While 2025 was another strong year for private credit fundraising, it remains a very tough asset class to break into for first-time managers.
Of the 301 private credit funds which hit the market in 2025, 79 came from first-time entrants to the asset class, according to our data, down about 10% on 2024’s total of 87 new entrants.
Fundraising continues to be dominated by managers with established track records: in 2025, fund managers established before the 2008 financial crisis accounted for 75% of all fundraising, while managers incorporated in the past five years raised just $2.2 billion – less than 1% of the $240 billion raised in private credit.
For direct lending in particular, scale is vital, meaning that getting a new firm off the ground is incredibly challenging.
However, given recent market volatility and the surge in allocator interest in asset-based finance, startup managers running niche strategies are in demand.
Meanwhile, an increasingly crowded US direct lending market is spurring investors to turn to Europe for new opportunities, with European funds raising a record €59 billion ($69 billion) in 2025.
For example, seeding firm Stable Asset Management expects to scale its private markets exposure globally in 2026 and has a keen eye on Europe in particular.
“Europe remains a less efficient market than the US, while Basel IV implementation will continue to drive lending from banks to private credit GPs. Europe also has more specialist GPs that help diversify away from commoditized direct lending and high tech exposures,” says Erik Serrano Bernsten, CEO of Stable.
“All this, coupled with a de-dollarization trend amongst some LPs makes European yields and spreads stand out. We expect to increase our investment into European GPs this year,” he added.
Elsewhere, the blurring of hedge funds and private credit strategies continues, with heavyweight firms including Point72 and Millennium breaking into the asset class.
More recently, we reported on firms such as Greenwulf Asset Management and Stara Capital, both of which run long/short credit strategies but with dedicated private credit sleeves.
ArxNova Asset Management | Luca Lombardi | London | Asset-based finance
Luca Lombardi established ArxNova Asset Management last year after a 20-year career at Goldman Sachs, departing in 2023 as partner and global co-head of credit and structured products.
The London-based manager has kept a low profile since its launch, but will focus on European asset-based finance and structured credit investing, looking to capitalize on market fragmentation and investing on a relative value basis.
Lombardi has brought in former Goldman Sachs colleague Jonathan Donne as COO of ArxNova, while another Goldman alumnus, managing director Enrico Orlandi, is also involved with the new venture.
Dolomite Capital | Keith Magliana | London | Opportunistic credit
Dolomite Capital was established in January when Taconic Capital Advisors’ European credit team spun out amid a major restructuring at the New York-based hedge fund.
Led by managing partner and CIO Keith Magliana, Dolomite has taken over the management contracts of $1.1 billion of European dislocation funds formerly managed by Taconic.
At the same time, the firm secured a $200 million seed investment from Stable Asset Management for a new opportunistic credit fund – the latter’s largest seed investment in Europe to date.
East Wave Partners | Josh Plavner | Boston | Asset-based finance
East Wave Partners was founded last year by Josh Plavner, a former managing director in Bain Capital’s Partnership Strategies business.
Based in Boston, the firm invests in niche credit opportunities, focusing on short-dated asset-based lending and investments in specialty finance platforms.
Target sectors include trade finance, media and intellectual property rights, real estate bridge loans, litigation finance, insurance, and solar power loans.
The firm secured $100 million from an unnamed investor for a special purpose vehicle last year, and is now gearing up to raise $500 million for its inaugural commingled drawdown fund.
In February, East Wave added two more Bain Capital alumni: Gordon Barnes joined the firm as COO, while associate Albert La Valle joined the firm as a vice president.
Eyre Street Capital | Sean Coleman, Jamie Devine | New York | Impact lending
New York-based Eyre Street Capital was established early last year as a spin-out of Avenue Capital’s impact lending platform.
Led by managing partners Sean Coleman and Jamie Devine, Eyre Street targets middle-market companies in the social and environmental impact space and invests across specialty lending, opportunistic credit, and special situations.
The firm assumed the management contract for Avenue’s $421 million Sustainable Solutions Fund, and received backing from specialty finance manager Galway Sustainable Capital.
In October, Eyre Street kicked off fundraising for its first fund as an independent manager, targeting $800 million for ESC Sustainable Solutions Fund II.
Fedaia Partners | Pietro Stella, Philipp Roever | London | Special situations
Founded in 2020 by ex-Deutsche Bank Distressed Products Group duo Pietro Stella and Philipp Roever, Fedaia Partners is seeking €250 million for its debut commingled fund.
The London-based manager invests in highly structured, asset-based special situations deals in Europe, looking to capitalize on market dislocations and investing in situations where capital from traditional sources is constrained.
The firm had invested on a deal-by-deal basis until last year, when it launched its debut commingled fund with a $50 million anchor investment from a US endowment.
Fedaia has built out a team of eight, including former Goldman Sachs and Fidera Group professional Naumaan Amjed as COO, and Ares alum Zain Pirani, who serves as head of investor relations.
