Kendall Jenner is celebrating her birthday on a private islandCredit: Instagram/KendallJennerShe went totally naked on a stunning beach to commemorate the milestoneCredit: Instagram/KendallJennerLaying on the sand, Kendall put some sand on her nipples and went topless for a racy snap beneath the sunshineCredit: Instagram/KendallJenner
Stripping off to her birthday suit for the vert apt occasion, Kendall gave fans a glimpse at her toned physique when she sat on a beach without a stitch of clothing upon her body.
In other snaps, Kendall showed off her slender frame in various bikini shots, and even went topless in another photo.
One snap saw Kendall laying on the sand with some sand covering her nipples as she went topless and wore just a pair of high-cut green bikini bottoms.
Another photo saw Kendall don a red bikini as she showed off her perky bottom through a window.
Kendall then wore a black bikini in another snap as she showed off her enviable washboard abs.
Going nude with only a towel wrapped around her waist in another photo, Kendall snapped up a storm in a mirror.
And in other photos, Kendall blew out candles on a cake, posed with birthday balloons and beamed beside pals.
Also on the private island for Kendall’s birthday bash, and seen in some of the photos, were Kylie Jenner and Hailey Bieber.
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Sister Khloe commented on the snaps, writing, “You’re the perfect human.”
Meanwhile, fans flocked to the comments too, with many quick to wish Kendall a happy birthday, and others quick to swoon over her nude snaps.
One person wrote, “IM SPEECHLESS.”
Another said, “I keep wondering how a person feels to know they are so beautiful.”
A third added, “Falling head over heels everytime a bit more when I get a glance of you.”
“I want to be you when I grow up,” said a fourth.
She also stripped down and wore just a towel around her waist in one racy snapCredit: Instagram/KendallJennerShe wore an array of bikinis on her lavish breakCredit: Instagram/KendallJenner
“You are sooo pretty. @kendalljenneryou are my role model,” wrote a fifth.
While a sixth said, “Perfect body.”
And a seventh penned, “She is sublime wow.”
Kendall spent the weekend at Tommy Hilfiger’s luxury $125k-a-week property inMustique.
Kendall was joined by dozens of family members and friends, including her mom, Kris Jenner, and sisters, Kim, Kylie, and Khloe, although Kourtney was notably absent from the festivities.
She also celebrated with longtime friends, including Hailey Bieber, Fai Khandra, Renell Medrano, and Lauren Perez.
There was no expense spared as the large group enjoyed a lavish spread, an 818-themed birthday cake, and $500 bottles of Chateau Haut-Brion red wine, bottled in 1995 – the year Kendall was born.
Kendall posed with some balloons to celebrate her birthdayCredit: Instagram/KendallJennerShe had a gorgeous lemon-colored cake to mark the occasionCredit: Instagram/KendallJennerKylie Jenner and Hailey Bieber was also at the birthday bash on the private islandCredit: Instagram/kyliejennerKendall celebrated her 30th Birthday with friends and family on a beachCredit: Instagram
KENDALL Jenner secretly celebrated her 30th birthday at designer Tommy Hilfiger’s luxury villa on a private Caribbean island, The U.S. Sun can reveal.
Supermodel Kendall began posting snaps on Monda after spending the weekend at the $125k-a-week property in Mustique.
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Kendall Jenner is seen with Kim Kardashian dressed in brown silk on the beach with balloonsCredit: InstagramThe Kardashians celebrated Kendall Jenner’s 30th birthday on the beach in MustiqueCredit: InstagramKendall Jenner enjoyed a cream-covered white 818 Tequila-themed cake for the big dayCredit: Instagram
Kendall was joined by dozens of family members and friends, including her mom, Kris Jenner, and sisters, Kim, Kylie, and Khloe, although Kourtney was notably absent from the festivities.
She also celebrated with longtime friends, including Hailey Bieber, Fai Khandra, Renell Medrano, and Lauren Perez.
There was no expense spared as the large group enjoyed a lavish spread, an 818-themed birthday cake, and $500 bottles of Chateau Haut-Brion red wine, bottled in 1995 – the year Kendall was born.
She was also spoiled with decorations, including huge silver balloons reading, ‘Happy Birthday Kendall’ and cups with baby photographs emblazoned on them.
There appeared to be a theme for the bash with everyone dressed in brown, black, and pink beach outfits for the fashionista.
Kendall joined the Tommy Hilfiger family by fronting the brand’s Spring Campaign last year.
His private property in Mustique is known as the Palm Beach Villa, and boasts seven en-suite bedrooms and two pool cottages with room for up to 18 guests.
A website claims the vacation home is situated on six acres on the beachfront land and costs between $125,000 and $130,000 per week to rent.
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‘BEACH SEATING’
“The Colonial design of the property is simple yet imposing, and the white facade gives a very welcoming feeling to guests,” the bio reads.
“The grand Palladian-style residence was built in 1999 and has undergone renovation works since.”
Kendall and the gang made the most of the private beach with a seating area set up on the sand, as photographs on Instagram showed pillows and tiki torches.
The bio online also explains, “The villa offers impressive views over the sea and the neighbouring islands from its balconies and terrace.
“Guests can enjoy the views from the large swimming pool, or soak up the rays from the surrounding sun loungers.
“The poolside gazebos are ideal for evening drinks, and there are plenty of spaces to relax throughout the perfectly manicured gardens.”
Services at the villa include a manager, chef, waiter, housekeeping, and laundry, according to the website.
Although food and beverage cost extra, along with grocery pre-stocking, spa and beauty treatments, and activities and excursions on the island.
Dee Hilfiger, Tommy’s wife, gave Marie Claire a tour of the house in 2024, with photographs showing her relaxing in the luxurious setting.
Although she admitted it was all about simplicity and guests being able to relax at the home, not worrying that they might damage antiques or expensive furnishings.
“We have a lot of furniture with slick covers,” she explained.
“We constantly change out all the lampshades in the house because it’s right on the ocean, so things rust.
BIRTHDAY TRIBUTES
“We don’t have anything too precious. It’s a family home and we also rent it a lot.
“I would describe it as a chic but user-friendly type of home where nothing’s too precious or expensive. It’s designed to walk through with sandy feet.”
The outlet explained that the villa sits on the shores of Mustique’s L’Ansecoy Bay and is named Palm Beach for the trees that surround it.
Kim, 45, shared snaps from the getaway, writing, “Happy 30th Birthday @kendalljenner may this decade bring you the kind of love and joy you so freely give to everyone else. I love you more than you’ll ever understand! Here’s to 30 Kenny.”
Kim could also be seen joking around with a handful of tequila shots in one photograph as she threw her head back laughing.
Sister Khloe, 41, also wrote a lengthy tribute to Kendall, posting, “To my baby sister, my forever girl, happy 30th birthday. I can’t believe you’re thirty. It feels impossible and yet, here you are; more radiant, grounded, and beautifully you than ever before.
“Something I’ve always admired and respected about you is how deeply and unapologetically you live in your truth. In a world where so many try to fit in or please others, you’ve always just been yourself. […] You have this energy that can’t be replicated.
“Gentle but strong, mysterious yet warm, and so full of love that it overflows into everyone lucky enough to know you.
“You make people feel seen, safe, and inspired just by being who you are. Kenny, I hope you know how endlessly proud I am of you. […] Happy birthday, my sweet angel. I love you with everything I am @kendalljenner.”
Kim Kardashian fooled around with mini bottles of 818 Tequila at the partyCredit: InstagramKendall Jenner is seen with family members Kris, Kim, Kylie, and Khloe on the beachCredit: InstagramThe Kardashians celebrated with expensive wine bottled in 1999 – the year Kendall was bornCredit: Instagram
United States President Donald Trump has begun construction of a $300m ballroom on the site of what was the White House’s East Wing.
The construction, which began on Monday, is the first major structural change to the complex since 1948. It involves tearing down the existing East Wing, which had housed the first lady’s offices and was used for ceremonies.
The work is being funded via private donations from individuals, corporations and tech companies, including Google and Amazon, raising uncomfortable questions about the level of access this might give donors to the most powerful man in the country.
A pledge form seen by CBS News indicated that donors may qualify for “recognition” of their contributions. Further details of this have not emerged, however.
How much will the new ballroom cost?
The estimated cost of building Trump’s ornate, 8,360sq-metre (90,0000sq-ft) ballroom, which he says will accommodate 999 people, has varied since plans were announced earlier this year.
In a statement made in August, White House Press Secretary Karoline Leavitt indicated the cost would be about $200m. However, this week, Trump raised that to $300m.
Construction began during a US government shutdown and, therefore, without the approval of the National Capital Planning Commission, the federal agency responsible for overseeing these operations, which is closed.
US President Donald Trump holds up a rendering of the planned ballroom in the Oval Office of the White House on October 22, 2025 [Salwan Georges/The Washington Post via Getty Images]
Who is funding the ballroom?
On Monday, Trump wrote on Truth Social: “For more than 150 years, every President has dreamt about having a Ballroom at the White House to accommodate people for grand parties, State Visits, etc. I am honored to be the first President to finally get this much-needed project underway – with zero cost to the American Taxpayer!”
He added that he himself will also be contributing to the bill: “The White House Ballroom is being privately funded by many generous Patriots, Great American Companies, and, yours truly.”
However, it seems that at least some of the donations are being made as part of deals struck with Trump over other issues.
YouTube will pay $22m towards the ballroom construction as part of a legal settlement with Trump pertaining to a lawsuit he brought in 2021 over the suspension of his account after the Capitol riot that year when his supporters stormed the seat of Congress on January 6 in a bid to prevent the transfer of the presidency to Joe Biden. YouTube and Google have the same parent company, Alphabet.
The White House did not disclose how much donors would contribute. Other prominent donors – some of which have had recent legal wrangles in the US – were on a list the White House provided to the media. They include:
Amazon
Last month, the Federal Trade Commission reached a settlement with Amazon over allegations that the multinational tech company founded by Jeff Bezos had enrolled millions of consumers to its streaming platform, Prime, without their consent and made it difficult to cancel the subscriptions.
Under the settlement, Amazon will pay $2.5bn in penalties and refunds, fix its subscription process and undergo compliance monitoring.
Apple
US-based multinational Apple – which produces the iPhone, iPad and MacBook – is headed by CEO Tim Cook.
On Tuesday, Apple asked a US appeals court to overturn a federal judge’s ruling in April that prevents it from collecting commissions on certain app purchases.
Coinbase
Coinbase is the largest US cryptocurrency exchange. It is led by CEO Brian Armstrong.
