A steep NAV drop and a federal probe trigger a high-level departure at BlackRock.
The private credit market’s roughest stretch in years has claimed its first senior leader at a major asset manager.
BlackRock’s Phil Tseng is in the process of leaving his post as CEO of the firm’s publicly traded business development company, according to Bloomberg News.
The move comes amid a brutal year for BlackRock TCP Capital Corp. The firm marked down its net asset value twice in 2026 — by 19% in January and another 5% in May. Meanwhile, federal prosecutors in Manhattan have been reportedly probing the fund and questioning executives as part of the inquiry.
Tseng, an acqui-hire from BlackRock’s 2018 acquisition of Tennenbaum Capital Partners, remains employed for now with no set departure timeline.
Tseng’s exit echoes a pattern that emerged last fall when two auto-related borrowers collapsed and rattled private lenders. Cleveland-based First Brands filed for Chapter 11 in September after off-balance-sheet financing obscured leverage levels beyond what lenders had underwritten. Founder and CEO Patrick James resigned as the bankruptcy unfolded.
That same month, subprime auto lender Tricolor Holdings began liquidating. Federal prosecutors later indicted founder and CEO Daniel Chu and chief operating officer David Goodgame, alleging the pair systematically misled lenders to keep credit lines open. Goodgame pleaded guilty in June to six counts, including bank fraud and conspiracy, and is now cooperating with prosecutors — a deal that could put him on the stand against Chu, who has pleaded not guilty. Chu had also abruptly resigned from Origin Bancorp’s board days before Tricolor’s implosion.
Industry executives have largely characterized the two collapses as isolated fraud cases rather than evidence of systemic rot. Blue Owl co-president Craig Packer told CNBC in October that the failures “weren’t private credit stories” at all.
BlackRock CEO Larry Fink struck a similarly confident tone. On an April earnings call, he told analysts that institutional demand for private credit was “accelerating.” Still, headlines around the sector aren’t reflecting what the firm’s own client and portfolio data showed.
Redemptions from business development companies, key lenders in the private credit market, are surging. Investors requested $20.8 billion in redemptions in the first quarter alone. In some cases, those redemptions exceeded the 5% cap set by BlackRock and its rivals: Apollo Global Management, Ares Management, Blackstone, Blue Owl Capital, and KKR.
Not all private credit funds appear troubled. Goldman Sachs’ private credit fund, for example, honored all redemption requests in Q2 because it reported relatively modest private credit fund redemption requests (3.2%). The same goes for Nuveen Churchill and Oaktree with withdrawals of 3.1% to 4.5%, respectively.
But with so many of the sector’s players posting losses, Tseng’s departure suggests the reckoning is reaching up the org chart.
The erector is lowered from the Korea Space Launch Vehicle-II (KSLV-II), also called Nuri, on the launch pad at Naro Space Center in Goheung, South Jeolla Province, southwestern South Korea. Photo by YONHAP / EPA
June 29 (Asia Today) — South Korea’s space agency released guidelines Monday for private companies seeking to use the Naro Space Center, beginning preparations for the country’s first dedicated commercial launch facilities.
The Korea AeroSpace Administration said the guidelines outline a four-stage consultation and approval process, methods for calculating fees and safety and security requirements.
They also establish procedures and fee standards for private companies seeking to use testing facilities at the space center in Goheung, South Jeolla Province.
The government plans to open the commercial launch site in two stages, beginning in the third quarter of 2027 and expanding it in the first quarter of 2031.
The first stage will include a mobile launch platform, propellant supply systems and launch control equipment.
The second stage will add an assembly and testing facility where companies can prepare launch vehicles and test payloads.
The expanded infrastructure is expected to accommodate commercial launch vehicles and eventually support reusable launch systems.
Companies seeking to conduct a launch at Naro must apply at least four months before their proposed launch date.
They will then undergo four stages: preliminary consultation, review and authorization, launch operations and post-launch procedures.
The guidelines also establish a system for calculating usage fees based on each company’s launch requirements and the facilities and services it uses.
An agency official said the guidelines were prepared to help private companies use the center systematically before the commercial launch site opens and South Korea continues launches of its domestically developed Nuri rocket.
The official said the government will seek to simplify procedures based on companies’ needs and establish reasonable usage fees.
South Korean launch companies have relied on overseas spaceports and sea-based platforms because the country has lacked a land-based commercial launch site available to private operators.
Opening the Naro facilities could allow companies to conduct more of the development process in South Korea, from ground testing to commercial launches.
“Opening the Naro Space Center to private use goes beyond simply granting access to a government facility,” said Taeseog Oh, administrator of the Korea AeroSpace Administration.
“It is meaningful because it strengthens the support system for private companies in the space industry,” Oh said. “We will continue providing support so a private-sector-led commercial space ecosystem can take root in a stable manner.”
The Naro Space Center has primarily supported government launch programs, including the Naro rocket and Nuri, South Korea’s first domestically developed space launch vehicle.
Nuri’s fourth launch took place in November 2025, with private company Hanwha Aerospace assuming a larger role in rocket production and assembly under a government technology-transfer program.
The opening of the commercial facilities is expected to further shift South Korea’s space industry from a government-led model toward one in which private companies develop and operate launch services.
The guidelines released Monday are scheduled to be submitted to the Korea Aerospace Research Institute’s board for approval on July 8 before being registered as internal operating rules.
June 25 (UPI) — The U.S. Supreme Court on Thursday struck down a Hawaiian law that required people to ask permission to carry a concealed firearm onto a private property.
The Court’s majority, in a 6-3 ruling, said that Hawaii cannot block a properly licensed person from carrying a concealed weapon on private properties that are open to the public.
Hawaii was one of five states that enacted similar laws after the Court in a 2018 ruling said that states could not limit gun licenses to “exceptional cases” because it violated the 2nd Amendment right to carry a firearm.
The law required people who wanted to carry their firearm in places such as gas stations, restaurants, grocery and other stores, dry cleaners and other properties that are “open to the public” to get permission to carry their gun.