Ferghana Investment Partners | Hadley Ma | New York | Capital solutions
Former MGG Investment Group senior managing director Hadley Ma founded Ferghana Investment Partners last year, focusing on “hybrid” capital solutions sitting between debt and equity in the capital structure.
Ma has built a team of six at Ferghana, including former Coller Capital operations executive Brandon Resnick, who joined the firm in November in a combined COO/CCO/CFO role.
Ferghana is looking to raise $500 million for its inaugural fund, and secured strategic backing from GP seeder New Catalyst Strategic Partners in February.
The firm also recently completed its first deal, investing in a global licensor of largescale lagoon systems to municipalities and resort operators.
Granite Asia | Ming Eng, Roger Zhang | Singapore | Direct lending
Granite Asia was established in 2024 when US-based venture capital firm GGV Capital split its US and Asia business lines.
Based in Singapore, the firm hired ex-Oaktree Capital Management pro Roger Zhang and former Orion Capital Asia managing partner Ming Eng to run its debut private credit fund, which launched in January 2025 with anchor capital from Temasek.
The fund, named Libra Hybrid Capital, has a $500 million fundraising target and focuses on senior secured lending in the Asia-Pacific region. Granite held a $350 million first close for the strategy in December 2025.
Alongside Temasek, the fund counts Malaysian SWF Khazanah Nasional Berhad and the Indonesia Investment Authority among its investors.
Millennium Management | Justin Gmelich, Paul Russo | New York | Opportunistic credit
Izzy Englander’s Millennium Management is the latest hedge fund giant looking to break into private credit, following competitors including Point72 and Third Point.
The $86 billion multi-strategy firm is looking to raise $5 billion for Millennium Opportunities Fund, an evergreen vehicle which will invest in a mix of complex private markets opportunities, including asset-backed credit, real assets and corporate debt. However, the fund will steer clear of traditional direct lending.
The fund will be managed by Millennium’s office of the CIO, which is led by Justin Gmelich and Paul Russo. The firm will look to raise around $3 billion from external allocators, with the remaining capital coming from the firm and founder Izzy Englander.
NLC Capital | Slade Spalding, Neno Raic | London, New York | Fund financing
London-headquartered NLC Capital is one of the fastest-growing managers in the nascent fund financing sector.
Founded in 2021 by ex-Investec duo Slade Spalding and Neno Raic, NLC initially managed capital via SMAs and co-investment vehicles before launching its debut commingled fund, NLC Fund Financing IG Short Dated, in May 2025.
The evergreen fund, which focuses on subscription line financing, has already raised $1 billion in capital commitments, and the firm is now looking to scale the strategy to between $2 billion – $3 billion by the end of the year.
Alongside its capital call fund, NLC is looking to raise $3 billion for a new NAV lending strategy, having hired Macquarie’s Steve Berry and Roger Fox to lead the initiative in July 2025.
The fund which will focus on lending to private debt funds, is looking to hold its first close later this year at around $1 billion.
In October, Spalding relocated to New York to establish and build the firm’s presence in the US.
Trimontium Capital | Vlado Spasov | London | Special situations
Trimontium Capital was launched in November 2025 by Vlado Spasov following his departure from DWS, where he had served as head of capital solutions prior to the firm restructuring its private credit business.
Based in London, Trimontium will invest in capital solutions and special situations deals in the US and Western Europe, focusing on opportunities involving complexity, dislocation and inefficiency to generate alpha.
The firm has received an anchor investment from a large US-based investment manager, and Spasov is said to be building a team including former colleagues from Blackstone, where he previously worked as a managing director in the firm’s hedge fund business.
Ones to watch 2026: Private credit
| Firm | Founder(s) | Pedigree | Location | Strategy |
|---|---|---|---|---|
|
ArxNova Asset Management |
Luca Lombardi |
Goldman Sachs |
London |
Asset-based finance |
|
Dolomite Capital |
Keith Magliana |
Taconic Capital Advisors |
London |
Opportunistic credit |
|
East Wave Partners |
Josh Plavner |
Bain Capital |
Boston |
Asset-based finance |
|
Eyre Street Capital |
Sean Coleman, Jamie Devine |
Avenue Capital |
New York |
Impact lending |
|
Fedaia Partners |
Pietro Stella, Philipp Roever |
Deutsche Bank |
London |
Special situations |
|
Ferghana Investment Partners |
Hadley Ma |
MGG Investment Group |
New York |
Capital solutions |
|
Granite Asia |
Ming Eng, Roger Zhang |
Orion Capital, Oaktree Capital Management |
Singapore |
Direct lending |
|
Millennium Management |
Justin Gmelich, Paul Russo |
Millennium Management |
New York |
Opportunistic credit |
|
NLC Capital |
Slade Spalding, Neno Raic |
Investec |
London, New York |
Fund financing |
|
Trimontium Capital |
Vlado Spasov |
DWS |
London |
Special situations |
Source: With Intelligence
