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Blue Owl Earnings; Saks Layoffs; Small Colleges Struggle
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Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Wednesday, April 29. In today's briefing, Blue Owl reported higher total fundraising and says it is working to reduce software lending. Saks Global cut corporate jobs on its way out of chapter 11. And a look at how some small colleges and universities are on the brink.
And on to today's news...
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Sara Konradi for The Wall Street Journal
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Blue Owl says it is working to reduce software lending. Blue Owl expands other businesses with private credit in turmoil. The private-credit giant reported stronger fundraising for its smaller businesses in the first quarter, offsetting stalled growth in its flagship direct-lending unit.
The firm said Thursday that its overall fundraising rose to $9 billion in the period, up from $6.7 billion a year ago, fueled by real estate, infrastructure and other areas. Fundraising in the firm’s credit business was $4.1 billion, roughly flat with the $4 billion it raised in the same period a year ago.
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How private-credit funds keep debt off their balance sheets. When a publicly traded private-credit fund trades for a big discount to its net asset value, it’s a signal that the market doesn’t trust the fund’s balance sheet. That is often for good reason.
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Brendan Mcdermid/Reuters
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Ian Thomas Jansen-Lonnquist for Wall Street Journal
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The small private colleges dying in a winner-take-all marketplace. Consolidation of the nation’s higher-education sector is driving a new winner-take-all market, benefiting Ivy League campuses, flagship public universities and schools with high-profile sports teams and renowned research institutions.
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