“Under the new Hawaii law, no one carrying a firearm may enter without the property owner’s express authorization,” Justice Samuel Alito wrote in the majority opinion.
“The effect of this new rule is to impose severe restrictions on the daily activities of residents who have satisfied the State’s rigorous requirements for the issuance of a carry permit,” Alito wrote.
In a dissenting opinion, Justice Ketanji Brown Jackson disagreed with the majority that the Hawaii law is an “attempt to end-run our Second Amendment precedents,” suggesting instead that it applies the first principle of property law, the right to exclude.
In addition to noting that Hawaii has a long history of restrictive gun laws, Brown Jackson said it enacted the permission law in order to prevent confusion among property owners that federal law had affected traditional expectations in the state.
“The public might well have an implied license to enter private property open to the public, and such permission might generally include the ability to enter armed,” she wrote in the dissent.
“But,” she wrote, “any such license is not a matter of right — a license is a creature of state law and custom, and it can vary accordingly.”
Weekly insights and analysis on the latest developments in military technology, strategy, and foreign policy.
One of Russia’s biggest advantages in the war against Ukraine is its ability to launch tactical airstrikes from bases largely out of reach of kinetic responses. While we have frequently reported about Ukrainian attacks on these bases, they aren’t sustained enough to stop Russia from generating devastating sorties.
Now Ukraine and NATO are looking to the private sector for ways of changing that equation through what is being called the Airfield Denial Challenge. It offers a 250,000 Euro award to companies or individuals who come up with workable ideas to prevent Russia from being able to use its air bases.
🚀The NATO-Ukraine Joint Analysis, Training and Education Centre (JATEC) and NATO Allied Command Transformation (ACT) have announced the Persistent Airfield Denial Innovation Challenge to find a solution to block enemy airfields. (1/5) ⬇️ pic.twitter.com/8uKWWEI5pQ
“The Armed Forces of Ukraine (AFU) operational experience has firmly established that the ability of the adversary to project air power from secure rear-area airfields remains one of the most consequential asymmetries in the current conflict,” according to NATO’s Headquarters Supreme Allied Commander Transformation (SACT). “Enemy tactical aviation, operating from bases beyond the reach of conventional Ukrainian strike assets, continues to conduct strikes using guided aerial bombs, cruise missiles, and stand-off munitions against friendly forces, critical infrastructure, and civilian population centers.”
Objective control footage shows the aftermath of a FAB-250/500 airstrike carried out by a Russian Aerospace Forces (VKS) Su-34M fighter-bomber on a warehouse in Kharkiv used to store UAVs and their components. pic.twitter.com/vnynslqFiO
“Each sortie originates from an airfield. Every airfield is a node of vulnerability: if it can be persistently denied, the adversary’s air campaign is fundamentally disrupted at source,” SACT suggested.
You can see video from one of the Ukrainian attacks on Russian tactical aviation bases below.
Russia’s Morozovsk Airbase is currently under Ukrainian drone attack, with several explosions seen in the vicinity of the airfield.
Ukraine’s ongoing efforts to halt these attacks are insufficient, SACT posited.
“Current workarounds: manned strike aviation, ground-based long-range fires (MLRS, ballistic missiles), and conventional single-unit loitering munitions have demonstrated limited effectiveness against defended airfield targets,” SACT argued. “They lack the mass-effect, persistence, and EW (Electronic Warfare)-resilience required to simultaneously suppress airfield infrastructure across multiple aim points in a contested environment.”
Ukraine has carried out many strikes on airfields, including one on the Morozovsk airbase in Russia. (Google Earth) Google Earth
The “battlefield logic is clear,” the NATO subcommand added. “Point-defense and reactive interception of individual weapons must be complemented by persistent denial at the source.”
“We must find technologies that will help to permanently limit the enemy’s use of aviation infrastructure: aircraft, runways, fuel and ammunition storage facilities, and ground support infrastructure,” the Ukrainian Defense Ministry (MoD) explained. “Ukrainian miltech companies, startups, and engineering teams are invited to participate.”
SACT said the challenge is technically agnostic and that it is looking for ideas that include, but not are not limited to, the following:
• Uncrewed aerial systems of any configuration or range class
• Autonomous or semi-autonomous munitions and loitering systems
• Swarming and mass-effect approaches
• Alternative delivery mechanisms beyond conventional aerial platforms
Regardless of what type of solution is presented, it “must be capable of operating in GPS-denied and EW-contested environments, across all weather conditions and seasons, and must demonstrate a credible path to rapid fielding.”
In addition, SACT is looking for systems that can conduct sustained strikes deep into contested airspace, operate without “continuous human control,” be fully autonomous and deliver “sufficient mass and precision to suppress multiple aim points across an airfield simultaneously.”
SACT also wants systems that require minimal training, and have AI-assisted target acquisition that “reduces reliance on expert judgment.”
The solicitation comes with the understanding that whatever solutions are presented won’t be proven, but should be at least in the mid-to-upper tier of the military technology readiness level (TRL) scale. It includes systems ranging from those having “high fidelity” laboratory integration of components to those with prototypes “near, or at, planned operational systems.”
U.S. Army
Meanwhile, any solution that will take more than a year to be fielded won’t be considered.
The deadline for submissions is July 20. Ten finalists will be selected on August 11 and will be invited to a “pitch day” on Sept. 3, tentatively in Poland, to showcase their designs.
Whether this ambitious program will actually lead to the fielding of any systems that can persistently deny Russia the ability to launch aircraft is very much in question.
As we have frequently reported, Ukraine has one of the world’s most innovative defense technology infrastructures that has created drones, missiles and other weapons designed, tested and fielded under intense wartime conditions. However, it has still been unable to achieve the goals being sought by this challenge.
One of the big issues Kyiv faces is the limited amount of funds to pursue some of these advances and what the Atlantic Council has described as “Ukraine’s inability to mass produce sophisticated weapons or sustain stable military supply chains.”
