NAV BDCs hit first-ever proration in Q1 2026. Cliffwater's fund received redemption requests for 14% of assets but could only return 7%. The board flexed the limit upward from the standard 5%, and investors still only got about $0.50 on every dollar they asked for. The retail private credit experiment just met its first real stress test. The answer was "not all of you." MORNINGSTAR
Apollo hired three managing directors, one of them from Carlyle. Advent's head of tech strategy now works at the OpenAI venture Advent helped fund.
GTCR and Elliott are paying $7.75 a share for CCC. Advent sold its final stake last November at $7.79, down from a $10 SPAC-era price.
Proofpoint will pay $49.75 a share for Varonis, 52% above the June close. The multiple is 53 times free cash flow, and the first-half cash flow fell.
Fee-generating assets rose €40bn in the quarter. Strip out the Coller acquisition and the gain is about €6bn.
