Global Private Credit Fundraising Surges 89% to $123.8bn in Q2 2026 as Waymo Taps PIMCO and Blackstone for $3bn Debut Debt Deal
Global private credit fundraising reached $123.8bn in Q2 2026, up 89% from $65.2bn in Q1, according to Dakota research. Direct lending remained the largest category by disclosed capital, with sizeable closes across opportunistic credit, structured credit, NAV lending, GP financing, and specialty finance. Funds from the 2022 and 2023 vintages reported median net IRRs above most 2013-2021 cohorts, signalling that recent-vintage managers are outperforming the prior cycle. Cross-border appetite is widening: Arcmont Asset Management, a Nuveen affiliate, raised A$705m (£372.6m) from Australian investors for a dedicated European direct lending portfolio, providing access to senior-secured, unitranche, and subordinated loans. On the borrower side, Waymo is in final stages of talks to raise $3bn in its first-ever debt deal, with lenders including PIMCO and Blackstone. Meanwhile, Apax Partners has lined up approximately €1bn of debt financing to back its acquisition of two businesses from packaging firm Gerresheimer AG.
Why this matters
The near-doubling of private credit fundraising in a single quarter confirms that institutional capital continues to rotate from public to private markets at pace, even as public equity markets remain volatile. The 2022-2023 vintage IRR outperformance is a powerful marketing signal that will accelerate LP re-up decisions heading into year-end. Waymo's $3bn debut debt deal marks a landmark moment for autonomous vehicle financing, signalling that private credit is now the preferred first port of call for high-growth, pre-profitability issuers who cannot or choose not to access syndicated loan markets. The Arcmont Australian raise illustrates how European direct lenders are globalising their LP bases to fund deal pipelines that domestic capital alone cannot satisfy.
On the Ground
The volume of closes generates immediate demand for fund formation, subscription finance, and limited partnership agreement negotiation work. Each leveraged acquisition financing, such as the Apax-Gerresheimer deal, requires banking counsel on the debt package and M&A counsel on the acquisition itself. Waymo's debut debt transaction will involve bespoke credit agreement drafting, covenant negotiation, and potentially intercreditor work if multiple lender classes participate. A trainee rotating through a finance or funds group would be reviewing LP side-letter positions, running closing condition checklists, and coordinating CP satisfaction across lender syndicates.
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