Getting an idea into the hands of NATO, which has developed a half-billion dollar fund to develop weapons for Ukraine, could ultimately help turn an idea into a workable weapon to keep Russian tactical aviation at bay. Even if that happens, though, the time it would take to develop these weapons at a scale large enough to make a real difference would be a formidable endeavor.
OpenAI, Anthropic—trillions in wealth are locked in private markets. Banks want in.
With valuations of nonpublic companies reaching record levels on the back of the AI boom, private-market access is increasingly becoming the defining battlefield for client acquisition in private banking.
Consider SpaceX’s public debut earlier this month. It was the largest initial public offering in history, adding $75 billion to its roughly $15.85 billion pre-IPO cash position and creating a market capitalization of over $1 trillion. Once OpenAI and Anthropic go public, the combined valuation of all three companies could be well over $3 trillion.
OpenAI filed an S-1 with the Securities and Exchange Commission June 8 for a confidential IPO. And Anthropic said Claude Code’s run-rate revenue has more than doubled since the beginning of 2026, underscoring how much wealth creation is taking place outside public markets.
“Much of the current innovation and growth is happening within private markets,” said David Frame, CEO of J.P. Morgan’s Global Private Bank. “Clients are increasingly seeking these opportunities,” he added.
According to a recent Titanbay/Campden Wealth report, the average ultra-high-net-worth investor (UHNWI) holds 20% of their portfolio in private equity, double the level two years earlier, and plans to raise that figure further.
Likewise, 86% of wealth advisers plan to increase private-market investments this year, with 47% raising allocations specifically to venture capital and growth, according to Hamilton Lane’s 2026 Global Private Wealth Survey.
Racing to Respond
The booming demand has led to a wave of new initiatives from banks and asset managers. In September 2025, Bank of America and Merrill launched the Alts Expanded Access Program for UHNWIs with a net worth of $50 million or more.
Morgan Stanley Investment Management launched its first-ever green private equity strategy, the North Haven Private Assets Fund, in May 2025. DBS Private Bank partnered with Hamilton Lane to launch PATH for Asian clients, while Goldman Sachs announced plans to invest $1 billion in T. Rowe Price to expand wealth-channel access.
But as interest in private equity rises, experts warn that private banks could be caught between long-term wealth building and growing demand for riskier assets. “There’s a dichotomy in the market,” George Walper, managing principal of CEG Insights, said. “Wealthy investors want more exposure to alternatives, to private markets—meaning more risk. At the same time, they want to be cautious and protect their assets.”
The war film, which follows a young British soldier’s journey to the D-Day landings, is being praised by viewers as a more authentic and moving portrayal of WWII than Saving Private Ryan — and it’s currently available to stream in the UK
07:10, 14 Jun 2026Updated 07:12, 14 Jun 2026
One fan hailed the film as ‘overwhelmingly moving’(Image: Joswend)
A “moving” and largely forgotten film from the 1970s depicting the D-Day landings is being hailed as “more realistic” than modern representations of the historic battle.
Overlord (1975) charts the experience of Thomas Beddows (Brian Stirner), a young British serviceman from his enlistment into the East Yorkshire Regiment, through initial training and ultimate participation in the Allies’ landmark amphibious invasion of German-held Normandy in June 1944 (codenamed Operation Overlord).
The picture, directed and co-written by Stuart Cooper, blends authentic archive material of the momentous military operation with sequences of Tom reflecting on his own death and the horrors awaiting him.
Screenrant writer Tommy Lethbridge observed that while it lacks the brutal, visceral intensity of the D-Day scenes featured in Steven Spielberg’s groundbreaking 1998 picture Saving Private Ryan, Overlord ultimately provides a more “authentic” depiction of the clash between Allied and German troops.
This, he argued, stems from Overlord’s deployment of archival footage, combined with the incorporation of “extensive detail from real soldiers’ diaries, clips from British Army training missions”, and seized German material, all of which grant the work “unrivalled authenticity”.
Fans have flocked to IMDb to lavish praise on the lesser-known war epic, with one saying: “The archival footage which makes up much of the film’s most stunning imagery is meticulously chosen and edited.
“It frequently becomes Tom’s dreams and visions of the War as it unfolds, and for the viewer, it is a vision of what WWII was, seen from both German and British sides.”, reports the Express.
“Cooper so masterfully situates Tom, an everyman, in visions of the surrounding war, that by the end of this surprisingly short, yet incredibly rich film, the magnitude of the toll the war took on the individuals fighting it becomes overwhelmingly moving.”
Another added: “If you watched Saving Private Ryan, go and see this film too. It’s totally different, but it deals with the personal feelings of a private much better, no battle scenes, just the perfect backdrop about a normal soldier going off to war, knowing what will happen.”
A third described it as “not your average war film”, noting: “There’s very little in the way of dramatised battle scenes as it shows one soldier’s path to one of the most important, pivotal battles of all time: his farewells with family, his journey to his unit, his training, his preparation for Overlord.
“No heroics, no jingoism, just the reality of what soldiers go through in becoming soldiers and how they handle the fact that eventually they’ll need to use this training in deadly earnest.”
A fourth viewer said: “It’s a sad tale, one of the forgotten men in a conflict long ago, but its universality still stands strong.”
Overlord, which carries a 15 certificate, is available to buy or rent on both Amazon Prime and Apple TV.
David Beckham has snapped “That’s a private matter’ as he shut down any questions on his son Brooklyn amid their ongoing family riftCredit: GettyThe soccer legend was being interviewed ahead of receiving a star on the Hollywood Walk of FameCredit: Splash
The Beckhams have been embroiled in an ugly fallout with Brooklyn and his wife Nicola Peltz for monthsCredit: GettyDavid received a star on the Hollywood Walk of Fame on Friday, June 12, 2026, in Los Angeles.Credit: APTom Cruise, Victoria Beckham, and Harper Seven Beckham attended the ceremony honouring DavidCredit: APBrooklyn confirmed he had cut ties with his family following a statement on his Instagram accountCredit: Splash
David told Variety: ‘We’ve got four incredible kids. We’ve got businesses that we work hard on.
