting its capital distribution activities, including a 10.9% increase in its quarterly dividend [14][15] - The company has a share repurchase program authorized for up to $3 billion, with $1.03 billion remaining as of June 30, 2025 [15] Price Performance and Estimates - Over the past year, APO shares have gained 24.1%, outperforming the industry and the S&P 500 Index [16] - The Zacks Consensus Estimate for Apollo's 2025 and 2026 sales indicates year-over-year growth of 18% and 19.4%, respectively [19] Final Thoughts - Apollo's combination of inorganic acquisitions and strong organic growth positions it as a significant player in alternative asset management and private credit [24] - The company's robust liquidity, disciplined capital management, and consistent dividends and share repurchases enhance its attractiveness for long-term investors [25]

income, investor demand and asset management and all of the other roads are kind of converging at a point right now. One place in particular and that's in the boom in interest in places like private credit. It's maybe a coincidence or not a coincidence that you both are here right now today.Vetify and simplify are actually collaborating on a new ETF offering. I was wondering and Paisley, I'll start with you. Yeah.What exactly is this new offering that you're working with Vetify on. I know that it's tackling ...