Markets Edge — Capital flows, CMO moves, M&A

ISABELLA'S ISLAY Capital Markets May 25, 2:01 PM EDT

Goldman Sachs

Goldman Sachs raised $20B+ for direct lending as private credit hardens

Goldman Sachs has raised more than $20 billion for its direct lending business, signaling confidence in the sector even as redemption pressures mount elsewhere.

ReadingDirect lending scale now correlates with balance-sheet depth, not fund performance. GS is betting the redemption wave hardens discipline, not demand.

WatchMonitor which LP bases are committing fresh capital versus requesting liquidity. The split will define who leads the next credit cycle.

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private creditcapital marketsdirect lendinginstitutional capital

HENRI IV Venture Intelligence May 25, 2:01 PM EDT

Stellus Capital Management

The Middle Market ↗

Stellus closed $1.5B direct lending fund amid $20B redemption wave

Stellus Capital Management closed a $1.5 billion direct lending fund while private credit funds industry-wide faced a $20 billion redemption rush in Q1 2026.

ReadingFund-by-fund performance data now lags LP redemption decisions by 60 days. Managers raising now are signaling they can afford the gap.

WatchTrack which sponsors commit to follow-on vehicles within 12 months. That number tells you who survived the Q1 denominator effect.

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direct lendingfund closeprivate creditcapital raising

MACALLAN 1926 M&A Intelligence May 25, 2:01 PM EDT

Saudi Arabia Public Investment Fund

Business Times Singapore ↗

Saudi PIF explores $1T logistics consolidation across ports and shipping

Saudi Arabia's $1 trillion Public Investment Fund is weighing the creation of a logistics giant by combining parts of its portfolio of ports, rail, and shipping assets into a single entity.

ReadingLogistics consolidation at sovereign scale signals long-term capacity plays. Regional carriers operating independently have a 36-month runway to negotiate.

WatchWatch which global shipping lines and port operators bid for partnerships. PIF consolidation rewrites regional trade routes.

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sovereign wealthlogisticsconsolidationmiddle east

LOUIS XIII Venture Intelligence May 25, 2:01 PM EDT

Indonesia's Danantara Sovereign Wealth Fund

Malaymail ↗

Indonesia launched $900B sovereign fund modeled on Temasek for growth equity

Indonesia's President Prabowo launched Danantara, a $900 billion sovereign wealth fund modeled on Singapore's Temasek, to drive economic growth and investment across strategic sectors.

ReadingSoutheast Asian venture cycles just extended by a decade. Danantara becomes the price-setter for regional growth equity.

WatchTrack Danantara's first five portfolio appointments. That tells you which sectors Prabowo wants to dominate by 2040.

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sovereign wealthsoutheast asiagrowth equityindonesia

PAPPY 23 Capital Markets May 25, 2:01 PM EDT

Private Credit Market

MSN Money ↗

Institutions committed fresh capital as retail fled $20B private credit

While individual investors rushed to exit private-credit funds with $20 billion in redemptions, institutional investors continued committing fresh capital, allowing managers to launch new funds despite the exits.

ReadingPrivate credit AUM will flatten, but capital deployment will accelerate at the top 5 managers. Fee compression follows.

WatchNext fund close over $2B. That firm owns the next cycle's basis.

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private creditredemptionscapital flowsinstitutional capital

JOHNNIE BLUE Capital Markets May 25, 2:01 PM EDT

Global Equity Funds

Reuters ↗

$20B weekly outflows from equity funds signal tactical rotation forming

Global equity funds are experiencing $20 billion in weekly outflows—the largest level in three months—signaling a broad shift in allocator positioning across developed and emerging markets.

ReadingJuly earnings will land on lighter long equity positioning. Multiple compression will feel steeper than the macro story justifies.

WatchNext week's outflow number. If it stays above $15B, the rotation is structural, not tactical.

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equity flowsoutflowscapital rotationtactical positioning

WELL POUR Global Business News May 25, 2:01 PM EDT

China Asset Restructuring Corporation (Cinda)

Business Times Singapore ↗

China mulls transferring Cinda stake to sovereign wealth fund in weeks

The Chinese government plans to transfer ownership in Cinda, one of the nation's biggest bad-debt managers, to a unit of its sovereign wealth fund in coming weeks as part of a broader financial restructuring.

ReadingIf the transfer completes within six weeks, China is managing legacy credit issues, not treating them as emergency interventions.

WatchThe successor's first portfolio action. Seller or buyer? That is the signal.

Read full analysis → Original ↗

chinasovereign wealthasset restructuringbad debt