“But we always make time for each other, and we always have. I want Victoria to be the best version of herself, and vice versa.
“And as busy as we are, our family always comes first.
“That’s our priority, and that’s what makes it work when you’ve been together for so long. Our priority will always be our family.”
It is thought Brooklyn is unlikely to attend the ceremony despite living just a short distance away in Los AngelesCredit: GettyDavid grafted for his star under the category of Sport Entertainment after becoming the UK’s first billionaire sportsmanCredit: Getty
Private and mixed companies will be allowed to participate in electricity generation, transmission, distribution, and commercialization. (AFP)
Caracas, June 4, 2026 (venezuelanalysis.com) – The Venezuelan National Assembly preliminarily approved on Tuesday a reform to the country’s Organic Law of the National Electricity System and Service, proposing a structural overhaul of the National Electricity System (SEN).
One of the most significant changes is the incorporation of the private sector in electricity generation, transmission, distribution, and commercialization activities, breaking with two decades of state monopoly through the National Electric Corporation (Corpoelec).
According to the draft text seen by Venezuelanalysis, private corporations and joint ventures will be able to operate in the electric grid in what is termed a “diversification of actors in the service chain.” The mixed ventures, where the state can hold majority or minority stakes, will be approved directly by the government and not by the National Assembly.
“In recent decades, the electric system has showcased structural and financial limitations […] as a result of the productive reality and the negative impact of unilateral coercive measures,” the proposed law reads. “Faced with this reality, the Venezuelan state must assume an institutional and judicial reengineering.”
The bill establishes concessions with a maximum duration of 25 years, renewable for a further 15 years under specific conditions. Once a concession expires, all infrastructure, assets, substations, and data will automatically revert to the state in good condition and without compensation.
The proposed legislation announces the creation of a new tariff scheme “based on real costs and a reasonable return for investors.” Electricity, like most public services, has been heavily subsidized in recent decades in the Caribbean nation. The bill additionally introduces obligations for electricity distributors to compensate users for damages caused by blackouts or other failures.
The reform likewise establishes the possibility for the executive branch to grant tax exemptions to projects linked to renewable energy, rural electrification, or strategic investments in the electricity sector.
The 42-article legislation will now be subject to discussions and amendments before a second and decisive vote.
If approved, it would repeal the Organic Law for the Reorganization of the Electricity Sector, enacted by former President Hugo Chávez on July 31, 2007, which merged the country’s seven existing electricity companies through the creation of the National Electric Corporation. The legislation also defined all stages of electricity generation and distribution as “strategic for the nation.”
During Tuesday’s parliamentary session, United Socialist Party (PSUV) lawmaker Orlando Miranda argued that the electricity reform represented a “mixed and private capital strategy under a rigorous regime of concessions and public supervision.”
He noted that government plans to reinforce the grid with thermoelectric plants in the past 15 years were hampered by US economic sanctions. Miranda went on to add that increased tariffs are being studied to reflect the “real costs” of the system.
For his part, opposition legislator Ezio Angelini (Un Nuevo Tiempo) demanded that the reform address corruption, which he identified as a key factor behind Venezuela’s recurring power outages.
Angelini stated that in 2019 Venezuela generated around 20,000 megawatts (MW) while consuming approximately 12,000. Today, he claimed, the country produces close to 12,000 MW, roughly 40 percent of installed capacity, while demand has risen to 14,000. On May 11, Interior Minister Diosdado Cabello stated that electricity demand had surpassed 15,500 MW due to increased oil production.
Zulia state, considered the cradle of Venezuela’s oil industry, and other western regions have experienced daily blackouts lasting between eight and twelve hours in recent weeks. Supply instability also affects other services such as water pumping and cooking gas distribution.
Frequent power outages have also gripped oil fields in the Orinoco Belt, as crude extraction relies on electric motors that are vulnerable to tension fluctuations. According to Bloomberg, the Venezuelan government is urging international energy companies to generate their own electricity for oil and natural gas projects in an effort to shield the grid from the additional load.
Delegations from Siemens and General Electric visited the country in April and held talks with the Venezuelan government headed by Acting President Delcy Rodríguez. However, the two corporate giants are reportedly “hesitant” to take part in major projects due to doubts over Caracas’ financial capabilities.
Additionally, in mid-May, US Chargé d’Affaires in Venezuela John Barrett held a meeting with Electricity Minister Rolando Alcalá to discuss plans to “restore a reliable energy supply through US investment and collaboration.”
Electricity generation in Venezuela depends heavily on the 10 MW-capacity Guri hydroelectric complex in Bolívar state, making the system particularly vulnerable to climatic factors such as the high temperatures affecting the country. Venezuela suffered nationwide blackouts in 2019, with authorities blaming US-led cyberattacks.
The electricity reform follows legislative overhauls to the hydrocarbon and mining sectors that likewise curtailed the state’s role and responsibilities while granting private corporations expanded control over operations and sales, slashed royalties and taxes, and the ability to bring disputes to international arbitration bodies.
Data center developer Switch is said to be in talks to raise billions of dollars at a valuation of at least $50B. Brookfield Asset Management (BAM), KKR (KKR), and other private equity and institutional investors have been in talks
TOMMY Fury raced to be by Molly-Mae’s side for the birth of their second child as he chartered a private jet from boxing training camp to make it in time.
Molly-Mae has given birth to her and Tommy’s second bundle of joyCredit: InstagramTommy Fury chartered a private jet from Manchester to London to get there in time for the birth of baby number twoCredit: Instagram
But, the Netflix star has certainly put those rumours to bed as he stopped at nothing to put Molly at ease.
The 27-year-old flew on a private jet from his training camp in Manchester down to London earlier this week.
“Mollie went into labour yesterday, she had been in London for the past week while Tommy continued his training camp in Manchester ahead of his Eddie Hall fight.”
