Private Credit Opportunity - Private credit sees a huge opportunity in infrastructure and digital infrastructure, with potentially high margins and lucrative coupons [1] - The sector is attracting significant attention, with many participants trying to enter the market [1] - UBS expresses concerns about the market becoming overheated and risks emerging due to excessive capital inflow [2] - Despite concerns, the industry remains somewhat skeptical about the long-term impact of potential overblown demand [2] Capital Expenditure and Bond Issuance - Morgan Stanley estimates approximately 3 trillion USD (万亿) in capital expenditure needs for AI over the next three years [3] - This capital expenditure could translate to hundreds of billions USD (千亿) in bond issuance [3] - A significant portion of the issuance is expected to be U S dollar denominated [3] Investment Grade Debt - The majority of the debt issuance is likely to be investment grade [4] - Long maturities of the debt instruments enable companies to achieve investment grade ratings [4] - The presence of underlying assets provides additional security [4][5]

Meta opted for a solution that pairs one of the biggest institutional bond firms with one of the fastest growing players in the private credit world https://t.co/evJ1vScn0r ...

The private credit arm of BC Partners has launched a new fund to succeed its $1.6 billion predecessor created through its partnership with Great Lakes to invest in middle-market deals, the firm said Tuesday https://t.co/h8hS0xET6y ...

The country lags behind when it comes to the use of private credit, which offers more flexible terms than conventional bank lending. There are, however, signs this is changing https://t.co/gN8pxjIBd4 ...

Clime Capital Limited Convertible Notes (CAM Notes) Offer - CAM Notes (ASX code: CAMG) offer a fixed interest return of 6.5% per annum, payable monthly, with a maturity date of 30 November 2028 [11] - The minimum investment is $2,000 (2,000 Notes @ $1.00 each) [11] - CAM Notes are convertible to ordinary CAM shares at $1.00 on a 1:1 basis anytime before maturity [11] - The notes are unsecured and unsubordinated, ranking behind secured creditors and equal with other unsubordinated debt [11] CAM.ASX Strategy - CAM.ASX is a Listed Investment Company equities portfolio focused on generating income above ASX 200 Dividend yield [18] - CAM.ASX leverages up to 40% of portfolio value to generate an interest margin and improve yield [18] - Clime Capital's Gross Asset Value (GAV) is $155 million as of 18 August 2025 [30] - Clime Capital (CAM.ASX) has 149 million shares on issue, with a market capitalization of $105 million and NTA (Net Tangible Assets) per share of $0.82 [30] Private Credit Market - Australia's non-bank lending sector has grown to $310 billion as of April 2025, representing approximately 8% of the total credit market of $3.93 trillion [46] - In January 2017, non-bank lending was $133 billion compared to a total credit market of $2.6 trillion [46] - The portfolio mix for credit investments is approximately 60-90% in private loans and 10-40% in liquid credit/cash [55]

Financial Data and Key Metrics Changes - SWK Holdings reported GAAP pretax net income of $4.6 million or $0.37 per diluted share for Q2 2025, with a net income of $3.5 million after tax expenses [8] - The GAAP book value per share was $20.23, an 11% decrease from $22.72 as of June 30, 2024, but adjusted for the $4 per share dividend, it was $24.46, reflecting a 6.8% year-over-year increase [9] - Non-GAAP adjusted net income for the finance segment was $4.6 million, indicating a stable run rate for the business going forward [5][12] Business Line Data and Key Metrics Changes - The finance receivables segment revenue decreased by $1.2 million year-over-year, primarily due to a $3.4 million decrease in interest and fees from paydowns and the sale of the majority of the royalty portfolio [8] - The pharmaceutical development segment revenue increased by $500,000 year-over-year [8] - Operating expenses for the finance receivables segment decreased significantly from $7.4 million in 2024 to $4.2 million in 2025, largely due to a reduction in provision for credit losses [10] Market Data and Key Metrics Changes - The company has returned $49 million to shareholders through a $4 per share dividend and an additional $3 million through share repurchases [4][5] - The remaining financial assets include $234 million in gross performing first lien term loans with an effective yield of 14.1% [5] Company Strategy and Development Direction - The company is focused on realizing the underlying value of its assets and ensuring shareholder benefits through asset sales and capital returns [4][5] - The management team aims to simplify the business structure and maintain a healthy loan book, indicating a disciplined approach to capital deployment [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the second quarter's results as a reasonable proxy for future earnings power, despite some expected noise in Q3 due to the transition services agreement with Aptar [12] - Concerns regarding regulatory changes, particularly from the FDA, were addressed, with management indicating minimal impact on their portfolio companies [22][23] Other Important Information - The company completed the sale of the majority of its royalty assets and the Mod three subsidiary, which was seen as a successful outcome for shareholders [4][6] - The company has been disciplined in capital deployment, with a focus on existing performing borrowers and cautious about new loans [30][31] Q&A Session Summary Question: What about the costs associated with the Mod three sale? - Management confirmed that all costs associated with Mod three have been transferred to Aptar, with no ongoing costs remaining on their side [15][16] Question: What is the impact of FDA changes on portfolio companies? - Management indicated that there are minimal concerns regarding FDA changes affecting their portfolio, as they do not have companies pending drug approvals [22][23] Question: How does the influx of private credit affect deal flow? - Management acknowledged the increased capital in the market but emphasized a disciplined approach to capital deployment, focusing on core deals and existing borrowers [30][31]

Private credit executives have long said a deal comeback is right around the corner. That hope for a turnaround was quashed in the second quarter as US tariffs and a prolonged deal drought stymied how much capital a key part of the industry put to work https://t.co/8ghxJGH1Rn ...

Financial Transaction - KKR 牵头为 Thoma Bravo 旗下的 Flexera Software 提供约 30 亿美元的私募信贷融资方案 [1] - 该融资旨在为 Flexera Software 的现有银团贷款进行再融资并支付股息 [1] Company Information - Flexera Software 为 Thoma Bravo 旗下公司 [1]

Industry Overview & Trends - The alternatives industry has grown significantly in the last 15-16 years, becoming more institutionalized with professional management and reporting processes [2] - Private credit may see a boom in an economic downturn due to big lenders' hesitancy and favorable terms for lenders [4] - Technology-focused investments are relatively uncorrelated to macro volatility due to secular trends [5] - Access to private equity is expanding from institutional investors to high net worth individuals and potentially 401(k)s [5][6] - Liquidity is a key issue in alternatives, requiring matching investor liquidity horizons with asset durations [6][7] Market Size & Opportunities - US private equity industry is valued at $3-4 trillion, compared to $8-10 trillion in 401(k)s, highlighting the potential of accessing the 401(k) capital pool [6] - Public markets in technology have approximately 700 companies, while the private market target is 20,000 companies, indicating broader opportunities in private markets [9][10] - A significant portion (20-30 trillion) of the public market value is concentrated in a few companies (the magnificent seven), suggesting diversification benefits in private markets [10] Investment Considerations - Alternative investments can be suitable for regular accredited investors depending on their profile and percentage of exposure [8] - Investing in private markets allows access to a broader range of companies compared to public markets [10]

Small pension funds helped finance Germany's biggest property bubble in years. Now many are proving to be losers of the private credit boom https://t.co/yOUcHSrzE6 ...