FutureWise, Fidelity International’s default investment strategy for UK workplace pension schemes, has launched a private markets partner network, a group of general partners (GPs) designed to provide it exposure across illiquid assets.

According to FutureWise, which has £25bn in assets under management, the group of GPs gives the default strategy specialist exposure to private equity, private credit, infrastructure and real estate.

Read more: UK DC funds ramp up private market allocations 

The network currently represents a curated selection of funds and strategies from each partner held within the Fidelity Diversified Private Assets Long-Term Asset Fund (LTAF), in which FutureWise is invested and which is targeting a 15 per cent allocation during its growth phase.

At present, 10 GPs have been selected by the LTAF, with additional partnerships expected as the allocation scales towards its long-term target.

The managers selected include Ares Management, Bridges Fund Management, Crescent Capital, Churchill Asset Management, CVC Capital Partners, DigitalBridge, Fidelity International, Haveli Investments, Hg and Stonepeak.

Read more: UK LTAFs gain momentum as DC pensions target private markets 

“More than one year on from the launch of the Fidelity Diversified Private Assets LTAF, we are pleased to unveil our private markets partner network,” said Vivian Liu, head of private markets portfolio management at Fidelity International. “We have carefully selected a group of specialist GPs to provide diversified exposure across private markets.”

UK defined contribution (DC) master trusts are rapidly increasing their allocations to illiquid assets following the Mansion House Accord, with funds looking at private debt allocations in the retirement segment of their glidepath, new research has found.

A white paper by independent consultant Isio, which analysed 13 UK DC master trust providers and 18 default strategies, found that over the past 12 months master trusts have increasingly adopted a single-default approach incorporating material allocations to illiquid assets.

The increasing allocations follow the Mansion House Accord, signed in May 2025, a voluntary initiative under which 17 major UK pension providers committed to investing at least 10 per cent of their DC default funds in private markets by 2030, with five per cent specifically directed towards the UK.

Read more: UK government urged to support private capital’s contribution to net zero transition

Across the 18 defaults containing illiquid assets in the latest survey, 16 have planned allocations to private equity, 14 to private debt, 17 to infrastructure and 15 to real estate.

Across the glidepath of the DC funds’ investments, asset allocation to illiquid assets shifted, with private equity proving the most popular asset class during the growth phase, while private debt plays the dominant role in the run-up to retirement.

“With allocations to illiquids at or around retirement becoming more common, we are also pleased to see the increased use of private debt,” the Isio survey said. “Despite recent press, we see this as one of the more attractive illiquid asset classes on a risk-adjusted basis.”

Isio’s research stated that DC providers are well on track to achieve the target 10 per cent allocation to illiquid assets set out in the Mansion House Accord, but are making less progress towards the five per cent UK allocation target.

Read more: Clogged public markets drive DC pensions towards private assets

Canada Pension Plan Investment Board (CPP Investments) channelled over $3bn (£2.2bn) into alternative credit in the last financial year, including a $1.5bn commitment to a separately managed account (SMA) managed by Blackstone.

CPP Investments, which manages the assets of the C$793.3bn (£428bn) Canada Pension Plan Fund, reported in its full-year results for the period ending 31 March that it invested across private credit, structured and asset-backed credit, real estate debt and mezzanine-like credit strategies.

The firm’s largest investment in the space was a $1.5bn SMA managed by Blackstone, which is designed to invest globally across diversified credit strategies, including fund commitments spanning private corporate credit, asset-based and real estate credit, structured products and liquid credit, its results said.

One of CPP Investments included participation in a significant risk transfer deal, investing $75m in the first-loss tranche of a transaction issued by a scaled non-bank lender in the US.

Read more: CPP Investments sells European NPL portfolio to Arrow and Fortress affiliates 

Other examples included a C$225m investment in a loan to construct a hyperscale data centre expansion in Cambridge, Ontario, as well as $300m commitment in the partial royalty monetisation of Leqvio, a cardiovascular drug used in the treatment of hyperlipidaemia.

Following the last financial year-end, CPP Investments also confirmed that it committed $1bn in financing to Blackstone Private Credit Fund, a US-based investment fund focused on providing senior secured loans to large, performing companies.

Alongside committing over $3bn to alternative credit, which represents nine per cent of its asset allocation, the firm also invested in real assets and private equities in the last financial year.