On September 30, a US federal judge ruled that shareholders could pursue a narrowed lawsuit accusing the company of hiding key business risks, including the risk of a lawsuit by the Securities and Exchange Commission (SEC) and the risk of losing assets in bankruptcy.
Google
Last month, the US Department of Justice won a major antitrust case against Google. A federal court ruled that the tech giant illegally monopolised online search and search advertising.
Lockheed Martin
Aerospace and defence manufacturer Lockheed Martin is headed by President and CEO Jim Taiclet.
In February, Lockheed Martin agreed to pay $29.74m to resolve federal allegations that the company had overcharged the US government by submitting inflated cost data for contracts of F-35 fighter jets from 2013 to 2015.
Microsoft
The CEO of the tech group is Satya Nadella, who earned a record $96.5m in fiscal year 2025.
Lutnick family
The Lutnick family is associated with businessman Howard Lutnick, who is also Trump’s commerce secretary.
Lutnick is the CEO of the investment firm Cantor Fitzgerald. His company Cantor Gaming has previously been accused of repeatedly violating state and federal laws, Politico reported in February.
Winklevoss twins
Cameron and Tyler Winklevoss are listed as separate donors.
The brothers are US investors and entrepreneurs, known for cofounding the cryptocurrency exchange Gemini and Winklevoss Capital.
Last month, the SEC agreed to settle a lawsuit over Gemini’s unregistered cryptocurrency-lending programme offered to retail investors.
Who else is on the list?
Other companies, conglomerates and individuals on the list include:
Altria Group
Booz Allen Hamilton
Caterpillar
Comcast
J Pepe and Emilia Fanjul
Hard Rock International
HP
Meta Platforms
Micron Technology
NextEra Energy
Palantir Technologies
Ripple
Reynolds American
T-Mobile
Tether America
Union Pacific
Adelson Family Foundation
Stefan E Brodie
Betty Wold Johnson Foundation
Charles and Marissa Cascarilla
Edward and Shari Glazer
Harold Hamm
Benjamin Leon Jr
Laura and Isaac Perlmutter Foundation
Stephen A Schwarzman
Konstantin Sokolov
Kelly Loeffler and Jeff Sprecher
Paolo Tiramani
Is the private funding of Trump’s ballroom ethical?
Constitutional lawyer Bruce Fein told Al Jazeera that the private funding violates the Anti-Deficiency Act.
The Anti-Deficiency Act is a US federal law that decrees the executive branch of government cannot accept goods or services from private parties to conduct official government functions unless Congress has specifically signed off on the funds.
The act protects the “congressional power of the purse”, Fein said.
“Think of this analogy: Congress refuses to fund a wall with Mexico. Could Trump go ahead and build the wall Congress refused to fund with money provided by Elon Musk or other billionaire pals of Trump?”
Fein added: “Trump is completely transactional. Funders of the ballroom will be rewarded with regulatory favours or appointments or given pardons for federal crimes.”
Brian O’Connor thinks part of his success is due to California voter approval of Proposition 13, the landmark property tax reduction proposal that catalyzed the taxpayer revolt more than a decade ago.
He is the general manager of the Bel-Air Patrol, which operates Los Angeles’ oldest private residential security patrol service. Since Proposition 13, the company has greatly expanded its territory and number of clients, he said.
Business is good and getting better for a growing number of such companies that deploy armed and unarmed guards to watch over Southern California neighborhoods. In fact, such businesses are growing all over the nation.
Residential guard services are a fast-growing segment of the security guard business, says Robert McCrie, editor of Security Letter, a trade publication. He estimated that residential guard services account for 10% to 15% of the nation’s $6.5-billion annual security guard bill. “The growth has been quite unmistakable since World War II. One reason is that people simply feel afraid,” said McCrie, who is also a professor of security management at New York’s John Jay College of Criminal Justice.
More Seek Permits
The public’s perception that government services have declined in California since the passage of Proposition 13 adds to the fear, O’Connor said. People feel that their local police departments are stretched too thin, he said. “The police obviously have to prioritize where they concentrate their effort,” he said.
People also want more control of their personal safety, he said. The average homeowner can’t control the police, but he can hire and fire private security firms at will, he said.
Within the city of Los Angeles, about 50 firms have Los Angeles Police Department permits to offer residential patrol service. Many more operate in the county, and “there may be some operating illegally (in Los Angeles),” said Det. Richard Rudell, chief of the permit section of the Los Angeles Police Commission.
Rudell said he has noted a steady increase in the number of firms applying for permits in recent years, although “some have subsequently gone out of business.” Every year, a number don’t renew their permits, he says.
Security guards do not have police powers. For example, guards patrolling a neighborhood may not detain someone believed to be acting suspiciously, said Lt. Fred Nixon, a Los Angeles Police Department spokesman.
Like anyone, they may make a citizen’s arrest of a person caught committing a crime. Guard companies claim that their presence deters crime, but independent statistical studies aren’t available to verify that claim.
“The police department believes that a highly visible patrol tends to deter crime,” Nixon said. “That is not a vote for or against private patrols. (The patrol) is only part of the equation.”
Private companies offer different levels of services. The larger security alarm companies provide armed guards to respond to an alarm. Other services simply drive through a neighborhood, or by an individual residence, or stop and inspect the exterior of properties. Still others provide mail and newspaper pickups for clients who are out of town and an escort service for clients fearful of entering an empty house after being away for a period.
Added Problems
Although the concept of security patrols seem simple, it’s not that easy for small operators–who are the vast majority of patrol businesses–to make a patrol service a success, said Robert Rockwell, a Walnut Creek, Calif., security management consultant.
Patrol services have all the challenges of hiring and supervising personnel as other guard companies, he said, with the additional burden of purchasing and maintaining vehicles that are driven constantly, he said. They also have the complication of getting a sufficient client base and calculating patrol routes under a price structure that will produce a profit, he said.
Because of the complications, many of the nation’s largest providers of security guards have shied away from that segment, he said, although many will provide a stationary guard for an apartment building, or gated community. (The largest segment of the security guard business is providing on-site guards for businesses and factories.)
Many larger companies that offer residential patrols are essentially in the business of selling security alarms.
Rockwell is also vice president of California Contract Security Guard Service, a trade group of 125 companies. “Very few of our members are involved,” he said.
Most residential patrols are small, perhaps operating with two or three people, he said. “One guy starts a patrol business where he does the patrols himself. Then he hires somebody else to take (another) shift,” Rockwell said.
Thomas Walthen acquired residential patrols in 30 cities across the country, including one in Los Angeles, when his Van Nuys-based California Plant Protection bought the venerable Pinkerton Security Service in 1987, creating a tie between CPP/Pinkerton and Borg-Warner’s security business as the nation’s largest provider of security guards.
High Accident Rate
(Borg-Warner includes Burns International Security Services, Wells Fargo Guard Services and Baker Industries, the parent of the Bel-Air Patrol). The acquisition put Walthen in a business segment that he abandoned 20 years ago. Unlike many services in the old days, Pinkerton has developed a “substantially sophisticated patrol service,” Walthen said.
Nevertheless, he added, “We’re still in the process of evaluating the operation. It looks like a profitable arm,” he said. But there are some problems. “The ratio of accidents to miles driven seem to be terribly out of line,” he said, and nobody seems to know why.
Although relatively big companies are in the minority among those offering residential patrols, they are among the best known in Southern California. A familiar sight throughout affluent neighborhoods are lawns and gardens sprouting signs for Bel-Air, MacGuard Security Services and Westec Security, a unit of Japan’s SECOM Co. All three sell alarm systems and offer armed response to alarms as well as neighborhood patrols.
“We’re not a security guard company. We sell a concept of security,” said Westec President Michael Kaye, explaining how the company’s alarm systems interact with a staff of almost 800 people. About 200 are guards on patrol. The company views itself as playing an “observe and report” role for the police. However, he said, the company plays a crucial prevention role.
“We’ve found time and time again that if a patrol is in a neighborhood, there is less crime. Burglars are basically lazy and will take the path of least resistance,” he said. Westec cites the experience of three Westside communities where it has tracked crime statistics before and after patrols.
Incidents Drop
One area with 400 homes had several burglaries a month before Westec began patrols seven years ago. Since patrols started, there have been no more than three burglaries a year and only one in 1988. Another neighborhood with 500 homes reported seven to 10 robberies a month before the patrols, the company said, but in the nine years of patrols, there have been less than six a year. Thus far in 1988, there have been three incidents.
A community of 250 homes reported several burglaries a month before the Westec patrols began seven years ago, the company said, but has had no more than two per year since. There haven’t been any incidents reported in 1988, the company said.
“We’re in the public relations and protection business,” said O’Connor, the retired British policeman who runs Bel-Air Patrol. “We’re never in conflict with law enforcement because we aren’t in that business,” he added.
A remote island in Scotland is up for sale, and it’s costing less than a standard flat in Edinburgh as potential buyers can buy the remote land for the perfect escape
The island is cheaper than buying a flat(Image: Galbraith)
If you’ve ever dreamt of owning your own private island you may be in luck – as there is one for sale just off the coast of the UK.
The remote island located in the Outer Hebrides and is cheaper than a flat in Edinburgh. Gasker Island is approximately 71 acres and is up for sale for offers over £120,000.
The land has a stunning rocky coastline, grassland and numerous fresh water lakes and even a seal colony. It also offers panoramic views across Harris, Scarp, and Taransay and provides a stunning and unique vantage point within the Hebridean seascape.
It’s perfect for those looking for a little peace and quiet, situated to the west of South Harris and northwest of the Isle of Taransay. However there is only one property on the island, a small unmanned lighthouse.
The lighthouse is owned and maintained by the Northern Lighthouse Board, the general lighthouse authority for Scotland and the Isle of Man. It’s also a haven for birdlife and diverse wildlife, it offers a rare environment of outstanding ecological value.
It’s five miles from the nearest inhabited island and 75 miles from any train station, but is still pretty hard to get to – as tide conditions can make it tricky to access. Landing can be achieved by small craft in one of two sheltered bays, subject to tide conditions, at Geo lar to the north or Geodha Ear to the south.
On the market with Galbraith, who are managing the sale, they say there are no services or dwellings present on the island, but there may be scope for a modest cabin or hut subject to the necessary planning permission.
The company advertised the island saying there is potential for it to become ‘a truly unique retreat’. The management company say Harris is the southern and more mountainous part of Lewis and Harris, the largest island in the Outer Hebrides.
It’s known for sandy beaches like Luskentyre and Scarista on the west coast, and for rugged mountains in the north. Harris is also the original home of the world famous Harris Tweed – luxury handwoven cloth.
Claire Acheson, handling the sale on behalf of Galbraith, said: “This is an exceptional opportunity to secure a private island in one of the most dramatic and unspoilt settings in the British Isles.
