General Atlantic nears private credit partnership with UBS amid surge in direct lending demand
General Atlantic is in advanced negotiations with UBS to launch a strategic private credit partnership aimed at capitalising on the fast-growing $1.6tn private debt market.
The proposed collaboration would see UBS originate loans through its investment bank, while GA Credit—General Atlantic’s credit platform—would receive preferred access to those deals. An announcement could come as early as next week.
The platform is expected to focus on large-cap lending, targeting borrowers in North America and Europe with EBITDA of $50m or more and offering loan sizes of up to $500m. The structure is designed to leverage UBS’s origination engine while providing General Atlantic with first-look deal flow across a highly competitive segment.
The tie-up follows a direct dialogue between UBS CEO Sergio Ermotti and General Atlantic CEO Bill Ford, reflecting both firms’ intent to scale in the booming private credit market. GA Credit, led by GSO Capital Partners co-founder Tripp Smith, currently manages $4.8bn in assets.
The move comes as major global banks seek to maintain relevance in private credit through strategic alliances. JPMorgan has pledged an additional $50bn to direct lending, while Wells Fargo has teamed with Centerbridge Partners on a $5bn vehicle. In Europe, Societe Generale and Brookfield have partnered on a €10bn debt fund, while Barclays recently formed a joint platform with AGL Credit Management and ADIA.
As institutional demand for private credit intensifies, partnerships such as the one under negotiation between UBS and General Atlantic highlight how banks and alternative asset managers are reshaping the lending landscape.