Crescent Capital BDC, Inc.'s private credit platform has been active with over $6.5 billion of capital committed in 2025, including over $1.7 billion during the fourth quarter. Our existing portfolio remains one of our most active origination channels, with add-ons representing over half of our transactions over the same period. We are also encouraged by the recent increase in transaction activity in Q4 and early 2026. As origination and refinancing volumes normalize, structuring fees and accelerated amorti ...

Core Insights - American International Group, Inc. (AIG) has entered a strategic investment partnership with CVC, focusing on credit-related investments and private equity secondaries [1][4] - AIG plans to allocate nearly $3.5 billion over time through CVC-managed vehicles, with initial allocations starting in 2026 [2] - AIG will contribute approximately $1.5 billion as a cornerstone investor in CVC's private equity secondaries evergreen platform [2] - The partnership aims to enhance portfolio diversification, yield potential, and long-term returns for AIG [6] Investment Strategy - AIG will utilize separately managed accounts (SMAs) to gain exposure to diversified private and liquid credit assets, allocating around $2 billion [3] - The partnership is designed to be scalable and flexible, allowing for growth in allocations as performance and market conditions evolve [3] Market Context - This move reflects a trend among large insurers like AIG, shifting from traditional fixed-income investments to alternative assets for higher, more stable long-term returns [4] - The partnership signals confidence in private credit and secondaries as attractive asset classes in a higher-rate but uncertain economic environment [4] CVC's Position - CVC, with an AUM of €201 billion, benefits from this long-term partnership, enhancing its credibility and position in institutional capital markets [5] - The deal provides CVC with sizable, sticky capital, generating recurring fees and opportunities to scale its investment platforms [5] AIG's Financial Performance - AIG's trailing 12-month return on equity is 9.09%, below the industry average of 15.14% [6] - The Zacks Consensus Estimate for AIG's current-year earnings is $7.02 per share, indicating a 41.8% year-over-year growth, while revenue is estimated at $27.25 billion, signaling a 16.9% decline [7]