“Tommy flew straight down last night to be by her side as soon as she told him labour had started. They went to hospital this afternoon and the baby was born a few hours later,” the source continued.
Molly-Mae Hague and Tommy Fury already share a daughter – Bambi, threeCredit: InstagramBusinesswoman Molly and Tommy announced the news they were expecting back in JanuaryCredit: Instagram
“The baby is absolutely perfect. Molly is exhausted but doing well. She’s so glad Tommy made it down for the birth as she was so worried he might not get there in time.”
But despite it all being a race against the clock, Molly’s boxer beau still managed to get there in time bearing gifts.
The source added: “Tommy rushed down with flowers, her favourite chocolates Ferrero Rocher and the blanket she wanted to wrap the baby in for the first pictures, as she’d forgotten it at home.”
In the first snap of their new babe, Tommy, Molly and Bambi all gathered around the hospital bed as they lay sleeping.
The picture appeared to be taken soon after the birth as stunning Molly was still in her hospital gown.
She looked utterly overjoyed as she beamed down at their new arrival.
The smitten couple captioned the announcement post: “…and then there were 4.”
There celebrity pals and fans went wild over the news and flooded their comments with congratulations.
In her latest video, Molly confessed she could announce the name by putting it on Tommy’s fight shorts as she normally take the lead on designing them.
WITH the sun shining brightly across the country, many families are itching to get out to a waterpark and cool off from the soaring spring heat.
And there’s no more fun way to cool off than in a waterpark – and the UK is home to plenty of world-class ones, with thrilling slides, rides and even their own spas.
We’ve rounded up the top waterparks for families of all agesCredit: Getty
Whether you want to try an adrenaline-fuelling trap-door waterslide, tackle a Total Wipeout-style obstacle course, or let a lazy river do all the work – we’ve got you covered.
From indoor tropical waterparks with adults-only spas, to the UK’S largest wave pool and water rollercoaster, we’ve rounded up the top waterparks for families of all ages.
And to top it all off, the entry prices start from £5.31pp – proving you can have an action-packed summer day out on a budget.
Here are some of the best on offer across the UK…
Waterworld, Stoke-on-Trent
Have a go on waterslides, Hurricane or Tornado Alley at Waterworld in Stoke-on-TrentCredit: Waterworld
Crowned the UK’s number one indoor tropical aqua park, Waterworld is a massive water wonderland packed with over 30 different rides.
The top attraction for adrenaline junkies is Thunderbolt – the UK’s very first trap-door drop waterslide.
You stand inside a capsule, wait for the floor to drop beneath your feet, and plummet straight down a vertical flume at a staggering 25mph.
For more thrills, you can tackle Hurricane, a high-speed slide that hurls you down at 17mph through glow-in-the-dark neon lighting.
For something a little more family-friendly, the newly refurbished Python ride has plenty of slithery twists and turns that are gentle enough for toddlers.
You’ve also got a classic wave pool and fast-flowing rapids that swirl you around the tropical temperature waters.
Plus, if you visit when the weather‘s hot, you can soak up the sunshine outside.
The park has an outdoor pool and sun loungers where parents can relax while kids splash around.
You can also wind down in the calming bubble pools and relaxation areas, or hit the on-site restaurant to refuel the family on fresh pizza, bubble waffles, and thick milkshakes.
Single tickets start at £17.50 online for adults and children, including spectators. Baby tickets cost £7. Make sure to book online in advance, as walk-in tickets will cost you up to £8.50 extra.
Sandcastle Waterpark, Blackpool
Sandcastle Waterpark in Blackpool is the largest waterpark in the UKCredit: Sandcastle Waterpark
Sandcastle Waterpark is the UK’s largest and home to Britain’s longest indoor water rollercoaster and 18 thrilling rides.
If you want to feel like you’re on holiday abroad, head here for a 29C tropical climate.
The Masterblaster holds the record for the UK’s longest indoor rollercoaster waterslide, with a 200m stretch of water tubing fun.
Meanwhile, the Sidewinder is the world’s first indoor half-pipe waterslide, resembling a giant, slippery skating ramp.
For the little ones, there’s the Treetops Water Chutes, multi-lane slides perfect for racing, and the HMS Thunder Splash – a giant pirate ship packed with water activities.
Another kid-friendly favourite is the Caribbean Storm Treehouse, a massive water climbing frame complete with a giant coconut that dumps 600 gallons of water onto unsuspecting swimmers every few minutes.
If you need a breather from the screaming and splashing, grown-ups can escape to the Sea Breeze Spa.
For an extra £7, adults can spend three hours unwinding in the sauna and steam room while making use of the foot spas and aromatherapy room.
For £60pp, adults get access to a private oasis with their own hot tub, a flatscreen TV, a fridge packed with cold drinks, and a dining and seating area.
You also get full-day admission to the waterpark and a meal deal included in the price.
Tickets start at £25.50 for ages 8+, £16.50 for children aged 3 -7, with under 3s going free. Make sure to book online in advance, as same-day tickets can cost you £2 extra.
Alton Towers Waterpark, Staffordshire
Alton Towers Waterpark at Splash Landings Hotel has Caribbean temperatures and a range of ridesCredit: Alamy
You don’t need to brave the theme park’s rollercoasters for an action-packed day out at Alton Towers.
The Alton Towers Waterpark at the Splash Landings Hotel is a massive, tropical-themed park with Caribbean-type temperatures in the middle of the Staffordshire countryside.
TheWacky Waterworks Treehouse is a sprawling interactive play area packed with more than 70 interactive features, including water cannons, pull-cords, and buckets.
Thrill-seekers can twist and turn down the Rush ‘N’ Rampage waterslides, or slip down the outdoor Flash Floods slides into a giant pool – perfect for a sunny day.
And if you just want to take it easy, you can drift along the lazy river or laze on a lounger while the kids hit the slides.
When you want something to eat, head to the Calypso Cave for lunches like burgers and chicken tenders, or grab an ice cream float or sundae from the Ice Cream Shack.
