Emerging Private Credit Managers 2025: Where are They Now?

New credit fund managers raise $12 billion

A group of hotly-tipped new private credit managers has raised almost $12 billion in capital commitments in aggregate, defying a firm investor preference for long-established managers.

Fund managers on our 2025 list of “emerging managers to watch” have collectively raised at least $11.8 billion to date across separately managed accounts (SMAs), commingled funds, and joint ventures.

Of our most hotly-tipped launches earlier this year, two – Corinthia Global Management and Lane42 – have accounted for the bulk of new capital, pulling in around $7 billion between them.

However, four others – HMC Capital, Canal Road Group, D2 Asset Management, and Indago – are understood to have hit $1 billion in commitments, while Point72 is the only manager yet to launch a dedicated private credit fund so far.

The figures come despite our recent fundraising analysis revealing a strong investor preference for long-established private credit managers.

Fund managers established before the 2008 financial crisis have dominated fundraising totals in recent years, accounting for over 75% of capital raised in each of 2023, 2024, and H1 2025.

However, there is still capital available for emerging managers with strong pedigrees and track records, and while overall fund launches are slightly down on 2024’s figures, this year has still seen a steady flow of first-time entrants.

According to our most recent Funds in Development report, 62 funds from first-time managers came to market in the first nine months of 2025, accounting for 26% of new launches this year – roughly in line with 2024’s proportion of 27% of new launches.

Managers to watch: Where are they now?

Manager	Founder(s)/Key figure(s)	Status	Raised	Notes
Corinthia Global Management	Paul Weightman	Fundraising	$5bn	$5bn committed in SMAs. Raising two commingled funds and preparing evergreen, BDC, CLO launches in 2026.
Lane42 Investment Management	Scott Graves	Fundraising	$2bn	$2bn seed deal from Millennium. Raising debut commingled fund.
D2 Asset Management	Ben and Luke Doramus	Fundraising	$1bn	$1bn seed deal from Koch Real Estate Investments. Raising debut commingled fund.
HMC Capital	Matt Lancaster, Adam Roberts-Thomson, Dane Weiss	Fundraising	A$2bn ($1.3bn)	A$5bn AuM target. Launching commingled fund in 2026.
Point72	Todd Hirsch	Hiring	–	Three hires to private capital team in 2025; yet to make final decision on dedicated fund.
Square Nine Capital	Nicole Musicco, Peter Ma	Fundraising	–	Targeting up to $1bn for debut fund.
Canal Road Group	Don Young, Mike Damaso	Fundraising	$1.5bn	Preparing to launch new strategy in 2026.
Indago Capital	Akhil Mago	Fundraising	$1bn	$1bn in commitments including $100m seed investment in debut commingled ABF fund.
Kimmik Capital	Julien Farre	Fundraising	–	Targeting £300-500m ($400-665m) for debut fund.
Kinnerton Hill	Jacob Ucar	Fundraising	–	Anchored by large European family office. Seeking $500-750m for debut fund.

Corinthia Global Management | Paul Weightman | London | Direct lending

Nomura-backed Corinthia Global Management made headlines last year when it raided Barings to launch its direct lending platform.

The manager has since upped its headcount to 50 members across six offices. Recent hires to its Chicago office include Paul Armsby and Eric Barton as managing directors, while in New York, the firm recently added capital formation specialist Caroline Buhr as a director.

The firm had secured around $5 billion in initial commitments earlier this year – primarily in the form of SMAs – and is now marketing two debut commingled funds, which will invest in the US and Europe, respectively. The two funds are expected to hold their first closes in the next three to four months.

In addition, Corinthia is exploring the launch of a semi-liquid evergreen fund next year, as well as a potential expansion into structured credit. Most recently, we reported that the firm is also mulling the launch of a business development company (BDC) in 2026.

Lane42 Investment Partners | Scott Graves | Los Angeles | Opportunistic credit

Millennium-backed Lane42 has been adding to its investment team since launching in March.

The Santa Monica manager has added 20 professionals and eight partners, each with backgrounds in investment management and credit opportunities. Lane42’s new additions come from the likes of Ares, Oaktree, Apollo, Citadel, Elliot, Oakhill, and Centerbridge, among others.

Lane42 is also preparing to launch its debut fund, Lane42 Capital Opportunities Fund, which was registered in Delaware over the summer.

D2 Asset Management | Ben Doramus, Luke Doramus | Dallas | Asset-based finance

Dallas’ D2 Asset Management launched last year from brothers Ben and Luke Doramus, securing $1 billion from Koch Real Estate Investments.

