Lighthouse Canton has launched the SEBI-registered LC Luminere Credit Fund, a Category II AIF aimed at funding India’s fast-growing private credit market. The ₹1,200 crore vehicle, with a six-year tenure and average deal duration of about three years, will make structured senior secured credit investments in mid-to-large corporates. The fund seeks stable periodic cash yield and “high teen” risk-adjusted returns, deploying capital across growth, acquisitions, sponsor-backed refinancing and cross-border opportunities. It has already warehoused its first investment and says a near-term pipeline is ready.
Goldman Sachs BDC said its private credit fund’s net asset value per share fell to $12.17 at March-end, down about 3.7% from the prior quarter. The drop followed higher unrealized losses and portfolio mark-downs, with non-accruals rising to 4.7% of amortized-cost loans from 2.8%. The firm argued the moves largely reflect wider market credit spreads, not broad credit deterioration. It also reported $46.5 million in new commitments, $82.8 million in repayments, a 32-cent dividend, and a $75 million buyback plan.
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Blackstone and BlackRock both reported lower values for their private credit funds in the first quarter, driven by markdowns on loans extended to struggling companies. The biggest pressure came from the software sector, where investors increasingly worry that AI is reshaping—or damaging—traditional business models. The update signals tightening credit conditions for riskier private lending.
Short selling against US life insurance companies is rising sharply, driven by investor fears that insurers’ growing exposure to private credit carries hidden risks. Over the past decade, insurers have doubled their private credit holdings, a less transparent lending market where stress can surface abruptly. The result: more aggressive bearish positions as confidence in underwriting and credit resilience gets tested.
As the Trump administration and the SEC push to broaden access to markets, US investors could soon get more products tied to private credit and crypto. Some investment advisors say the move may increase complexity and shift the burden of risk management onto individuals, raising concerns about whether retail investors can adequately protect themselves as these assets go mainstream.
InCred Alternatives has closed its inaugural special situations credit fund at Rs 1,500 crore, drawing a diverse investor base. The close lifts its private credit assets under management to over Rs 4,000 crore, with the fund already 75% deployed. It plans to back established companies in sectors such as auto and power, aiming to ride India’s expanding private credit market.
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JPMorgan CEO Jamie Dimon says losses in the $1.8 trillion private credit market may be “higher than expected.” But the warning isn’t new: the Fed, IMF, Financial Stability Board, and other regulators have been assembling evidence for over a year. The report connects the risk from loan origination through private credit vehicles to where a wider shock could emerge.
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