BitMine raises $250M to implement an Ethereum treasury strategy, potentially becoming one of the largest publicly traded ETH holders.

Private credit faces mounting challenges as the $1.7T market confronts transparency demands, liquidity pressures, and fee scrutiny. Key developments include Octagon's $33B direct lending push, BlackRock's 401(k) expansion, and PGIM's $1T merger. Industry veterans warn of market recalibration as PE distributions hit crisis lows while semi-liquid funds surge to $344B, signaling sector maturation amid growing retail access and regulatory evolution.RetryClaude can make mistakes.

According to Morningstar's "The State of Semiliquid Funds 2025" report, assets in semiliquid funds surged 60% to $344 billion by end-2024, with credit overtaking real estate as the largest asset class at $188 billion. Interval funds are experiencing record launches, with 19 new funds through May 2025 already approaching 2024's record of 27 launches.

According to S&P Global's recent Future of Capital Markets report, private credit markets are fundamentally reshaping capital markets through customized financing solutions, while tokenization and AI agents promise to revolutionize asset management and trading infrastructure. The convergence of these technologies could transform how capital flows and enable unprecedented scale in fragmented markets.

Lawrence Golub, CEO of Golub Capital and four-time consecutive Lender of the Year winner, warns that manager selection and long-term thinking will separate successful investors from those caught unprepared when the inevitable downturn arrives.

Private credit faces adjustment period as spread compression challenges returns despite ongoing capital inflows.

AIP Capital and Monroe Capital form $1 billion venture to acquire mid-life aircraft on long-term lease to airlines globally.

Trinity Capital prices $125M in 6.75% notes due 2030, plans to use proceeds to pay down existing debt under KeyBank Credit Facility.

Siepe expands with new Houston office, investing in talent and customer experience to support private credit and CLO managers.

Natixis CIB leads $918.9M credit facilities for Clearway Energy Group, supporting renewable energy project development.

Treeview Capital unveils online platform offering access to private equity, credit, and infrastructure investments with low fees and minimums.

Phoenix Aviation Capital, managed by AIP Capital, closes $550M senior unsecured notes offering, expanding capital base and liquidity.

Lafayette Square provides debt financing to Genuine Foods, a foodservice management company serving K-12 schools and higher education institutions.

GoDocs and AVANA CUSO partner to streamline loan processes, reducing legal fees by 75% and improving operational efficiency.

Momentum Financial Services Group renews and expands loan facility with Ares Management to C$657.9 million, supporting growth and liquidity.

Republic Business Credit provides $3M factoring facility to support staffing firm's expansion in IT and light industrial sectors.

Pasadena Private Lending reaches $300M loan milestone, showcasing commitment to entrepreneurial growth and long-term partnerships.

Private credit markets flash warning signs with dangerous overheating in core segments as lenders abandon due diligence, while massive growth opportunities emerge across asset-based finance, Japanese markets, and wealth democratization. Major fundraising continues with ICG targeting €10B and strategic shifts toward AI integration in PE. Industry faces tension between record expansion and quality concerns.

Private credit markets are experiencing dangerous overheating in certain segments, with some lenders abandoning basic due diligence and offering borrower-friendly terms that strip away creditor protections, creating conditions ripe for significant losses when economic cycles turn. Michael Gatto, partner and head of private side businesses at Silver Point Capital, delivered this sobering assessment during an interview on Bloomberg's The Credit Edge podcast.

The private credit industry faces a fundamental transformation as traditional corporate lending becomes saturated while a massive opportunity emerges in asset-based finance that could dwarf existing markets.