Tickets start at £18 online for adults and children, with those under 90cm going free. There are also parent and toddler tickets from £23. Make sure to book online for the best rates.
Dorset Adventure Park
Dorset Adventure Park has giant inflatable obstacle courses on lakes beside Corfe CastleCredit: Not known, clear with picture desk
If you prefer muddy knees, fresh air, the sun on your back and giant outdoor obstacles, Dorset Adventure Park is for you.
Set across two massive lakes on the grounds of Corfe Castle, Dorset Adventure Park is home to an action-packed outdoor inflatable course.
The Total Wipeout-style floating playground has huge trampolines, balance beams, wobbly bridges, and high-flying slides that launch you straight into the lake.
Plus, little ones even have their own inflatable, Splash Castle, manned by lifeguards and designed for kids aged 2 to 6.
If that isn’t muddy enough for the kids, the park is also home to a legendary Mud Trail.
On this 2km assault course, you can tackle mud pits, climbing walls, cargo nets, and tyre crawls that guarantee nobody leaves clean.
Back on dry land, the grounds have plenty more to see and do. There’s everything from axe throwing to relaxing woodland sauna pods.
For a bite to eat, the Snack Shack and Watering Hole have hot food, ice-cold drinks and ice creams with views of Corfe Castle.
The park provides wetsuit and buoyancy aid hire too, so you don’t need to worry about bringing anything other than a towel and a change of clothes.
Tickets start at £22pp for waterpark admission, £11 for the Mud Trail and £5 per child for Splash Castle.
The Wave, Coventry
The Wave in Coventry is home to the largest wave pool in the UK, plus plenty of slidesCredit: The Wave
Home to the largest wave pool in the UK which cycles 20 million litres of water per day, The Wave in Coventry is a high-tech indoor waterworld.
Above the huge pool are six speedy waterslides, including the colourful Cascade with its bright lights and The Rapids water coaster, described by the park as the ‘Big Dipper’ rollercoaster on water.
There’s also The Riptide, a rubber-ring ride that launches you down an exhilarating 90-degree angle.
The Cyclone, on the other hand, hurls you around a massive open bowl before dropping you out of the bottom.
Families with toddlers can head straight to The Reef, a colourful splash zone packed with mini-slides and water jets away from the big flumes.
Adults can slip away to the dedicated lane-swimming pool, work out at the fitness centre, or book into the luxurious Mana Spa to use its steam room, sauna, or enjoy a relaxing massage.
Tickets start at £15 per adult, £13 for ages 11 and under with under 1’s going free.
Time Capsule Water Park, Scotland
The Time Capsule Water Park in Lanarkshire has a Tornado Tantrum area with twisting ridesCredit: Time Capsule Water Park
The Time Capsule Water Park in Coatbridge, Lanarkshire is an affordable option with plenty of activities for mixed-age families.
Plus this waterpark is attached to an indoor ice rink, making it an ideal spot to visit and cool off on a hot day.
Inside you’ll find a lazy river, splash zones and waterslides, plus water cannons and a giant tipping bucket.
The most unique attraction here is the Tornado Tantrum – a setup of 10m-high Storm Chasers, thunder and lightning effects and twisting water flumes.
For families with young children, the Cove Island area has plenty of splash play zones for toddlers.
There’s also a Tiny Tots Play Zone on site, a soft play area for children aged 5 and under.
Head to the Tsunami Café for poolside burgers or a sit down with a cold drink.
The Time Capsule Water Park is one of the most affordable on the list, costing £6.50 per adult to enter and £4.50 per child. There is also free parking available.
LC Swansea Waterpark, Wales
Try out surfing on the Boardrider at LC Swansea in WalesCredit: LC Swansea
LC Swansea is Wales‘ biggest water park, packed with exciting rides, relaxing pools and even an indoor surfing machine.
Try out surfing or body-boarding on the Boardrider – a never-ending wave machine built for those who want to learn to ride waves like a pro.
Here you’ll also find the MasterBlaster water coaster, launching rubber ring riders uphill before gravity plummets them back down into the pool.
Younger kids can make a splash at Volcano Bay, an interactive zone with fountains, a smaller slide and tipping buckets.
For a slower pace, you can drift along the peaceful, lazy river or soothe your muscles in the bubbling whirlpool.
There’s a range of sessions to book, including Toddler Splash early mornings, women’s only and evening splash sessions.
To burn off some energy outside of the pool, there’s a water-themed Climb and Play area with four storeys of obstacles plus a 30ft climbing wall.
There’s also a Costa Coffee on site, plus a shop where you can pick up any extras you might need like swim hats and goggles.
Tickets start at £5.31 per adult or child for a General Splash session, with infant tickets for ages 1 to 3 starting at £2.97 and under 1s going free.
Love Your Weekend host Alan Titchmarsh questioned Jeremy Vine after the presenter opened up about an embarrassing celebrity encounter.
Jeremy Vine spoke about his eventful bathroom visit(Image: ITV)
Jeremy Vine has shared a cringe-worthy story about meeting one of pop music’s biggest stars under rather unfortunate circumstances.
Love Your Weekend With Alan Titchmarsh returned to ITV this morning, with the much-loved presenter heading to The Big Cat Sanctuary in Kent for this week’s episode.
The veteran host kicked off the programme by quizzing his celebrity guests about their greatest “pinch me moments”.
Jeremy then launched into a rather risqué anecdote about a particularly memorable bathroom visit during his time at BBC Radio 2, prompting Alan to step in with a cautionary word.
“Behind Radio 2 reception there was a loo…” he began, as Alan interjected: “I think you’re going to take this slightly downmarket…”
“I wont!” Jeremy insisted as Alan questioned: “Is this really necessary?”
Jeremy then explained: “I’ve got to tell this story; I’ve got to unload because I haven’t really told it before.”
Alan then cheekily warned Jeremy that the phrase ‘I’ve really got to unload’ hardly inspired great confidence given the direction the tale was heading, reports the Express.