Read more: Canada’s largest pension plan backs Nuveen’s Australian RE debt fund

Overall, CPP Investments ended the fiscal year with net assets of C$793.3bn, compared with C$714.4bn at the end of the fiscal 2025 year. The C$78.9bn increase in net assets comprised of C$56.9bn in net income and C$22bn in net transfers from the Canada Pension Plan.

“Fiscal 2026 was a strong year for CPP Investments,” said John Graham, president and chief executive. “In a period marked by geopolitical uncertainty, market volatility and currency movements, we delivered a 7.8 per cent net return and the fund grew to more than C$790bn.”

Read more: Canadian pension funds expand into private credit

CIFC Asset Management has appointed Mike Martin as managing director, investor solutions as the firm expands further into the wealth channel.

According to CIFC, Martin’s appointment will help deepen relationships with wealth platforms and registered investment advisers (RIAs).

“Mike’s extensive experience makes him a tremendous addition to our investor solutions team,” CIFC said in a statement on LinkedIn. “His arrival reflects our ongoing commitment to building lasting, meaningful partnerships across the wealth channel.”

Read more: BNY Mellon to offer clients access to CIFC’s direct lending strategy

CIFC’s move further into the wealth channel reflects a broader trend across the alternative credit industry, as firms seek to attract investors beyond traditional institutional channels, creating new products aimed at RIAs and affluent retail investors.

The appointment also comes as recent research suggests alternatives have evolved from niche offerings within wealth management portfolios into core allocations, as investors seek diversification and long-term returns in the changing market environment.

Prior to joining CIFC, Martin spent around three years as a director at Bridge Investment Group. Before that, he was vice president for alternative investments at Goldman Sachs.

Martin has also held roles at Man Group and Abbey Capital.

Headquartered in New York, CIFC is a global alternatives manager specialising in private credit and structured credit, with around $47bn (£35bn) in assets under management.

Read more: CIFC launches multi-strategy credit fund

The rapid growth of asset-based finance (ABF) has captured the attention of the private credit world, but capitalising on these opportunities requires specialised expertise as well as a stronger operating infrastructure capable of supporting complex ABF portfolios at scale, explains Kanav Kalia, managing director, Oxane Partners.

Asset-based finance (ABF) quite simply, is too big to ignore any longer. At one point, this was considered a niche segment of private credit, but its rapid growth has made it one of the fastest-growing areas in the ecosystem. In fact, this has now been estimated to be an opportunity set around $20tn (£14.8tn) in size. But as ABF scales, the conversation is no longer just about the size of the opportunity. It is increasingly also about the expertise, operating model and infrastructure needed to access it effectively.

ABF has not just grown in scale, but has also expanded in scope and become more sophisticated. Today it spans a broad range of collateral types, including receivables, equipment, royalties, mortgages and specialty finance assets. ABF is also no longer episodic or purely opportunistic. It is now a mainstay in private credit portfolios with deal activity running on a steady cadence.

ABF has become an institutional, repeatable market rather than a dislocation-driven one. It no longer operates on the fringes and now commands much more consideration from private credit allocators. As the market matures, developing a strong understanding of how ABF is evolving, and the operational demands that come with that evolution, is becoming increasingly crucial for investors seeking to access the opportunities its growth presents, particularly as the demands around monitoring, servicing, valuation and reporting continue to increase.

The growing nuance of ABF

ABF is growing at a phenomenal rate, but its scale is not coming from one uniform market, but instead from multiple specialised pockets of opportunity. Growth is increasingly shaped by the underlying financing needs, becoming more surgical than broad, as money flows into defined, structured use cases rather than generic asset pools.

As competition grows, a greater onus is being put on how lenders can access these opportunities and what they bring to the table. Structured credit skillsets are increasingly being applied to private, non-securitised ABF opportunities. Like a lot of areas in private credit, this makes ABF attractive not just for its size and diversification benefits, but for its ability to support differentiated strategies.

As ABF continues to evolve, sector-specific expertise is becoming a key determinant of which opportunities lenders can access. In practice, that means firms without expertise are increasingly partnering with specialist providers, reinforcing the importance of domain knowledge and operating capability in accessing the market effectively.