“Gasker offers not only breathtaking scenery and wildlife, but also the potential for a truly unique retreat.”
Banks are joining private equity funds in issuing private credit to corporate borrowers—despite regulators’ concerns about unseen risks.
As private equity becomes an increasingly dominant force in backing corporate transactions, banks are taking an “If you can’t beat ’em, join’em” approach to the business of debt-capital financing.
Standing to benefit are corporate borrowers that otherwise cannot get traditional bank financing. But the intertwining of largely unregulated private credit and regulated bank lending—with the attendant risk of government bailouts of providers of both if their loans go bad—raises questions about threats to the financial system.
What once would have been considered an unlikely partnership is nevertheless liable to deepen, since the forces behind it have been building for some time.
The global industry of private credit, supplied mainly through closed-end credit funds sponsored by the same PE firms that back equity vehicles, has grown dramatically since the 2008 financial crisis. It boasts $2.8 trillion in assets under management (AUM) at last count, up from $200 billion in the early 2000s, according to the Bank for International Settlements (BIS). Correspondingly, bank lending fell from 44% of all US corporate borrowing in 2020 to 35% in 2023, an analysis by global consultancy Deloitte of Federal Reserve data found.
“Some private credit funds may have a degree of liquidity mismatch between their investments and the redemption terms of their investors.”
Lee Foulger, Bank of England
Use of private credit is expanding dramatically elsewhere as well. The BIS estimates that total outstanding private credit loan volumes have increased globally from around $100 billion in 2010 to over $1.2 trillion today, with more than 87% of the total originating in the US. Europe, excluding the UK, has accounted for about 6% of the total in recent years, and the UK about 3% to 4%, with Canada making up most of the rest. Assets in credit funds under management in Asia-Pacific total about $92.9 billion, up from $15.4 billion in 2014, according to research firm Preqin.
The appeal of private credit to corporate borrowers is clear: Many middle-market businesses, often backed by private equity sponsors, prefer private credit for its speed, flexibility, confidentiality, and reduced disclosure obligations compared to public bond markets available through broadly syndicated loans (BSLs). Those advantages are starting to attract larger, more creditworthy companies as well.
Banks, meanwhile, increasingly are lending to private credit funds for purposes of financing corporate borrowers, often those in the sponsors’ equity portfolios. Such lending often takes the form of so-called direct lending: commercial loans used by corporates for working capital or growth financing, that the industry contends traditional banks would not underwrite.
Bank lending to the private credit industry was estimated by the Federal Reserve in May 2023 at $200 billion, and the Fed acknowledged its estimate may have understated the actual amount. Fitch Ratings found that nine of the 10 banks with the largest loan balances to non-bank financial intermediaries of all kinds had $158 billion in loans to private credit funds or related vehicles at the end of last year. And the amount of outstanding loans extended by banks to private credit funds grew by 23% in the quarter ended June 30, compared with the previous quarter, versus only 1.4% for bank lending overall, Fitch reports.
The increasing importance of bank lending to private credit is well illustrated by Blackstone Private Credit Fund, one of the largest private credit funds in the world with over $50 billion in assets. Fully 98% of the $23.5 billion in secured credit commitment facilities arranged by its subsidiaries as of December 2022 were provided by 13 banks, the remaining amount from an insurance company. The outstanding amounts drawn on these facilities totaled some $14 billion, accounting for about 50% of the fund’s total debt liabilities.
A Deepening Collaboration
Of course, banks have long been involved in financing PE buyouts, such as Sycamore Partners buyout of Walgreens Boots Alliance. Two other PE firms, HPS Investment Partners and Ares Management, together provided $4.5 billion in direct lending for the deal while banks including Citigroup, Goldman Sachs, and JPMorgan Chase put together financing proposals to work jointly with private credit, providing some access to the BSL market. Overall, the deal Sycamore completed in August is valued at $23.7 billion, with over $10 billion in committed financing coming from private credit funds and banks.
Increasingly, cooperation between banks and PE firms is taking the shape of direct lending to borrowers. PNC Financial and TCW Group, for instance, have partnered to create a lending platform for middle-market companies. And Citizens Financial Group has built out a unit focused on lending to PE funds.
Competition from banks is also growing. Standard Chartered and Goldman are readying their own units devoted to extending private credit while Morgan Stanley is launching funds to exploit private credit opportunities. The loans may not stay on banks’ balance sheets for long, as risk is transferred once investors’ capital is deployed. But just as the securitization market froze up in the inflationary post-Covid environment, so too may risk transfer when liquidity abruptly disappears.
Indeed, regulators are concerned that banks’ involvement in private credit, whether through cooperation or competition with PE, poses hidden risks to the financial system. Researchers from the Bank of England (BoE), the BIS, the European Central Bank (ECB), and the Federal Reserve, among others, have issued reports recently warning of the systemic financial risk these relationships may pose. Without greater visibility, the BoE, for one, has instructed banks to bolster their risk management in this arena.
“Some private credit funds may have a degree of liquidity mismatch between their investments and the redemption terms of their investors,” Lee Foulger, director of Financial Stability, Strategy, and Risk at the BoE, warned in a January 2024 speech to a middle-market finance conference sponsored by Deal Catalyst and the Association for Financial Markets in Europe.
Who’s More Creditworthy?
The industry counters such concerns by pointing out that credit funds are less likely to have loan defaults than in the BSL market as sponsors typically monitor borrowers’ performance more closely, use less leverage, adopt more conservative loan-to-value structures, and offer more flexible terms than banks, while locking up investors for long periods. In a recent report, “Understanding Private Credit,” Ares Management contends that its borrowers are more creditworthy than those in the public markets and are supported by more equity and that while the private credit market is still small in comparison, it is on its way to becoming even less leveraged while any funding mismatch will diminish as it grows.
Yet concerns remain, especially given the prospect of a challenging economic environment ahead.
Fitch, for instance, notes that the industry has yet to weather higher interest rates. As the ratings firm put it in a June report, “Sponsors and lenders had largely assumed a low base rate environment, as signaled by the Fed amid expectations of transitory inflation, when determining the optimal sizes of capital structures against revenue, EBITDA, and free cash-flow projections.”
As for liquidity risk, Fitch analyst Julie Solar notes that a growing number of credit funds are open-ended and subject to runs under difficult circumstances. Although she concedes that the number of such funds is still small, at least in the US, and many feature limits on redemptions, she adds that the issue bears watching. If many more open-end funds are created and rates rise significantly, she warns, “that is when you can start to have liquidity issues.”
In the eurozone, 42% of funds are open-ended, according to the ECB, although most of their investors are institutional and tend to have longer time horizons than retail investors.
Solar also raises concern about what she called “leverage upon leverage,” noting that business development companies—publicly traded vehicles that account for about half of private credit—as well as PE firms themselves are often significantly indebted to banks. Indeed, bank lending for buyouts may be an even greater risk, simply because it is so much larger than direct lending.
Banks’ involvement in credit funds is an added concern for regulators. A May 2024 financial stability report from the ECB pointed out, “Private markets still need to prove their resilience in an environment of higher interest rates as they have grown to a significant size only in the past decade.”
The industry counters that interest rates on many if not most of its loans float, eliminating the need for refinancing in a rising rate environment. But that’s likely to do nothing for the borrowers themselves.
“The floating-rate debt structure of private credit agreements makes them vulnerable to challenges around debt servicing and refinancing in a higher rate environment,” the BoE’s Foulger noted at the January 2024 conference.
A Federal Reserve Bank of Boston report in May acknowledged that banks’ losses could be mitigated in response to adverse conditions as most private credit debt is secured and among the funds’ most senior liabilities. Yet, the authors cautioned that “substantial losses could also occur in a less adverse scenario if the default correlation among the loans in [private credit] portfolios turned out to be higher than anticipated—that is, if a larger-than-expected number of [private credit] borrowers defaulted at the same time. Such tail risk may be underappreciated.”
On a blue-sky afternoon, kayakers paddle past dozens of sea lions lolling in the sun and make a beeline toward the sea otters lounging on beds of eel grass at Elkhorn Slough on California’s central coast. The playful predators not only generate millions of dollars in tourism revenue, but their voracious appetite for destructive species has revived this sprawling estuary while making the region’s carbon-sequestering kelp forests more resistant to climate change.
The U.S. government determined in 2022 that reintroducing sea otters to their historic range on the West Coast would be a boon to biodiversity and climate resilience, laying out a road map to restoration that would cost up to $43 million.
But as the Trump administration moves to slash funding for wildlife programs, a nonprofit co-founded by a Silicon Valley entrepreneur is stepping in to raise nearly that amount to finance and coordinate what would be a complicated, years-long effort to connect isolated populations of sea otters. So far it’s raised more than $1.4 million of its $40-million target.
“We are coming in at a time when we’ve seen these dramatic cuts from the federal government and conservationists are facing major funding gaps,” says Paul Thomson, chief programs officer at the Wildlife Conservation Network, the San Francisco nonprofit that launched the Sea Otter Fund earlier this year. In August, a veteran U.S. Fish and Wildlife Service official, Jen Miller, left the government to run the fund.
Sea otters prey on invasive green crabs, which fostered the return of eel grass at Elkhorn Slough.
(Rachel Bujalski/Bloomberg)
The initiative could be a harbinger of a future where private donors assume a more prominent role in financing and advancing wildlife restoration as climate impacts multiply.
While philanthropies have helped fund sea otter work, the Fish and Wildlife Service, which listed the Southern sea otter in California as threatened in 1977, assumes the cost of the species’ recovery as well as funding state and private research. “Sea otter recovery and supporting healthy coastlines go hand in hand, including finding ways to support the needs of our local fisheries,” a Wildlife Service spokesperson said in a statement, noting the agency has funded ongoing research.
Future support is uncertain, though, as the Trump administration proposes eliminating programs that underwrite sea otter science, including grants for state endangered species programs.
Understanding otter networks
Sea otters once inhabited the Pacific Rim from Japan to Mexico. By the turn of the 20th century, hunters had wiped out 99% of the population to satisfy demand for the animal’s pelt, known as “soft gold” for its luxurious warmth.
Since then, scientists successfully reintroduced otters to Alaska, British Columbia and Washington State, but that leaves a nearly thousand-mile stretch of coast from central California through Oregon without the animals.
“Adding sea otters completely changes the configuration of the food web and that has profound consequences for the structure of the nearshore ecosystem,” says Tim Tinker, an independent sea otter scientist who does research for the University of California at Santa Cruz.
He’s developing computer models to simulate the myriad factors that will determine where and which animals should be reintroduced, as well as risks and survival rates. Future versions of the model could also project the potential impact on fisheries.