Undeterred, Jeremy continued: “So behind Radio 2 reception there is a single cubicle toilet and it was always locked because the receptionist said we don’t want anyone going in there for obvious reasons.
“And one day I was bursting and I could see the door unlocked, so I say, ‘Do you mind if I go in?’ and I lock the door and I’m in a seated position…
“You’re on the verge of oversharing!” Alan exclaimed, as Jeremy continued: “I don’t understand what’s going on outside the door because I’ve got no idea.
“But Barry Gibb of the Bee Gees has said to reception, ‘I need to use the loo urgently.’
“And reception looks round and the door is locked because it always is because they lock the door to stop people using it,” he clarified.
“So they gave him the master key and I’m sitting in the loo in a seriously private moment and [the door] suddenly opens and Barry Gibb walks in!
“This is the guy who wrote Islands in the Stream!” Jeremy added, as the studio erupted into laughter.
“He walks in a completely continuous movement and I think he made the noise ‘ha?!'” the presenter said, imitating a similar sound to what the Bee Gees sing in their famous track, Stayin’ Alive.
“I’ve only met him once and that was it,” Jeremy concluded, as Alan swiftly steered the conversation elsewhere.
For her standout moment, Kate recounted the occasion she encountered legendary Hollywood actor Dustin Hoffman following a theatrical performance.
She recalled being completely starstruck having previously watched him in classics such as Tootsie and The Graduate, while younger cast members recognised him from the animated blockbuster Kung Fu Panda.
Meanwhile, Michael disclosed he had recently had an audience with Pope Leo XIV, describing it as amongst the greatest days of his life.
Love Your Weekend With Alan Titchmarsh airs every Sunday at 9.30am on ITV1 and ITVX.
But it seems that Madonna also has royal standards when it comes to travel. I can reveal that the Like A Prayer hitmaker brought her own private chef on to a British Airways flight last month.
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Madonna has royal standards when it comes to travelCredit: instagram/madonnaThe Queen of Pop brought her own private chef on to a British Airways flight last monthCredit: instagram/madonna
She jetted from Los Angeles to London’s Heathrow with former foot- baller boyfriend Akeem Morris.
Her chef plated her up some sushi before they took off for the 11-hour flight to England.
A source said: “Madonna is strict about her lifestyle and avoids processed foods.
“She has the luxury of taking her private chef when travelling. He knows exactly what she eats to ensure she is sufficiently nourished when travelling between timezones.”
Madge is understood to follow a strict macrobiotic diet which is favoured by A-listers including actress Gwyneth Paltrow.
She avoids sugar, caffeine, alcohol and processed items, instead favouring fruit, veg and protein.
Functional nutritionist Pauline Cox previously told The Sun: “Madonna has a carefully planned diet that allows her to carry on performing at a high level.
“She eats complex carbohydrates — brown rice, beans and oats — for slow energy release.”
I previously told how Madonna turned night owl for a new music video, shooting between 5pm and 2am.
She is set to premiere the ten-minute film at the Beacon Theatre at the Tribeca Festival in New York in the US on June 5.
It is built around the first six tracks from her album, Confessions II, out on July 3.
ELLIE KNUCKLES DOWN
Ellie Goulding returned to the stage for the first time after giving birth to baby number twoCredit: GettyShe wore a baggy white tee and diamond knuckle-dusterCredit: Splash
ELLIE GOULDING let her hair down as she returned to the stage for the first time after giving birth to baby number two in March.
Wearing a baggy white tee, leather shorts and diamond knuckle-duster, inset above left, for her show at Radio 1’s Big Weekend in Sunderland, the singer revealed that her five-year-old son Arthur was watching.
She said: “So, guys, this is kind of a big deal, because my son is watching me for the first time today.”
Ellie also sang her new song Black Prada Dress.
Great to have you back, Ellie.
BBCRADIO 1 host Charlie Hedges has pleaded for Harry Styles to return to the Live Lounge.
The DJ, who hosts Dance Anthems, revealed how she was presenting a 24-hour show when the former One Direction star was in the building.
She told Biz on Sunday: “Harry was confirmed to be in the Live Lounge however it was the same day that I’d decided to do a 24-hour Radio 1 dance day. So I missed Harry Styles.
“I stitched myself up because it was my idea to do the 24-hour show. I can’t blame anyone. I am fuming.”
Meanwhile Charlie – who is in Sunderland for Radio 1’s Big Weekend – revealed Lewis Capaldi is one of her favourite guests.
She said: “He is probably the funniest man I have ever met in my entire life, let alone being an incredible performer.”
ZARA McDERMOTT cheered on boyfriend Louis Tomlinson from the side of the stage yesterday.
Louis Tomlinson performs during Radio 1’s Big WeekendCredit: SplashZara McDermott was cheering her boyfriend onCredit: Getty
Sam Workman is hoping to make sparks fly in the Love Island villaCredit: Instagram
HUNKY electrician Sam Workman is hoping to make sparks fly in the Love Island villa.
The lad, from Dudley, is lined up for the next series of the ITVdating show in Majorca, which kicks off on June 1.
A source said: “Sam is ready to use his electrician charm in the villa.
“He has also been hitting the gym to make sure he’s villa ready.”
Sam has started his summer in style and was spotted at Coachella Festival in California, US, in April.
Hopefully Sam finds himself a festival sidekick in the villa.
STORM OFF, YAS
Yasmin Pettet has left modelling agency Storm ManagementCredit: Getty
SHE signed up with top modelling agency Storm Management after leaving Love Island last year.
But I can reveal that Yasmin Pettet has left the company that has launched the careers of supermodels Kate Moss and Cara Delevingne.
A source said: “Yasmin loved working with Storm and learned a lot from the agency. However her career is going in another direction.”
The agency posted a snap of Yasmin – who finished third with Jamie Rhodes on the dating show – on their Instagram last year to announce the new signing.
It read: “Yasmin’s fearless, edgy aesthetic positions her within the new wave of British It girls: challenging conventions and breaking the mould.”