Becoming a core allocation

All of this is pushing ABF from the fringe toward a core allocation in most private credit portfolios. Instead of a satellite holding, ABF’s scale, diversification, resilience and asset-backed downside protection has made it much harder to ignore. The market is seeing growing alignment between origination scale, capital formation, and long-term investor appetite.

However, such a significant change in fortunes for ABF can create unintended consequences. More private credit firms are allocating more resources to ABF, but achieving scale brings operational complexities that are neither easy nor cheap to address. The challenge is no longer just sourcing ABF opportunities but managing them effectively as the market matures and expectations around portfolio oversight, valuation, transparency and regulatory scrutiny continue to rise.

Eligibility criteria, borrowing base mechanics, covenant structures and reporting cadence all require high operating discipline, requiring private credit firms to overhaul existing infrastructure. As ABF portfolios scale, this also exposes the limits of fragmented workflows and narrow point solutions. What is increasingly needed is more connected infrastructure to support monitoring, reporting, control and transparency across the complexity of ABF.

Taking ABF to the next level

The ABF opportunity is clear and immense but successfully accessing these opportunities is another matter. Not only will real scale of resources be required to make progress in ABF, with origination depth set to become a real differentiator, but the intricacies of this asset class cannot be overlooked. The rapidly evolving nature of the industry also raises interesting questions about each party’s specific responsibilities. For instance, how can institutions participate in ABF with transparency and control? What role will banks and institutions play as ABF continues to scale? And what operating model can support repeatable growth without losing oversight?

It is clear the next phase of ABF growth will be defined by execution discipline, not just capital availability. Firms will need infrastructure that can handle asset diversity, structured cashflows, and portfolio-level control at scale. In ABF, that challenge is particularly acute: the operating demands of monitoring heterogeneous assets, managing recurring reporting requirements, and maintaining visibility across complex structures quickly outgrow fragmented workflows and point solutions. Technology becomes essential not simply to improve efficiency, but to standardise oversight, improve transparency and support faster, better-informed decision-making. In this sense, infrastructure is increasingly becoming the enabler of scalable participation in ABF.

This is why the role of specialist technology providers is becoming more important as the market matures. As institutions build for the next phase of ABF, they are increasingly looking for operating infrastructure that is purpose-built for ABF’s complexity, rather than adapting tools designed for adjacent markets. At Oxane, this has informed the development of Oxane Panorama over the last decade, which is designed to support ABF’s bespoke requirements around transparency, control, monitoring and reporting in a way that is scalable and repeatable.

Standing out in ABF

The good news is that, as ABF continues to scale, it is becoming a broad-enough opportunity set for more investors and firms to participate. But doing so demands a real understanding of the resources, complexity and operating discipline this asset class demands. Managing ABF requires a blend of domain expertise and technology, and the firms that build a competitive edge in this space will be those that invest in operating infrastructure as a key differentiator and enabler of success.

This is promoted content published in partnership with Oxane Partners.

RBC BlueBay has priced its 16th CLO, BBAM US CLO VII, at $400m (£297m), it announced today.

It marks the 16th new issue CLO since the launch of RBC BlueBay’s CLO management business in 2020, which forms a core part of the wider $28bn RBC BlueBay leveraged finance and securitised credit platform.

Read more: Avante Capital closes fourth SBIC fund at $400m

The global CLO platform is run by a team of over 40 investment professionals dedicated to high yield and loans, focusing on active management. The business said the latest deal attracted ‘strong and diverse institutional investor support’.

“We are delighted to announce the pricing of BBAM US CLO VII, the latest milestone for our global CLO platform. This marks the 16th CLO we have priced, underscoring the continued strength of our global CLO franchise and the appeal of our active investment approach,” said Sid Chhabra, head of securitised credit & CLO management at RBC.

“With several new CLO transactions in the pipeline for the rest of 2026, we are on track to issue 20 new CLOs over the next 12 months.”

Read more: Stellus Capital closes fourth credit fund at $1.5bn

The Australian Prudential Regulator, APRA, has said it believes private credit risks are currently “contained domestically” but could spill over to Australia from abroad.

In a release today, APRA said domestic private credit is estimated to currently be worth around AUD$200bn (£106bn) – roughly three per cent of the Australian banking system – and risks “appear contained domestically”, but it warned they are “growing abroad, with potential spillovers to Australia”.