The Sea Otter Fund is financing Tinker’s work, recruiting him to model restoration scenarios, the kind of research he previously has conducted with government funding. It’s the latest animal fund from the Wildlife Conservation Network, co-founded in 2002 by former software entrepreneur Charles Knowles. Ongoing campaigns fund the recovery of African elephants, lions, pangolins and other animals.
Michelle Staedler studies sea otters at Elkhorn Slough.
(Rachel Bujalski/Bloomberg)
The fund also underwrites marine biologist Michelle Staedler’s position on an Elkhorn Slough research team run out of UC Santa Cruz. “We’re really trying to understand the sea otters’ social networks,” she says.
Charting otters’ social graph is key to future restoration efforts. Past reintroductions have involved capturing random sea otters in the wild and relocating up to hundreds at a time, which resulted in high mortality of resettled animals. Of the 140 otters relocated off Southern California’s San Nicolas Island between 1987 and 1990 in a federally funded project, only about 15 animals initially survived. More than a quarter of the transported otters swam more than 150 miles back home.
Scientists say any future reintroductions will be highly targeted, selecting sea otters that are part of social groups whose bonds make them more likely to stay put and thrive. To lay that groundwork, Staedler spends a day on Elkhorn Slough twice a week, motoring through the estuary on an electric skiff to record the genders, locations, relationships, interactions, diets and caloric intake of tagged otters.
“Elkhorn Slough serves as a petri dish and the research work there will be critical for doing restoration,” says Knowles. State funding for that project has expired, however, and the Sea Otter Fund is considering replacing the loss.
Staedler keeps records of the sea otters on Elkhorn Slough.
(Rachel Bujalski/Bloomberg)
“This wave has been building”
Elkhorn Slough is California’s second-largest estuary, and the 7-mile-long outlet to Monterey Bay also serves as a real-time laboratory for how sea otters can rehabilitate degraded coastal ecosystems and benefit local economies.
In the early 1990s, invasive green crabs that made their way there destroyed eel grass meadows that serve as habitats for fish, shellfish, sea turtles and birds. Then a few sea otters began to venture in just as the Monterey Bay Aquarium began to release rehabilitated orphaned otters there. They feasted on the green crabs, consuming an estimated 120,000 of them a year, according to a 2024 paper.
As crab numbers plummeted, the eel grass returned and spawned an aquatic Serengeti. Today, there’s more than 120 sea otters at the estuary, which has fostered local ecotourism businesses that rent kayaks to visitors and take them on otter-spotting excursions, generating $5 million in revenues annually and creating more than 300 jobs, according to a 2023 study.
Kayakers approach a sea otter in Elkhorn Slough.
(Rachel Bujalski/Bloomberg)
Sea otters also have kept kelp-eating purple urchins in check on the central California coast when one of its other predators, the sunflower sea star, died off during a marine heat wave a decade ago. On California’s otter-less North Coast, the loss of sunflower sea stars wiped out more than 90% of the region’s kelp forests, triggering the collapse of fisheries.
But the competition that relocated otters’ prodigious appetites could pose to Northern California and Oregon commercial shellfish fishers worries Lori Steele, executive director of the West Coast Seafood Processors Assn. “It’s very difficult to really fully understand and account for the potential damage to a shellfish population that a very small number of sea otters could do,” she says.
The Wildlife Service found that impacts on fishing communities pose the biggest risk of sea otter introduction. If relocation moves forward, the agency will conduct an extensive review and consultations with state and federal agencies and tribal groups.
Until then, Jen Miller, the senior manager of the Sea Otter Fund, aims to keep the money for the work flowing. “It feels like this wave has been building and building and with just the right resources could crest to surf sea otter restoration to success,” she says.
Electronic Arts has gone private after being bought by a Saudi fund and other private equity firms. Photos by Electronic Arts
Sept. 29 (UPI) — Electronic Arts has been sold to private investors in the Public Investment Fund of Saudi Arabia, Silver Lake and Affinity Partners in an all-cash deal worth $55 billion.
EA stock rose about 15% Friday, closing at $193.35, after the Wall Street Journal said the company was about to go private. This morning, the stock was at $202.80.
The all-cash purchase is valued at about $55 billion.
“The transaction positions EA to accelerate innovation and growth to build the future of entertainment,” a press release said.
“Electronic Arts is an extraordinary company with a world-class management team and a bold vision for the future. I’ve admired their ability to create iconic, lasting experiences, and as someone who grew up playing their games — and now enjoys them with his kids — I couldn’t be more excited about what’s ahead,” said Jared Kushner, Affinity Partners CEO and son-in-law of President Donald Trump, in a statement.
Under the terms of the agreement, the consortium of investors will acquire EA, with PIF rolling over its existing 9.9% stake in the company. The $210 per share purchase price represents a 25% premium to EA’s unaffected share price of $168.32 at market close on Friday, the last fully unaffected trading day, and a premium to EA’s unaffected all-time high of $179.01 at market close on Aug. 14, the press release said.
EA will remain headquartered in Redwood City, Calif., and Andrew Wilson will stay on as CEO. The deal is set to close in the first quarter of fiscal year 2027.
EA makes games such as Battlefield, The Sims and Madden NFL games. It will be the largest leveraged buyout in Wall Street history, CNBC reported
In a note to employees, Wilson said he is “excited to continue as CEO.”
“Our new partners bring deep experience across sports, gaming, and entertainment,” CNBC reported he wrote. “They are committed with conviction to EA — they believe in our people, our leadership, and the long-term vision we are now building together.”
OPENING the thick, posh envelope with an embossed school logo in her council house, single mum Sophie Goffin was shaking and unable to catch her breath.
This was no ordinary mail delivery. The contents of the letter would decide whether her little girl had been offered a life-changing place at a top-ranking private school for FREE.
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Sienna Goffin went to private school for free thanks to a bursary
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Sienna’s bursary included school trips in Year 4 and 5, and an overseas trip in Year 6
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Sophie said applying to a private school can feel intimidating, but it is worth it
Sophie says: “It was a nerve-wracking moment. I was about to learn if my daughter was going to get a free private school education.
“When I read Sienna had been offered a full bursary, I screamed with joy. I will never forget the sense of pride I felt and the huge smile on my daughter’s face.
“It was like winning the lottery. Even today, I cannot believe it happened. She’d received a private education for free.”
Sophie, who runs her own cat care business, The Purry Godmother, and lives in Uxbridge, West London, could never have afforded the £30k a year plus expenses it costs to send a child to school.
But she believed that a private school would help support Sienna better.
Sophie said: “Sienna started reception in September 2016 at a local government school. She was extra bright and, in the first two years, hit her milestones early.
“I asked the school to give her extra work, but with large class sizes, she was held back slightly. She ended up helping other children instead of moving forward herself.
“If I didn’t act, she would have been bored and frustrated. So I focused on securing a fully funded bursary.”
Private schools, also called independent schools, are run outside government control and paid for by parents, while Grammar schools are state-funded but selective.
Applying to a private school can feel intimidating, Sophie admits, but she knew it was the right move for Sienna and so set about applying.
Exposing the dark side of black market gambling in Britain
She added: “It can feel overwhelming, but really it’s just about proving what you earn and showing your child is the right fit.”
Sophie contacted the Independent Schools Bursars’ Association and the Boarding Schools’ Association for guidance, then checked schools’ websites to see who still had bursary places.
She says: “Most scholarships are awarded on merit and achievement. They usually mean only a small discount.
“Bursaries are the golden ticket to elite private schools. They are means-tested, with bigger awards for lower incomes. Some schools also factor in talent in music or sport.”
Bursary or Scholarship – what’s the difference?
Scholarship: Awarded for talent or achievement – academic, sport, music or art. • Partial: Usually 5–10% off the fees, sometimes up to 25%. Covers tuition only. • Full: Rare. May cover full fees, but extras like meals, trips and uniforms are usually not included.
Bursary: Means tested, based on family income. The bigger the financial need, the bigger the award. • Partial: Covers a percentage of school fees, parents still pay the rest. Extras are usually extra. • Full: The golden ticket. Can cover all tuition plus extras such as meals, trips, uniforms, even spending money on overseas visits.
Finding the right setting
Sophie and Sienna visited Maltman’s Green Girls School in Gerrards Cross, which was within commuting distance for them.
The school takes girls from as young as two up to 11 and has been operating for more than 100 years.
Fees range from £3,210 a term for nursery up to over £8,000 a term, or £32,000 a year for Year 6 pupils.
Sophie says: “Sienna’s eyes lit up when we visited. It was an educational wonderland.
“The school had a pool, science labs, 3D printers, art and drama rooms, small class sizes and an amazing Special Educational Needs department. I knew she would flourish there.”
Sophie and Sienna’s father, a chef, 32, had to complete forms because the full bursary is awarded to parents with low incomes who could not normally afford to send their child to the school.
What a full bursary can include
All tuition fees covered – no charges for lessons or exams
Uniform – including shoes, sports kit and even the school’s distinctive extras (like hats or blazers)
Meals – free school lunches, and sometimes breakfast or after school snacks
Books and learning materials – everything from textbooks to art supplies
Trips – day trips, residentials and in some cases overseas visits
Spending money – some schools even provide pocket money for foreign trips
After school care – wraparound support at no extra costs
Specialist support – SEN services, music lessons or sports coaching if needed
Specialist Dance, music drama classes – various specialist facilities
Specialist sports -often included
Day Attendance or Boarding School – some schools offer boarding facilities others just day attendance
As part of the means testing, parents must provide earnings information, tax forms, and bank statements and are assessed regularly once their child receives a place.
She says: “Having all your financial information up to date is critical to your application.
“Sienna had to do a written assessment for English literature and maths, which helps the school assess her level.
“We also met with the school head, and Sienna had a chance to explain why she wanted to attend.
“Bursaries are highly competitive, and the final decision is made by a specialist committee.
“Waiting for the letter was a roller coaster. Everyone wants the best for their child. It all rests on the letter.
“Sienna wanted to go to the school, and I knew it would change her life dramatically.”
After three months, Sophie says the confirmation letter’s arrival in March 2021 was a “game changer.”
Sienna joined the Year three class in the 2021 summer term, proudly wearing the school’s distinct straw hat and its blue and green check uniform.
Sophie added: “Within ten minutes of arriving, another girl had said hello and invited her on an afternoon play date.
“A free private education can happen. Sienna is proof that the impossible is possible, no matter what your income is.”
Sienna’s mum Sophie
“The school pushed her abilities, and she started to thrive and shine.”
Sienna’s bursary included school trips in Year 4 and Year 5, and in Year 6, an overseas trip.
