Private Credit Investors Hit a Roadblock With Hot New Asset Class

 PE-style “whitelists” hamper efforts to expand the secondary market for fund stakes, as regulators raise liquidity concerns about private capital. 

Attempts by some of private credit’s biggest names to develop a hot new corner of the $1.6 trillion market have hit a roadblock: their peers.

Buyers including Apollo Global Management, Ares Management and Tikehau Capital have raised billions to spend on so-called “secondary” deals, when an investor in a private credit fund decides to sell their stake early. But in some cases they’re being excluded from lists of approved acquirers by the firms who run the funds, according to people with knowledge of the matter.

https://www.bloomberg.com/news/articles/2023-11-06/private-credit-apollo-ares-tikehau-facing-limits-on-who-they-can-buy-from