Silver Rock Capital Partners, spun from Michael Milken’s family office, closed its biggest credit fund yet, pulling in $4 bn from endowments, sovereign wealth funds and family offices. The move comes as private‑capital lenders feel pressure from rising rates and a slowing economy.

The firm, led by former Goldman Sachs banker Vinay Kumar, now manages just over $7 bn in assets. It targets larger, more resilient borrowers, offering $100‑$250 mn loans in both private financings and asset‑backed deals, a shift from the middle‑market focus of many peers.

Industry context shows private equity suffering significant losses—Vista Equity’s $4 bn hit on Pluralsight and Thoma Bravo’s restructuring talks over Medallia illustrate the trend. Silver Rock’s strategy seeks to exploit these distressed opportunities while maintaining liquidity in a high‑rate environment.

By concentrating on sizable deals, Silver Rock positions itself to capture attractive pricing amid sector pain, offering investors a clearer path to returns in an era where leveraged buyouts struggle to sustain previous valuations.