The manager has since been steadily building out its team, hiring a trio of real estate lending pros, while it fundraises for its D2 Strategic Opportunities Fund I, which targets hybrid and special situation investments across asset-based lending, real assets, and structured credit.

HMC Capital | Matt Lancaster, Adam Roberts-Thomson, Dane Weiss | Sydney | Corporate credit, asset-based finance

Corporate credit, asset-based finance Sydney-based HMC Capital has been steadily building toward its five-year target of A$5 billion AuM, eclipsing A$2 billion so far while it expands both its headcount and reach in the region.

The manager named a new head of credit Michael Golninelli, who joined after over a decade with Australia and New Zealand Banking Group (ANZ), most recently serving as head of lending services property.

HMC also added new offices in Perth and the Gold Coast, joining existing ventures in Melbourne, Sydney, and Brisbane.

In 2026, HMC will be entering the market with HMC Diversified Credit Fund, which is targeting A$300 to A$500 million and will focus on middle-market real estate credit opportunities.

Point72 | Todd Hirsch | New York | Asset-based finance

Point72 Asset Management hired Blackstone’s Todd Hirsch in January as head of private capital, tasked with building out a team focusing on asset-based lending, specialty finance, structured credit, and direct lending.

While the $39.9 billion firm is yet to launch a dedicated fund, it has steadily built out its private credit team this year, adding Linden Partners’ co-head of structured capital, Alex Greeley, as a partner in April, as well as principals Jay Ditmarsch and Rudder Zhang, from Carlyle and Brookfield, respectively.

Square Nine Capital | Nicole Musicco, Peter Ma | Toronto | Opportunistic credit

Ex-CalPERS CIO Nicole Musicco teamed up with Morgan Stanley’s Peter Ma to launch private credit venture Square Nine Capital earlier this year. The duo have since tapped Colbeck Capital’s Greg Shamo as COO.

Square Nine’s debut vehicle, Square Nine Specialty Credit Fund I, is targeting up to $1bn for opportunistic middle-market lending and is expected to hold a first close in the coming weeks, ahead of a final close next year.

Canal Road Group | Don Young, Mike Damaso | Miami | Direct lending

Canal Road Group has reached $1.5 billion in total AuM since launching last year, thanks to inflows as well as two strategic partnerships.

In January 2025, BMO and Canal Road announced a strategic partnership, providing the later with $1 billion in capital for its direct lending strategy.

Canal Road is also listed on the Corient private wealth platform, unlocking subscriptions from HNW investors in Canada and the US, and is gearing up to launch its third strategy which is a combination of its direct lending and CLO strategies.

Indago Capital | Akhil Mago | New York | Asset-based finance

Akhil Mago, the former head of structured credit at Sculptor Capital Management, launched Indago Capital last year to invest in asset-based finance, structured credit, and regulatory capital relief trades.

Mago has brought in former Sculptor colleague Daniel Ruppert to work on the new launch, as well as Hayfin Capital Management managing director Chen Chen.

Indago has reportedly secured over $1 billion in allocator commitments so far, including a $100 million anchor investment for its debut closed-end fund, Indago Asset-Based Opportunities 1, which is seeking $500 million.

Kimmik Capital | Julien Farre | London | Opportunistic credit

London-based Kimmik Capital has continued to expand its headcount, onboarding Goldman Sachs veteran Karen Ives as its chief operations officer.

Ives spent over 20 years with Goldman Sachs and joins as the opportunistic credit manager readies its Q4 planned launch.

Kimmik also appointed Credit Suisse veteran Sheenal Thaker as a partner in September.

Founded in May 2024 by former Angelo Gordon pro Julien Farre, Kimmik is looking to raise between £300–£500 million ($400–$665 million) for an evergreen strategy focused on liquid and illiquid credit.

Also on the senior team is general counsel Justin Conway and partner Andrew Rowland.

Kinnerton Hill | Jacob Ucar | London | Special situations

Jacob Ucar’s Kinnerton Hill Capital has secured an anchor investment from a large European family office.

Its debut fund is in the early stages of fundraising and could be one of the largest first-time European private credit vehicles if it reaches its target of $500 -$750 million.

Its strategy invests across the capital structure in mid-market companies in Western Europe.

Ucar’s team has expanded significantly in the last year, onboarding former Park Square head of investor relations, Piers Dennison, and Blue Crescent Capital’s Cyrus Imregun.

Methodology: Fund managers must have launched in 2024, established a new private credit business in 2024, or made a significant push to expand into private credit during 2024.