New Holland opens private-credit strategy to new money, targets 'funkier' deals

New Holland Capital, which manages close to $7 billion, has opened its private-credit strategy called Special Opportunities to outside investors at the start of the new year, the firm said, pushing into smaller, less-competitive "funkier" deals. The move comes as the largest asset managers — including BlackRock, Blackstone, Millennium, Ares and others — have raised hundreds of billions into private credit and concentrated on straightforward direct lending, a trend that has squeezed returns for lenders.

Data from With Intelligence shows direct-lending fundraising fell to $106 billion in 2025 from $141.8 billion in 2024, and a Goldman Sachs survey cited declining investor appetite amid concerns about rising default risk. New Holland says its Special Opportunities strategy avoids that crowd by targeting non-scalable, one-off or time-sensitive investments.

"We're seeing no spread compression in deals we are looking at," partner Andrew Parchman said, and co-CIO Scott Radke said there is "a lot less erosion" in the smaller, funkier opportunities the firm seeks. The evergreen strategy, run for long-standing Dutch clients since 2020, looks for quicker bridge-style loans and partnerships with specialty funds on one-off deals, lending against both tangible and intangible collateral — from fleets of private jets to the intellectual property behind a drug in trial phase.

The firm deployed and realized over $250 million in the strategy in 2025, and family offices have shown interest.

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