debt

The largest fund closed in 2023 to date is Marathon Secured Private Strategies Fund III, which had $1.7bn raised.

Over the long-term, the firm hopes to have half of its portfolio in the US and other developed markets.

Pennyslyvania Public School Employee's Retirement System have made the second largest investor commitment so far this year, with $200bn committed to the PIMCO Commercial Real Estate Debt Fund II as of September 5.

The Newport Beach-based manager has closed its second property credit fund on $3bn, more than double the size of its predecessor.

The manager expects high interest rates and lower deal volumes to restrict broader CLO market comeback.

The transaction market remains stymied by a wide gap between buyers and sellers.

Leverage helped to fuel acquisitions, refinancings and returns over the past cycle. Now, lenders and borrowers are working to adapt to a new reality.

Risk mitigation remains top concern amid lower-leverage dealmaking environment.

Transaction volumes will stay subdued until bank lending standards begin to ease.