Sophie says: “That even included her spending money. School meals are included, free after-school care is offered, and you receive all-round support.
“For parents like me, it’s an education we could never afford but one our children deserve.
“During her three and a half years there, Sienna got to use an amazing computer kit, do photography, use the school pool, learn about coding, AI technology and use their 3D printer.
“I was amazed at the facilities and the friends she made.
“The smaller class sizes helped her learn at an even faster rate.”
Top five private schools for your children
Top 5 Private Girls’ Schools
St Paul’s Girls’ School – London — Fees up to £35,751 a year for day pupils.
North London Collegiate School – London — Fees up to £25,413 a year.
Guildford High School for Girls – Surrey — Fees up to £22,308 a year.
Wycombe Abbey School – Buckinghamshire — Fees up to £20,500 per term for boarders, £15,600 for day pupils.
The Godolphin and Latymer School – London — Fees up to £25,722 a year.
Top 5 Private Boys’ Schools
St Paul’s School – London — Fees up to £17,981 per term for boarding in the Senior School.
Eton College – Berkshire — Fees up to £63,300 a year.
Winchester College – Hampshire — Fees up to £52,500 a year for boarding.
Tonbridge School – Kent — Fees up to £16,946 per term for boarding.
Abingdon School – Oxfordshire — Fees up to £22,530 a year.
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Sophie was impressed with the school’s facilities, which included a pool and 3D printer
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Sienna is being home-educated but is still in touch with her private school friends
Sienna has now finished Year 6 and is being home-educated for her secondary education, but remains in contact with all her private school pals.
Sophie said: “I had only ever dreamt of her having access to that standard of education, and when it became a reality, I had to pinch myself.
“I was also shocked at how many parents are not aware that bursaries exist or that they may be eligible.
“It has been life-changing, and it proves that it isn’t always some other family that gets the gold ticket.
“Government schools suit many people, but for Sienn,a the system wasn’t working.
“I was also stunned that many of my friends had no idea bursaries existed or that they would be eligible.
“It is possible to win a bursary place. If you don’t get one the first year, keep trying.
“It’s the golden ticket to helping a child like Sienna learn at the speed she needs to and thrive.
“Many children do that at standard schools. I was lucky enough that Sienna secured a bursary place.
“A free private education can happen. Sienna is proof that the impossible is possible, no matter what your income is.”
List of private schools offering free places
TRY these big-name schools which offer ‘transformational bursaries’ of 100% or even more.
Benenden School – Princess Anne’s old school offers means-tested bursaries up to 110%, covering fees plus extras such as uniforms, trips). School fees are over £56,000 a year for boarding
Bolton School -14% of bursary recipients at Sir Ian McKellen’s old school pay no fees.
Christ’s Hospital – This West Sussex school with a Tutor uniform boasts the UK’s most generous bursary scheme; 665 out of 857 students are on bursaries, with nearly 300 receiving 90% off the fees.
Eton College – The alma mater of Prince William and Boris Johnson spends over £7m a year on bursaries, with the average subsidy being around 70% per student, while some places are fully funded.
Fettes College- Tony Blair’s former school, in Edinburgh, offers 100% means-tested bursaries for eligible pupils.
Gordonstoun – At King Charles’ old school, about 34% of students receive means-tested bursaries, some exceeding 100% with a top up for travel and uniform.
Latymer Upper School (London) – At Hugh Grant’s old school a quarter of students are on bursaries, ranging from 25% to 100% of fees.
Malvern College – Jeremy Paxman and C.S Lewis attended this school which offers means-tested bursaries of up to 110% of fees.
Manchester Grammar School (MGS) – At this former state grammar school, 1 in 6 pupils are bursaries and 85% of bursary holders pay nothing at all
Radley College – The Keys Award provides fully funded places (including extras such as uniform and trips). Currently there are 25 pupils on full bursaries.
Reigate Grammar School – Sir Keir Starmer’s old school offers bursaries up to 100%, often including uniform, meals, and travel.
Sevenoaks School – Orland Bloom’s old school has 28 pupils on full (100%) bursaries.
Shrewsbury School – Spends ~£4m annually on scholarships and bursaries, with some full awards.
Solihull School – Offers bursaries from 10% to 100%+ (including meals and trips).
St Catherine’s, Bramley – Means-tested bursaries up to 100%, including extras (uniform, iPad, travel, etc.).
St Edward’s School (Oxford) – Scholarships + bursaries can combine to cover up to 100% of fees at Florence Pugh’s old school.
St George’s School, Ascot – Offers means-tested bursaries up to 100%.
St Helen & St Katharine (Abingdon) – Offers bursaries up to 100% of fees.
St Hilary’s School, Godalming – In some cases, bursaries cover 100% of fees.
St James’ Senior Girls’ School (West Kensington) – Bursarial support up to 100% of fees.
St Mary’s, Ascot – Bursaries up to 100%, supported by school and charitable funds.
St Paul’s Girls – Provides bursaries to families with incomes up to £140,000, with some receiving 100% bursaries plus money for trips. The school has no uniform.
St Swithun’s School, Winchester – Offers means-tested awards up to 100% of tuition fees.
St Leonards School (Scotland) – Offers financial assistance up to 100% of fees.
Stowe School – Scholarships typically 5% fee remission, but means-tested bursaries can cover up to 100% of fees at Sir Richard Branson’s old school
Tonbridge School – Foundation Awards and bursaries can cover up to 100% of the over £44,000 a year fees at this school.
Wellington College – The Prince Albert Foundation offers 110% bursaries (fees + extras) with support extending until age 25. This school was attended by 1984 author Geoge Orwell and comedian Rory Bremner
Whitgift School – A quarter of students are on ‘significant’ bursaries at this school in Croydon with peacocks in the grounds. Nearly 50% get some form of aid. Some bursaries exceed 100% (including uniform, travel, trips).
Winchester College – Means-tested bursaries cover 5% to 100% of fees at Rishi Sunak’s old school, which has just started accepting girls.
Expanding economies and bank regulatory hurdles prompt emerging-market companies to tap the private credit market.
Shapoorji Pallonji Group, an Indian construction company, made its mark in financial history in May, when it took down a $3.4 billion private credit facility, shattering records for the world’s fastestgrowing big economy. Lenders included US-based heavy-hitters Ares Management and Cerberus Capital.
Financiers hope the deal is a sign of things to come.
“The Shapoorji Group event is a strong indicator of the market’s potential,” says Nicholas Cheng, head of the Private Markets Group at Standard Chartered Global Private Bank. “It serves as a proof of concept for other large corporations.”
Emerging markets so far represent a tiny slice of a global private credit sector that is roaring toward $2 trillion in outstanding loans. India, probably the subsector’s hottest jurisdiction, absorbed $9.2 billion in private credit last year, a 7% increase from 2023, according to Ernst & Young.
Nicholas Cheng, Head of Private Markets Group, Standard Chartered Global Private Bank
Singapore’s sovereign Private Credit Growth Fund handed Apollo Global Management a $1 billion mandate to “target local high-growth businesses,” a government website revealed in July. Indian banking power Kotak Mahindra Bank is looking to add $2 billion to its private-credit war chest, CEO Lakshmi Iyer said in April. South Korea’s IMM Holdings closed a $700 million private credit fund over the summer with backing from Seoul’s National Pension Fund.
Investors near and far are gearing up for growth.
“Now is the time when we see the step change,” predicts Matt Christ, a New York-based debt portfolio manager at asset manager Ninety One. “Emerging markets account for 65% of global GDP, but only 3% of the private credit universe.”
There are reasons for the lag. Private credit in the US and Europe has been primarily driven by private equity firms borrowing to make or add leverage to acquisitions. Emerging market companies are more financially conservative, with one eye always out for macroeconomic instability, and leveraged buyouts are rare. Pension funds and other pots of capital also tend to be more cautious.
“India’s financial system … has a real growing need for private credit.”
Michel Lowy, SC Lowy Financial
“The appetite for highly levered capital structures is dramatically lower in emerging markets, both among institutional investors and companies themselves,” says Christ.
In the US, and to a lesser extent Europe, regulators opened the door to private credit by restricting banks from lending they viewed as risky following the 2008 global financial crisis. But in emerging markets, banks remain more dominant, Cheng observes: “There is still a strong preference for traditional bank relationships in many Asian markets. Educating both borrowers and investors on the benefits of private credit is an ongoing effort.”
Compounding the difficulty is the extra cost of private credit relative to bank loans or bond markets. Shapoorji is reportedly paying 19.5% annual interest in rupees on a three-year loan. That compares to a benchmark prime lending rate of just below 14%, according to Indian Bank’s website. Michel Lowy, CEO of Hong Kong-based SC Lowy Financial, says his Indian private credit deals earn an “18%-20% USD equivalent return” over rupee-denominated bank loans.
Emerging market private credit can be more lucrative than developed market transactions by “200 to 300 basis points,” says Christ at Ninety-One, which lends mostly in dollars.
Regulatory Hurdles, Data Center Opportunities
Paying these premiums can nonetheless be worth it to borrowers who end up on the wrong side of regulatory guidance or are poorly served by banking systems evolving less rapidly than their markets. Lowy’s most active private credit market is Korea. Regulators there are have been looking to rein in rising housing prices by “putting pressure on the banking system to decrease exposure to real estate,” he says.
That leaves some developers to raise cash by any means necessary. SC Lowy jumped into the breach in July, organizing $250 million in “short-term bridge financing” for “a completed luxury development” in Seoul’s Gangnam district.
The firm is compensating for regulatory rigidities anomalies in its No. 2 market, India, too. An Indian credit card manufacturer sought funds to buy out minority shareholders and “settle debt in a subsidiary,” Lowy recounts. Their obstacle was that Indian banks are not allowed to lend directly to holding companies, only their operating subsidiaries. Lowy stepped in with a private credit facility “in excess of $100 million.”
“The development of India’s financial system has not kept pace with the growth of the economy,” Lowy concludes. “They have a real growing need for private credit.”
Private lenders can earn their extra interest with greater flexibility on structures and terms, Christ says: “We can have longer maturities than bank credit, which is generally two to three years. We might also mix cash with payment in kind. We go under the tent and work with management teams.”
Fruitful new terrain for private credit globally is financing the data centers needed to service an expected explosion in AI. US-based hyperscalers have grabbed the headlines with their ambitious plans in the field. Mark Zuckerberg’s Meta Platforms lately floated its intention to raise $26 billion in private debt for AI expansion. But Asian data center capacity is growing faster and will overtake the US by the end of this decade, global real estate advisor Cushman & Wakefield predicts.
Many of the operators across emerging markets are local players scrambling to raise money fast. “Data centers are a huge part of what we’re doing, in India, Latin America, Southeast Asia, everywhere,” Christ says.
