Allison McNeely

The $12.3 billion fund has come under pressure from mounting troubled loans and wider losses.

The troubled private credit funds, by most any measure, are a sliver of the assets of investing giants KKR & Co., BlackRock Inc. and Apollo Global Management Inc.

Asset managers deploy buybacks, leadership changes and potential sales to address reputational damage from their troubled business development companies.

AllianceBernstein Holding LP is teaming up with Brookfield Asset Management and Carlyle Group Inc. to offer private-markets investments to everyday retirement savers.

Aquarian Holdings has approached prospective investors to take a piece of the roughly $3 billion committed by Mubadala Capital to support its acquisition of insurer Brighthouse Financial Inc.

KKR & Co.’s co-chief executive officer Scott Nuttall said it was likely that the alternative asset manager would eventually start trading private credit, following early efforts by Apollo Global Management Inc. to create a market for less liquid debt.

The value of private equity technology deals has plunged since the end of last year as investors have grown more cautious about what companies are worth in the age of artificial intelligence, according to a Bain & Co. report.

Global buyout deal value fell 70% to $20 billion in the first quarter as fewer large deals were completed, Bain said in the report, which analyzed data from Dealogic. Valuations of software companies fell about 8% in the period, compared with a decline of 0.3% for all other sectors.

The billionaire behind Thoma Bravo is seeking to reassure investors that the private equity firm is ready to embrace AI — and that its losing bet on Medallia is a one-off.

Orlando Bravo was quick to see the disruptive potential of software, making a series of lucrative bets on the sector that turned him into a billionaire and transformed the buyout shop he leads, Thoma Bravo, into an industry powerhouse. Now, the disruption is coming for his own firm.