Read more: Rise in distressed restructurings may have ‘deferred’ private credit stress

“Private credit remains relatively small in Australia, despite rapid growth over the past decade. This small size helps to contain immediate system-wide risks. But risks and vulnerabilities from private credit are growing internationally, where opaque structures, infrequent valuations and defaults have prompted heightened global regulatory scrutiny,” it said.

However, it said Australian institutions are exposed to offshore developments in private markets through multiple channels, “creating potential spillover risks that warrant close monitoring”.

For example, it said that around half of superannuation funds’ private market exposures are international, and banks have increased their appetite for international funds finance products.

Read more: Private credit consolidation continues

“When structured and governed effectively, private markets can deliver clear benefits to the global financial system, including diversification for investors and access to longer-term or more flexible financing for borrowers. These features have supported strong growth in recent years. However, the same characteristics can also give rise to vulnerabilities, particularly where opacity, leverage and weaker oversight are present,” it said.

“The growing scale, complexity and cross-border nature of private markets, including private credit, mean international stress could transmit more quickly and through more channels than in the past. APRA continues to monitor areas of vulnerability for entities exposed to private markets, particularly where global developments could transmit to Australia.”

Investec has reported that its adjusted operating profit rose by 3.4 per cent to £951m in the year to March 31 2026.

The company reported a credit loss ratio of 36 basis points, down from 38 basis points in the year to March 2025, and a return on equity of 13.6 per cent, down slightly from 13.9 per cent the previous year. The cost to income ratio was up slightly at 52.9 per cent, from 52.6 per cent in 2025.

Read more: ICG AUM jumps 11pc to $126bn as fundraising hits $17bn

In a statement, Investec said: “Investec Group has delivered a resilient performance, reflecting the strength of our diversified business model and balance sheet.

“We continue to invest for long-term growth, support our clients and deliver value for our stakeholders, while making strong progress against our strategic priorities.

“As we accelerate the next phase of our disciplined growth agenda, we remain focused on deploying capital optimally, achieving returns at the upper end of our target range by 31 March 2030 and creating enduring worth for our clients, colleagues and communities.

Read more: Barings lands $19bn for direct lending platform

Alternative asset manager ICG has announced its assets under management (AUM) jumped 11 per cent in the 12 months to March 2026 to $126bn (£93.7bn), with fee-earning AUM reaching $87bn.

The company said it saw fundraising hit $17bn over the year, exceeding expectations, with dry powder of $36bn. It reported management fees Management fees of £685m, up 13 per cent year-on-year.

“FY26 was a strong year for ICG. We reinforced our scaled competitive position, established a strategic relationship with Amundi, and built on our track record of strategic and financial resilience,” said Benoît Durteste, chief executive of ICG.

Read more: Arrow reports €5bn fundraising boost as AUM hits €15.3bn

“In an environment where liquidity and selectivity matter more than ever, we have maintained a disciplined approach to investments, with particular focus on cash realisations.”

He added that Europe IX is expected to be ICG’s first-ever commingled fund to reach €10bn (£8.7bn) in size, and it is continuing to raise, while the final closes for Infrastructure II and Metropolitan II mean the firm has now had six funds close at or above their target in the last 24 months.

“This approach has translated into strong financial results, including fee-related earnings £350m, up 23 per cent in the year, and group operating cashflow of £861m,” he said.

Read more: Barings lands $19bn for direct lending platform

“We are experiencing clear demand from institutional allocators globally for our strategies, and are unaffected by challenges being faced by certain evergreen vehicles in the US. I believe ICG is well positioned to continue generating compounding long-term shareholder value.”

State Street Corporation has established a new office in Manila, the Philippines, expanding its processing capabilities in the region. State Street provides technology and financial solutions designed to automate and scale private credit portfolios.

The new Manila office, scheduled to open in the second half of 2026, will further strengthen the firm’s global operating model and will complement its existing operations across the Asia Pacific region.

Read more: Vista Equity Partners opens Abu Dhabi office

“The Asia Pacific region is critical to our long‑term growth strategy,” said Ann Fogarty, chief operating officer for Investment Services, State Street. “The expansion into Manila is an important step in the continued evolution of our global operating model as we continue to support significant client growth in the region.”

State Street established its presence in Asia Pacific more than 40 years ago and today operates 16 offices across the region.

Read more: Managers still see growth in Middle East