He’s not the only one.
In June, DayOne Data Centers in Singapore announced plans to raise $1 billion in private credit. The company will borrow in dollars, paying 9.5% to 10% annually on a four-year term, according to published reports. Princeton Digital Group, also Singapore-based, unveiled a $400 million program in April.
Legal And Cultural Complexities
Expanding from these sorts of numbers to multibillion-dollar private credit deals on the Shapoorji model will not be easy in emerging markets. Legal and cultural complexities can only be tackled one country at a time, leaving a fractured playing field of relatively small markets. India’s economy, for all its dynamism, remains one-seventh the size of the US.
Bankruptcy laws can leave recovery of bad debts uncertain, even if lenders are able to press agreements governed by New York or English Law, the global standards.
“The regulatory landscape can be complex,” Standard Chartered’s Cheng observes. “This creates challenges for enforceability of covenants and scalability.”
Lenders will look to compensate for these risks with higher interest rates, which may shrink the pool of potential borrowers. US and European private credit giants show limited interest anyway, given the mega-transactions they increasingly tackle back home.
“We don’t see a lot of crossover from developed markets into emerging market transactions, where the legal work needs to be done on a highly local level,” Christ says.
Still, private credit is finding its niche, or niches, in emerging markets, and a steady stream of deals in the hundreds of millions can alter financial landscapes. For borrowers left out or unsatisfied by traditional, regulated banks, expensive credit can be better than no credit.
The September lawsuit highlights existing protections for image-based sexual abuse victims, but legal gaps remain between states like Florida and California.
Venezuelan model, influencer and businesswoman Isabella Ladera is suing her former boyfriend, Brandon De Jesus Lopez Orozco, more famously known as Colombian singer Beéle, after a private sex video shared between the two was leaked to the public.
Ladera filed her lawsuit in Miami-Dade County Circuit Court on Sept. 15, alleging invasion of privacy, sexual cyberharassment under Florida Statute §784.049, intentional infliction of emotional distress, and negligence.
In a press release issued Thursday, Ladera stated: “No one should take advantage of another’s vulnerability to make money or create content. This is not entertainment; it is a crime, and the only thing it leaves behind are scars.”
According to court documents obtained by The Times, Ladera and Beéle began a romantic relationship after connecting on Instagram in December 2023. At Beéle’s request, the couple recorded intimate videos on their personal phones. Ladera deleted her copies and urged Beéle to delete his as far back as May 2024, but he allegedly refused. The couple eventually broke up, and in June 2025, Ladera began hearing that screenshots of their videos were circulating.
The leak was confirmed Sept. 7, when one video went viral via WhatsApp and was later uploaded to social media platforms like X, exposing Ladera to public humiliation, reputational damage and harassment, according to her suit.
Celebrity sex tape scandals are nothing new to the public. The first huge and infamous one was Tommy Lee and Pamela Anderson’s honeymoon video, which shocked audiences when it surfaced in 1995 and arguably helped cement the notion of private content as highly exploitable public fodder.
Later cases, like “Celebgate” — in which hackers leaked intimate content from A-list celebrities in 2014 — highlighted how vulnerable people could be online, no matter how rich or famous. Over time, these incidents prompted lawmakers to strengthen protections for victims, moving away from the informal term “revenge porn” and toward the framework better known now as image-based sexual abuse.
In May, President Trump — alongside the first lady — signed the “Take It Down Act” into law, making it a federal crime to “knowingly publish” or threaten to publish intimate images without a person’s consent, including AI-generated “deepfakes.” Websites and social media companies are required to remove such material, including duplicate content, within 48 hours after a victim makes the request.
Under Florida law, victims of nonconsensual sharing of sexually explicit material have specific rights. Florida Statute §784.049 criminalizes the distribution of sexual images without consent, allowing victims to pursue criminal charges against the offender. Additionally, victims can file civil claims for invasion of privacy, emotional distress, or negligence if the offender failed to protect or delete intimate content. Remedies may include statutory or compensatory damages, as well as attorneys’ fees and costs.
Though Florida provides these protections, they are generally more narrow than in states like California, particularly in terms of civil recourse and the ability to hold online platforms accountable.
Experts say states such as California offer more comprehensive protections for victims of IBSA. Roxanne Rimonte of C.A. Goldberg, a California-based law firm specializing in harassment cases, explained that California provides both criminal and civil remedies, making it easier for victims to hold offenders accountable.
“California is one of the states that provides a civil cause of action for victims of nonconsensual pornography, in addition to criminal statutes,” Rimonte said. “Victims have the right to pursue both legal and monetary remedies, and the law even accounts for AI-generated images or online platforms that knowingly promote illegal content.”
Rimonte also highlighted a key difference in legal frameworks: the intent requirement. While some states require proof that the offender intended to cause emotional distress — a difficult burden for victims — California focuses on intent to distribute.
“As long as someone intended to distribute or publish intimate content, that satisfies the intent element,” Rimonte said. “This makes it much more straightforward for victims to seek justice.” By comparison, Florida’s statutes can leave victims with fewer avenues, particularly for civil recourse, leaving them reliant on criminal prosecution that may be slow or inconsistent.
The public nature of Ladera’s case only amplifies the harm. Celebrities and public figures often face more severe consequences when private content is leaked, Rimonte noted.
“Unlike private individuals, celebrities tend to experience more severe harms from the wider exposure of their content,” she said. “Media outlets tend to sensationalize IBSA cases involving public figures, which re-traumatizes victims and magnifies the social and reputational consequences.”
In Ladera’s case, false narratives have circulated online suggesting she leaked the videos herself, further complicating her emotional and public ordeal.
Ladera’s lawsuit also highlights broader gaps in protections for victims nationwide. In many cases, enforcement is inconsistent, civil remedies can be expensive and time-consuming, and tech platforms often evade accountability under Section 230 of the Communications Decency Act, which shields websites from liability for user-generated content. Experts suggest that reforms should include clearer federal guidance, improved civil remedies and stronger requirements for platforms to act when illegal content is shared.
“Victims deserve a legal system that doesn’t re-traumatize them while seeking justice,” Rimonte said. “Focusing on the intent to distribute rather than intent to cause harm is one example of how legislation can better support survivors.”
As for Beéle, he has denied any involvement in the dissemination of the video. On Sept. 9, his legal team issued a statement asserting that he did not leak or distribute the material and is himself a victim of nonconsensual exposure. His representatives also announced that legal actions have been initiated in both Colombia and the United States to identify and prosecute those responsible for sharing the video.
Beéle has not commented personally, instead sharing the statement via his official Instagram account and urging media outlets and social media users to refrain from sharing the material.
As Ladera’s case unfolds, it underscores the continued tension between technology, privacy and accountability. While social media has made it easier for people to connect, it has also made personal content more vulnerable to exploitation. For Ladera, the legal battle is about reclaiming control over her personal life and sending a message that privacy violations have consequences.
In a statement to The Times, Ladera’s legal team underscored that her case is not just about one individual, but about a wider epidemic of digital exploitation. They noted that while Ladera is a public figure, countless women across Florida and beyond suffer similar violations of privacy at the hands of malicious actors.
The lawsuit, they emphasized, seeks not only to secure justice for Ladera — but to send a strong message that the unauthorized dissemination of intimate content will face serious legal consequences.
“Let it be absolutely clear,” said lead attorney Pierre Hachar, Jr., “that any past, present, or future acts of this nature, whether by these defendants or others, will be met with the same unwavering resolve and addressed to the fullest extent of the law.”
NEWCASTLE UNITED supporters are fuming after 45 tickets for their clash with Barcelona were handed to a private school 184 miles away in DUNDEE.
The Magpies welcome the Spanish giants to St James’ Park next Thursday as they kick off their Champions League campaign in bumper fashion.
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Newcastle fans are fuming ahead of the Champions League clash with BarcelonaCredit: George Wood/Getty Images
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Newcastle fans are not happy that 45 tickets were handed to a private school 1in DundeeCredit: George Wood/Getty Images
Only a few lucky thousand managed to secure the hottest ticket in Toon as Newcastle United members entered the ballot in a huge scramble to try and secure a seat.
The membership, which costs £37 an adult and £20 a child each season, is a requirement in order to purchase tickets in ballots or queue sales.
Over 100,000 members were left disappointed as the final few tickets quickly sold out on Tuesday.
And that frustration turned to fury after it emerged 45 had somehow been given to the High School of Dundee, a private school in the Scottish city that costs pupils £20,606.40 a year to attend.
The shock news came to light in a social media post by the school offering a matchday trip by coach plus an overnight stay to students costing £295 per person.
Newcastle United Supporters Trust released a statement that said: “We have been inundated with messages regarding a school in Dundee being given 45 tickets for the Barcelona fixture.
“With >100k in today’s member sale queue and countless tickets on 3rd party sites at vastly inflated prices, we completely understand the ongoing frustration from our members and the wider fanbase.
“We have sent this to the club and continue to push for a response.”
Uefa also have a ticket allocation and their partners also have entitlements to tickets in the Champions League and the governing bodies’ other competitions.
Newcastle are yet to comment but SunSport understands the source of the school’s tickets is being looked into.
Sky Sports viewers ‘get motion sickness’ as Premier League adds new feature for Newcastle vs Liverpool coverage
SunSport has contacted the High School of Dundee for comment.
Newcastle return to action in the Premier League on Saturday when they host Wolves.
Charlie Sheen wants to free himself from feeling like he’s being held hostage by his private life.
To shed that sensation, the “Wall Street” star decided to talk about his sexual past in his memoir, “The Book of Sheen,” which comes out Tuesday.
People from his past “had video things or whatever and had stuff over me,” the actor told Michael Strahan on “Good Morning America.” “So I was kind of held hostage, you know, and that’s just a bad feeling.”
Sheen talked Friday on the morning show about how his drug addiction led him to have sex with men — he called it “the other side of the menu” — and how he was forced to pay people to keep those sexual encounters out of the public eye.
Cherlie Sheen on his sexual encounters with men and feeling hostage by his private life.
He also hit on less salacious revelations like the connection between his stutter and his drinking. In the book, Sheen writes about masking his inability to pronounce certain words and sounds with drinking alcohol. “Drinking soften the edges,” he told Strahan. “It gave me freedom of speech.”
After joining the ABC show “Spin City” in 2000 and reading the script, he said, Sheen stopped hiding his speech impediment and asked for help.
“When in doubt, just be human enough to be vulnerable,” he told “GMA.”
Sheen also reveals in the book that some folks wanted to expose his HIV-positive diagnosis before he went public with it in 2015, according to People. Sheen said on “GMA” that finally revealing his diagnosis was a “tremendous relief.”
