FS KKR Capital Corporation, a KKR-managed private credit fund, saw its share price drop 15% after reporting troubled loans and a 17% quarterly income decline. Its $13bn portfolio—focused on post-2021 PE buyout loans—faces mounting pressure as asset valuations fall. Meanwhile, Blackstone Secured Lending Fund priced a $400m bond yielding 2% above Treasuries, down from initial 2.25% talks.

The move follows a 12-cent markdown on its Medallia loan, now valued at 78 cents on the dollar. Novacap Technologies Fund VII raised $3.8bn—$1bn above its $2.75bn target—in a record 360 days, highlighting LP demand for tech-focused buyout platforms. This surge occurs despite broader fundraising headwinds, with BlackRock’s GIP and EQT pursuing a $12.4bn AES deal and Advent eyeing Senior’s $1.78bn takeover. Market turbulence drives strategic pivots, from asset repricing to sector specialization.