Vol. I · No. 020 Daily Edition Friday, October 2, 2026
The Blind Pool
Private Markets · Brought Into Focus

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Today’s Take Apollo moves to daily pricing across its credit book as SEC staff press on private-asset valuation and the Commission proposes wider retail access, while Australia's Metrics gating and a Bank of England warning keep private-credit stress in view. Deals keep clearing, with AAR's $1.8bn MRO Holdings purchase, CVC stepping back from Boycote and Antin selling Vicinity Energy, and two more continuation funds close in secondaries. 31 stories

The largest private-credit manager is extending daily marks across direct loans and asset-backed holdings in a roughly $850bn credit book. The move follows SEC staff reminders that fair-value rules apply in full to illiquid private debt, and it arrives as the Commission proposes wider retail access to these funds. Whether daily valuations on assets that rarely trade reassure investors or simply formalise a manager's own estimates is the question the rest of the industry now faces.

Alternative Credit InvestorRegister
By the Numbers
5.29%
10-year Treasury yield
12 mo · 4.12 → 5.18
▲ CNBC / Trading Economics, Sep 30
4.00%
Fed funds target, upper bound
12 mo · 4.50 → 3.75 → 4.00
▲ FOMC Sep 16 / H.15 Sep 23
-0.06
Chicago Fed credit conditions index
12 mo · -0.04 → -0.06
Federal Reserve Bank of Chicago, week ending Sep 25
$1.5B
Warburg Pincus's raised Ingenia bid, USD
Investing.com (Reuters), Sep 27
$348B
PE NAV in funds 10+ years old
PitchBook, end-2025
$121B
Secondaries volume, H1
Evercore, H1 2026
As of Oct 2, 2026, before the open. The credit-conditions reading is the Chicago Fed's NFCI credit subindex at -0.06 for the week ending Sep 25, its latest published value, with the trend line showing the last twelve months; the index is centred on zero, and readings below zero indicate credit conditions looser than the long-run average. The 10-year Treasury yield is carried forward at 5.29% (Sep 30 close, CNBC / Trading Economics) with its sparkline unchanged, because sources disagreed on the Oct 1 close. The Fed funds upper bound (4.00%, FOMC Sep 16), the Ingenia bid figure (Sep 27), PitchBook's end-2025 NAV in funds ten years or older and Evercore's H1 2026 secondaries volume are carried forward unchanged at their last published readings.

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