During the “GMA” interview, Strahan asked the actor if he had any regrets.
“I do,” Sheen said, “but there’s no value in them.”
A documentary about the actor’s life, “aka Charlie Sheen,” will premiere Wednesday on Netflix. Sheen, who has been sober for eight years, told People he decided to be vulnerable about his past because he wants to own his truth and his stories.
As PE firms expand their presence in the insurance business and insurers hold more PE assets, risk concerns are rising and regulators are taking note.
Traditionally, the life insurance and annuity business was renowned for being rather boring and earning slender profits. But after the 2008-2009 financial crisis, when the Federal Reserve initiated a near-zero interest rate policy, many insurers found their annuity payouts adding up to more than they earned on their investment-grade fixed-income portfolios.
Private equity spotted an opportunity in the interest rate mismatch. While PE firms require capital to stay invested over a very long horizon, they often outperform traditional, low-risk fixed income portfolios. As many insurers were under water on their annuity and life insurance businesses, they were keen to get those assets off their books.
At first, they simply partnered with PE firms to invest their assets. But larger firms realized they could do better by competing in the insurance and annuity market themselves and began buying or setting up insurance companies of their own.
A key development came when in 2009 Apollo Global Management founded its own insurance company, Athene, which eventually became the third largest issuer of annuities in the US. In 2021, Apollo bought the portion of Athene it did not control. Some $75 billion in insurance M&A deals have followed; Allstate sold its life insurance business to entities controlled by Blackstone for $2.8 billion in 2021 and Brookfield Reinsurance bought American National a year later for $5.1 billion.
Mark Friendman, US Insurance Deals leader, PwC
Today, private equity is a major force in the global insurance industry, with varying levels of activity across Europe, Asia, and South America in addition to its inroads in the North American market. Europe represents the most active region, with 437 PE-backed transactions last year. Asia, with Japan as its centerpiece, is also seeing an increase in PE activity, with deal values up 11% in 2024. Insurance penetration in South America remains low, with PE firms just beginning to take notice, according to McKinsey’s Global Insurance Report 2025.
“We have seen a seismic shift in the way companies obtain leverage,” says Mark Friedman, US Insurance Deals leader at consultants PwC, who works with the private equity industry. “We’re now seeing a large shift toward private credit, and I think there is a fair amount of headway to go.”
Private Equity’s Portfolio Presence
The change in insurance companies’ investment strategies has likewise been dramatic.
Close to three-quarters of insurers surveyed recently by Mercer and Oliver Wyman now own private assets. And a survey of 410 insurance companies last October by BlackRock found that 91% planned to increase their allocations to private markets over the next two years.
“It will be interesting to see how distribution partnerships between private capital firms and insurers play out,” says Danill Shapiro, a director of Cerulli Associates’ Product Development practice. “On one hand, insurers may be offering distribution capabilities to firms that otherwise may not have them. But on the other hand, there may at times be poor alignment between the client base of the insurer and the high-end product private capital firms offer.”
Competitive pressure has forced insurance companies to seek higher returns or risk losing business to competitors that offer better annuity payouts, says Friedman: “They had three options: they could offer an [annuity] credit rate in excess of what they’re earning, they could stop selling the product, or they could diversify and access higher yielding assets.”
Private equity funds often invest capital for long-term investors such as university endowments, sovereign wealth funds, and state pension plans. But in recent months, as Yale University and other PE investors have announced plans to sell some of their holdings on the secondary market to raise funds, insurance companies as new sources of capital have been especially welcome.
“What’s happened in the market has driven PE sponsors to look to insurance capital as a potential source,” says Alex Argyris, a partner at law firm Cleary Gotlieb, which advises clients on private equity. “As a result, I don’t think we’re at a saturation point yet.”
While most private-asset investors are limited partners expecting a payout within a few years, insurance liabilities represent a source of “forever capital” because premiums for products like annuities always replenish the amounts being paid out.
Another selling point of private equity is that firms have developed a talent pool of highly skilled and highly paid experts in alternative assets, expertise that many insurance companies lack because of their focus on fixed income investments.
A side effect of the meld between insurance and private equity is that insurers and PE firms are moving an increasing amount of their life insurance and annuity assets offshore, especially to Bermuda and the Cayman Islands. Regulators in these locales use traditional GAAP accounting practices rather than the more stringent US standard, reducing the capital insurers need to hold in reserve. In addition, these jurisdictions offer a lower tax rate and impose less stringent rules for investing in private assets than do U.S. regulators.
The attraction of offshore venues is clearly growing. S&P Global Intelligence reported in May that insurance companies and private equity sponsors moved $130 billion in life insurance and annuity assets to offshore entities in 2024, bringing the total to $1.1 trillion.
Investment Controversies
Alongside the benefits of private assets, however, are risks associated with lack of transparency in many of these investments. The risks were highlighted when insurance regulators in Utah and South Carolina demanded in 2024 that five insurance companies reduce their investment exposure to a Miami-based PE firm, 777 Partners, that had exceeded the regulatory maximum for a single entity. The Bermuda Monetary Authority later cancelled the insurance license of the company’s reinsurer.
A study by the International Monetary Fund released in December 2023 highlighted concerns that PE-influenced life insurers have fewer liquid assets than the aggregate of all insurers. These companies “are more vulnerable to a potential adverse scenario of increases in corporate defaults and credit downgrades should the economy slow down because of higher interest rates,” the study found. “Such a scenario could force insurers to liquidate investments when faced with increasing regulatory capital charges.”
Noting that there has never been a loss in a PE-backed portfolio of insurance assets, PwC’s Friedman argues that PE firms are able to make more granular assessments of the risks of the underlying assets than is common in conventional fixed-income portfolios.
Another controversy surrounds how the assets are evaluated by ratings agencies.
During the 2008-2009 financial crisis, it emerged that ratings agencies had given triple-A ratings to mortgage loans that were securitized into bonds when the underlying mortgages were rated much lower. Similarly, ratings of private credit and private equity insurance asset portfolios are based on those of the fund provider rather than the underlying individual assets, which could include more risky assets.
A study by the National Association of Insurance Commissioners (NAIC) in June 2024 found evidence of ratings inflation of insurance assets by smaller ratings agencies. The NAIC has responded by setting up a task force to consider ways to assess capital requirements for so-called risk-based capital.
The group “will be tasked with developing guiding principles for updating the RBC formulas,” a NAIC statement announced, “to address current investment trends with a focus on more RBC precision in the area of asset risk and to ensure that insurance capital requirements maintain their current strength and continue to appropriately balance solvency with the availability of products to meet consumer needs.”
Some members of Congress have also expressed concern increases in private assets held by insurance companies.
“Pensions’ investments in private equity have been dubbed a ‘Wall Street time bomb,’” said Sen. Elizabeth Warren, a Massachusetts Democrat, in a June 25, 2025 letter to Edmund F. Murphy III, the CEO of Empower Retirement, which she said had been urging retirement contribution plans to invest in private equity and private credit. “Even institutional investors admit their uncertainty as to whether private equity’s very thin outperformance is worth the risk of opaque and illiquid investments whose actual value is often impossible to determine—investments that could crater when the money is most needed.”
Pontins Holiday Park in Prestatyn, Wales was once a thriving tourism hotspot, but now it lies dormant and soulless after it was closed permanently in November 2023
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Pontins in Prestatyn has been closed down since November 2023(Image: Daily Post Wales)
Countless memories were made by families up and down the country at Pontins Holiday Park in Prestatyn, Wales.
A once thriving tourism hotspot with its own private beach, swimming pools and playground — but now the “filthy hellhole” lies completely dormant, and a shadow of its former self.
Having been open since 1971, the park closed permanently back in November 2023, and speculation would continue to swirl about future plans.
There have been rumours of redevelopment into a new attraction, or perhaps to be knocked down for flats and houses, but no decision of any substance has ever truly been made, and it has been left to rot away.
Photos emerged over the years, showing an overgrown, sad and dilapidated site with run-down buildings dotted throughout.
Welcome to Pontins holiday camp in Prestatyn, Wales(Image: Daily Post Wales)
News of the park’s unexpected closure hit the local community hard. Britannia Hotels, who owns Pontins, had not only brought the shutters down on the Welsh site, but also its Camber Sands park in East Sussex.
Local residents spoke to North Wales Live earlier this year where they explained what they would like to see done, with Pete Davis, who owns a cleaning business that once operated at Pontins, saying: “It ought to be used for something. I think it should be a holiday camp again. The council could issue a compulsory purchase order (to help that happen).”
Another agreed, adding: “It’s empty and I’d rather it was a holiday camp again. We moved here in 1973 and it was never any trouble to us.
“I don’t want it knocked down for more houses as I don’t feel there are enough doctors’ surgeries and schools, not enough infrastructure to support them.”
What it looks like now(Image: David Powell)
Overgrown, run-down and left to rot(Image: Daily Post Wales)
But a grandmother-grandson duo labelled it a “decrepit” and an “eyesore”, saying: “It’s quite decrepit and an eyesore for the local community. Something needs to be done. It should be reborn as a holiday camp or used for modern apartments.
“Something needs to be doing to it otherwise it’s going to become a drug den or a place for flytippers.”
The people are not the only ones who wish to see change at the abandoned holiday camp, with the Mayor of Prestatyn, Cllr Adrian West, adding: “I want to see the site brought back into some form of productive use again.
“For it just to be lying idle is doing nobody any good. I would not want it used for some sort of industry, given that it’s right next to the waterfront.”
He added how Pontins Prestatyn holds the keys to bringing life back to the town’s streets, increasing footfall which would be a mega boost for shops, as well as increasing the number of employment opportunities in the area.
A shadow of its former self(Image: Daily Post Wales)
But not everyone is upset the park has brought the curtains down after more than half a century of operation, with one Tripadvisor review admitting: “Thank god this rancid filthy cesspit has shutdown. Awful, worn out and really dirty. and it needed knocking down years ago.”
A second under added: “As time has gone by all the rooms are filled with mold, vomit, worse than a dog kennel. It looks like a garbage dump,” while someone else confessed: “There are no words to describe how awful this place is. A prison cell would be preferable to the chalet.
“The areas outside are overgrown, potholes in the car park, pavements cracked and overgrown. Concrete on stairs broken, support for stairs rotten, nails sticking out.”
Nearly 40 years into Deftones’ career, the Sacramento-bred band are anything but a legacy act. As proved by the visceral allegiance from countless fans half their age thrashing at their feet as they perform on stage, the band continues to be as explosive as they were when they conquered the Warped Tour in the late ‘90s.
