Apollo Global Management Inc. eclipsed $1 trillion of assets under management on record first-quarter inflows and reported earnings that beat Wall Street estimates.

Months before Jamie Dimon’s infamous remark about more than one “cockroach” lurking in credit markets, TCW Group Inc. Chief Executive Officer Katie Koch warned the direct lending industry was due for a reckoning.

Ares Management Corp., facing a slump in dealmaking while navigating broader market turmoil, reported first-quarter earnings that missed Wall Street estimates even as wealthy clients helped fuel a record $30 billion of fundraising during the period.

A group including Ares Management Corp. provided around $800 million in a private credit deal to finance Apollo Global Management Inc.’s investment in the GoodLife Group, which operates health clubs in Canada, according to people familiar with the matter.

Ares Management Corp. wrote down the value of loans to three Clearlake Capital Group-owned software businesses, as it warns of difficult conversations ahead with companies vulnerable to disruption from artificial intelligence.

Private capital heavyweights including Apollo Global Management, Ares Management Corp. and Sixth Street Partners are in early discussions to help fund the National Basketball Association’s expansion into Europe, people with knowledge of the matter said.

SaaSpocalypse. Credit defaults. The war in Iran. A lot of worries are hitting the $1.8 trillion private credit market at the same time, setting off a scramble by some investors to withdraw money from the industry’s giants. In recent weeks, funds managed by firms such as Apollo Global Management Inc., BlackRock Inc. and Ares Management Corp. have faced unprecedented requests for redemptions — and, in many cases, have exercised their right to block investors from getting all their money out.

Ares Management Corp. is planning a significantly smaller flagship US direct lending fund than its previous record-breaking vehicle of $33.6 billion to speed up the deployment of capital amid broader dislocations in private markets.

Apollo Global Management Inc. President Jim Zelter launched a full throated defense of private credit, downplaying investor concerns and describing recent developments in the asset class as mere “growing pains.”

Wall Street’s biggest private credit houses — including Blackstone Inc. and Ares Management Corp. — are facing pointed questions from the Democratic faction of the House Financial Services Committee, prying into how the firms and their investment funds are marketing, valuing and handling the asset class.

SaaSpocalypse. Credit defaults. The war in Iran. A lot of worries are hitting the $1.8 trillion private credit market at the same time, setting off a scramble by some investors to withdraw money from the industry’s giants. In recent weeks, funds managed by firms such as Apollo Global Management Inc., BlackRock Inc. and Ares Management Corp. have faced unprecedented requests for redemptions — and, in many cases, have exercised their right to block investors from getting all their money out.

Oaktree Capital Management is meeting all redemption requests it received for a $7.7 billion private credit fund aimed at retail investors, siding with managers that have decided against enforcing a cap on withdrawals.

Wall Street trade groups lined up behind Apollo Global Management and other firms seeking dismissal of a lawsuit by Optimum Communications Inc. accusing lenders of forming an “illegal cartel” to freeze the telecom company out of the US credit market.

A private credit fund managed by Ares Management posted its steepest monthly loss on record in February, providing further evidence of deteriorating performance in the $1.8 trillion private credit market. Bloomberg's Sinead Cruise has more. (Source: Bloomberg)

Blackstone Inc. and Apollo Global Management Inc. brushed off mounting concerns about the $1.8 trillion private credit industry, saying the perceived risks don’t reflect what they’re seeing on the ground.

A private credit fund managed by Ares Management Corp. posted its steepest monthly loss on record in February, providing further evidence of deteriorating performance in the $1.8 trillion private credit market.

Two of the biggest names in private credit, Ares Management Corp. and Apollo Global Management Inc., blocked investors from getting even half of the money they wanted out of their funds, a sign of mounting strain in the $1.8 trillion market. The $10.7 billion Ares Strategic Income Fund limited withdrawals to 5% of shares after clients sought to redeem 11.6%, according to a letter to shareholders Tuesday. That followed the $15.1 billion business development company, Apollo Debt Solutions, which said Monday it was imposing the same cap after requests to pull 11.2%. Bloomberg's Paul Gulberg joins to discuss. (Source: Bloomberg)

Shares of alternative asset managers declined after Ares Management Corp. and Apollo Global Management Inc. became the latest firms to curb withdrawals from some of their funds.

Two of the biggest names in private credit, Ares Management Corp. and Apollo Global Management Inc., blocked investors from getting even half of the money they wanted out of their funds, a sign of mounting strain in the $1.8 trillion market.

The recent selloff in firms tied to the private credit industry threw Ares Management Corp. “out with the bathwater,” according to BofA Securities Inc.