The band’s late-era surge in popularity with generations of fans who missed their first (and second) go-round inspires and surprises them.
“It does freak me out when I sit back and, in retrospect, think about it,” Chino Moreno says of Deftones’ longevity. Sitting backstage in a Victoria, Canada, arena during a break from the band’s pre-tour rehearsal, kicking off in Vancouver on Friday, Moreno, 52, is relaxed as he discusses their place in the hard rock landscape.
Since roughly 2022, the singer has noticed that the crowds at some of the band’s meet and greets were younger. In some cases, fans in their teens and early 20s were introducing their parents to the band’s catalog, including their turn-of-the-century classic, “White Pony.”
That stature has only grown as elements of Deftones’ amorphously aggressive sound, which has elements of post-hardcore, trip hop and, most relevant to their revival, shoegaze, have attracted a much younger audience. They’ve broken out from being a cult and critical favorite from the nü-metal scene to being widely appreciated as one of the most important and influential bands of that era.
“I’m not a big social media person,” Moreno says of the medium that’s enabled a new generation to discover Deftones. “There are positive sides to it, like amongst all the noise, you can share music. It is neat that everybody’s much more connected to be able to share it like that.”
Yet, he’s aware that based on the online resurgence, Deftones don’t have to release a new album. Even so, seeing this influx of a younger fan base invigorated the band. It has driven the band to push themselves not just on stage, but in the studio.
Chino Moreno of Deftones performs at the Kia Forum on March 5, 2025.
(Clementine Ruiz)
“Having this whole new generation of eyes on us and more attention now than we’ve had in decades. So why not embrace it?” he says. “I love that I met a lot of parents and children, fathers and daughters, and they’re at the show together as a bonding experience, and to talk about some type of art you both connected over … it’s really cool.”
The band also knew that if they were going to write and record, it had to be for the right reasons.
Recording “can’t be where the label needs [the album], or we need money,” Moreno explains. “We’ve made records under those circumstances before, and it sucks the fun out of the experience. We’re bratty in that way where we only want to do something if it’s something we want to do. The minute someone tells us we have to do it, then we fight it.”
With the band’s members now scattered across the U.S., Deftones couldn’t wait to get back into the studio together, just like they did as teens when they had a space that felt more like a clubhouse. As Moreno puts it, it excited them to be able to “experiment and hang out together. Locking ourselves in a room for six hours a day, five days a week, was fun. It was like going back into the clubhouse again.”
With “Private Music,” Deftones once again joined forces with Nick Raskulinecz, who produced “Diamond Eyes” and 2012’s “Koi No Yokan” (“Dude, we have to finish the trifecta!” Moreno says he told Raskulinecz whenever they’d see each other.) Throughout the last year and a half, the band and Raskulinecz worked together through a variety of sessions before deciding on the 11 songs that constitute the album. Without a definitive timetable to release their 10th studio album, it allowed for a much more relaxed and enjoyable atmosphere than before. That said, the time between 2020’s “Ohms” and “Private Music” was the longest span between Deftones albums.
“We’re in a mind frame where it’s like we don’t have to make a record,” he says. “It gave us a kick in the butt. If people are talking about us holding us to a certain standard and pushing ourselves. So the fact that we’re gonna do it, we might as well make it great.”
A band this far into its career is generally in their victory-lap era. Write, record, release an album, go on tour, play mostly the hits, sprinkle in a new song, repeat. Not Deftones. Throughout this album, which is another significant achievement, the band mixes the moody and melodic to create a genre-bending album full of fire and fury. Look no further than the equally bombastic “My Mind Is a Mountain” and “Locked Club,” the menacing “Ecdysis,” the soaring Moreno-powered “I Think About You All the Time,” and the push-and-pull of the methodical “cxz.” Throughout the sessions, which included three additional songs left in various states, Deftones wrote and recorded batches of songs in different locations, which Moreno says allowed for a respective track to have its own sonic personality as a product of its environment.
“‘I Think About You All the Time’ was written in Malibu at 8 in the morning and was pretty fast,” he says. “We put it aside then, after dinner that night, we made some coffee and went out and finished it. Whereas with ‘Ecdysis,’ it was the last song we wrote, and it was while we were in the studio. We were looking at our collection of songs that we already had and just going, like, ‘OK, where does it fit within this batch of songs?’ We wanted something jagged and also a little weird that was more experimental but with an aggressive approach.”
As their tours have gotten bigger, external factors have given the band a new appreciation for their ongoing success. During the band’s 2024 Coachella appearance, guitarist Stephen Carpenter felt his performance wasn’t up to his standard, telling Zane Lowe of Apple Radio that he was “completely out of it for both shows. I barely had enough energy to stand up. All I could think about during those shows was, ‘Please, just don’t fall over on stage.’” Later, he’d find out that he has Type II diabetes.
A few years before Carpenter learned of his health issues, Moreno got sober. Those changes enabled the bandmates, friends since they were teens, to become even closer, despite any misconceived notion that they’ve been at odds. Though Carpenter doesn’t travel internationally with Deftones due to his condition, when the band was on the road in the States earlier this year, he and Moreno were busmates. They pushed each other to remain on their respective lifestyle-changing tracks.
“I think we’re both very proud of each other,” Moreno says of their changes. “He is so on it. He’s an obsessive person about a lot of things, and now he’s obsessed about his blood sugar and about his health. It’s parallel to my sobriety. So we get on the bus after a show, and we’re all into our diet. With my sobriety, I think he sees me being a better version of myself.”
Deftones perform at Kia Forum.
(Clementine Ruiz)
“Private Music” stands not just as a wonderfully cohesive riff-heavy body of work with a relentless energy that is the next shapeshifting step in the Deftones catalog, but is also a well-balanced album. It’s a logical sonic step for the Deftones universe. The band has also been building its annual Dia de Los Deftones festival. The lineup for the sixth edition, taking place in November in San Diego, includes Virginia Beach, Va., hip-hop heroes Clipse, beloved metal band Deafheaven, Rico Nasty, 2hollis and more. Comparing curating the festival to compiling a mixtape, Deftones is the common thread that ties these diverse artists together, which Moreno calls “a fun experiment.”
Decades later, it’s Deftones’ music and adventurous sonic spirit that keep the crowds coming back, anticipating the group’s next move. It’s allowed them to gradually build on successes without being weighed down by the past. Now, it’s moved so quickly and exponentially that they’ve barely had time to catch their collective breath — with another stretch of arena dates and a pair of co-headlining stadium shows with System of a Down on the docket.
“I’m excited to be busy,” Moreno says. “I’m the type of person who has been lucky enough to have done this for pretty much all of my adult life. We didn’t get to go out and tour ‘Ohms’ after it was released, and this is such a different time. I really love this batch of songs, so I’m eager to go play them and stay busy for the next couple of years.”
US President Donald Trump talked down the need for a ceasefire to end the Ukraine war as he greeted Volodymyr Zelenskyy at the White House. Trump also hinted at a 3-way telephone call with Vladimir Putin and Zelenskyy after Monday’s meetings.
Ukrainian President Volodymyr Zelenskyy revealed key details of his private White House meeting with Donald Trump, saying they discussed US security guarantees, prisoner exchanges, and a trilateral meeting with Russia’s Vladimir Putin.
He said: “They are having the “Hulkster’s” funeral today, and I thought everybody would enjoy seeing this picture.”
Gov. Ron DeSantis ordered flags flown at half-staff at all official buildings last Friday, which he declared Hulk Hogan Day in Florida.
Hogan was perhaps the biggest star in WWE’s long history, known for both his larger-than-life personality and his in-ring exploits.
WWE legend Ric Flair leads tributes to ‘close friend’ Hulk Hogan who has died aged 71
He was the main draw for the first WrestleMania in 1985 and was a fixture for years, facing everyone from Andre The Giant and Randy Savage to The Rock and even WWE co-founder Vince McMahon.
He had a neck surgery in May, and was rushed to the hospital afterwards over complications with his recovery.
In June, he suffered a series of health issues that left him reportedly unable to feel his legs or walk with a cane.
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Linda Hogan is pictured exiting the memorial serviceCredit: TheImageDirect.com
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Theo Von arrives in FloridaCredit: TheImageDirect.com
Hogan was also a celebrity outside the wrestling world, appearing in numerous movies and television shows, including Hogan Knows Best, a reality show about his life on VH1.
Hogan’s body will be cremated.
His daughter Brooke Bollea Oleksy, better known by her stage name Brooke Hogan, memorialized her father in a recent social media post.
“I am so grateful I knew the real version of him. Not just the one the world viewed through a carefully curated lens, she wrote on Instagram.”
Just days before his death, Hogan and Brooke shared a short but emotional conversation, per the National Enquirer.
“It was a tearful conversation, albeit a short one,” a source told the outlet.
“Brooke told her dad how much she loved him, how much she missed him. Hulk said he loved her, and he was sorry.”
Instantly recognisable in trademark bandana and shaggy, blond handlebar moustache, Hogan had long been a larger-than-life icon for middle America.
Hogan became such a big star that he was able to transcend wrestling and starred in the movie The Rock III withSylvester Stallone, as well as securing his own reality TV show, Hogan Knows Best.
Born Terry Gene Bollea in Augusta,Georgia, in 1953, his dad was a construction foreman father and his mum was a dance teacher.
At school, he was called a hippy because of his longhair, love ofrock musicand hatred ofAmerican footballdespite his physique.
Hulk Hogan tributes
Tributes have poured in for Hulk Hogan following his death at 71 years old.
“When I nearly lost my dad 8 years ago, one of the few people who was there for all of it was Hulk Hogan. My heart breaks for Nick and Brooke. Rest in peace, brother.” – Charlotte Flair
“Saddened To Hear About The Passing of Hulk Hogan…I Guess God Needed An Incredible Angel. R.I.P. My Friend.” – Sergeant Slaughter
“He Was One Of The First To Visit Me When I Was In The Hospital With A 2% Chance Of Living, And He Prayed By My Bedside. Hulk Also Lent Me Money When Reid Was Sick. Hulkster, No One Will Ever Compare To You! Rest In Peace My Friend!” – Ric Flair
“WWE is saddened to learn WWE Hall of Famer Hulk Hogan has passed away. One of pop culture’s most recognizable figures, Hogan helped WWE achieve global recognition in the 1980s. WWE extends its condolences to Hogan’s family, friends, and fans.” – WWE
“Hulk Hogan was a great American icon. One of the first people I ever truly admired as a kid. The last time I saw him we promised we’d get beers together next time we saw each other. The next time will have to be on the other side, my friend! Rest in peace.” – Vice President JD Vance
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Hulk Hogan performing in Alabama in 1990Credit: Getty