MARRIED MILEY’S WEBBED BLISS
Miley Cyrus was joined by designer Donatella Versace and actress Anya Taylor-Joy at her Hollywood Walk of Fame ceremonyCredit: Reuters
MILEY CYRUS is a married woman, according to her mother.
The revelation came at the singer’s Hollywood Walk of Fame ceremony in LA on Friday, where Miley wore this webbed maxi dress.
Onlookers witnessed Tish call Miley’s fiancé Maxx Morando, who proposed in winter 2025, her “husband”.
As Miley’s mum herded together family and friends for photographs, she looked over at Maxx, drummer for the rock band Liily, and declared, “We’re gonna bring the husband.”
Miley wore this webbed maxi dress to the ceremony in LACredit: ReutersMaxx Morando posed next to Miley at the eventCredit: Reuters
Maxx then posed next to Miley and kissed her on the cheek.
Tearful Miley lavished praise on her father Billy Ray even though he wasn’t present to see her being honoured with the Hollywood Walk of Fame star.
The singer, who was also joined by designer Donatella Versace and actress Anya Taylor-Joy, declared, “My dad used to say a skyscraper starts with a jackhammer” as she vowed her career is fuelled by making her art immortal.
With tears on her face, Miley continued: “To my family, my future family, parents, my mom, my siblings, my friends, my collaborators, thank you for loving and supporting not only the choices that I make, but my fears, and then facing them with me.
“Today is something that I’ll never forget and I’m always going to cherish.”
AD SUITS YOU, TOM
Tom Hiddleston has shot a top-secret Ralph Lauren collaborationCredit: BBC
The actor has shot a top-secret Ralph Lauren collaboration, which will be unveiled later this year.
Thor star Tom has been a mainstay at the American label’s events lately, including sitting front row at Milan Fashion Week and attending the post-runway dinner party where he sat pride of place next to Ralph’s son.
A source said: “Tom has a busy filming schedule, but he managed to squeeze in this ad as he was delighted to be asked.
“He loves the brand and plans to wear it on red carpets and at awards dos.” Tom, who is engaged to Fresh Meat actress Zawe Asthon, gushed about fashion earlier this year.
Speaking to Esquire he said: “There’s a certain element of respect when you wear a suit. Not just for yourself, but for the people you’re in the company with.
“I admire the craft of it all, and there’s something about how tailoring can honour shape and athleticism as a man. I love texture. I love the idea of getting dressed up.
“I love the construction of it and the details add up to a whole that I find pleasing.
“My tan shoes match my watch strap, and my pocket square gives a flourish.”
AIR WE GO… OFF TO AMERICA
Donna Air is quitting the UK as she hopes to land some roles in the USCredit: Getty
SHE’S kept her head down since appearing in the Jeffrey Epstein files earlier this year, but I can reveal that Donna Air is quitting the UK.
The ex-Byker Grove actress is returning to her acting roots and hoping to land some roles in the US.
This follows The Sun on Sunday story in February revealing her links to the paedophile businessman. Plus, earlier this month, Donna lost her dad Trevor to cancer.
Posting on social media she wrote: “I’ve packed up my home, and I’m off to pastures new.”
A source said: “It’s been a tough year for Donna. She wants a change of scene and a fresh start. She is hoping to audition for some roles in America and see what comes her way.”
STARS OUT FOR THE BBC
A 1986 BBC advert starring comic John CleeseCredit: Supplied
A HOST of top stars from music, films and telly are backing the BBC after filming a new ad promoting the licence fee.
Despite investor fears, private credit is far from a meltdown because not all risks are the same.
The cracks in the private credit market appear to be widening.
Private credit is a significant alternative to syndicated bank loans as a source of corporate capital provided predominantly by private equity (PE) firms. The market is heavily involved in financing data center capacity, which is burgeoning along with the demand for artificial intelligence. Investors fear that the artificial intelligence capital spending boom poses a threat to the software industry and may be creating a market bubble that leaves private credit funds overly exposed.
Yet there are reasons to believe the potential damage to the private credit market remains manageable and contained.
This article appears in the May 2026 issue of Global Finance Magazine. .
To be sure, when auto parts seller First Brands announced its bankruptcy late last year, which was financed by a credit fund sponsored by investment bank Jefferies Group, it raised alarms in some quarters. Underscoring the opacity of private credit, which is largely unregulated, were allegations that First Brands had borrowed against the same receivables more than once. Meanwhile, defaults elsewhere in the credit sector hit a record high in 2025, according to Fitch Ratings, reaching a 9.2% rate, more than double the 3.6% recorded in 2023. Default rates this January continued upward, reaching 9.4% before slightly easing in February to 5.4%.
As the First Brands financing reveals, banks as well as PE firms are involved in private credit, either by financing investment funds sponsored by Ares Capital, Antares, Apollo, Blackstone, Blue Owl, and the like, or via funds of their own. With pension funds, insurance companies, and increasingly, individuals investing in private credit, law firm Quinn Emanuel warned in a March client memo that the trend may pose systemic risk, even though private credit is still a relatively small part of the overall loan market.
“The result is a transmission chain that runs from the technology companies, through private credit originators, to the regulated banks that lend to them, to the insurers and pension funds that invest alongside them, and potentially to the retirement accounts of ordinary Americans,” the memo’s authors warned.
Only a minority of small corporate borrowers are in trouble, and companies with EBITDA of $25 million or less experienced significantly higher default rates—15.8%—than larger companies in 2025. Healthcare and consumer companies have higher default rates. Fitch also notes that realized losses for first-lien lenders have been limited, with most cases resulting in full or high-percentage recoveries.
Notably, private credit default rates historically tend to run higher than those on broadly syndicated loans, a trend some observers attribute to more customized, and sometimes distressed, lending terms. The January uptick was largely driven by “distressed” exchanges and payment-in-kind (PIK) interest, according to Fitch.
AI Anxieties
Alen Lin, Fitch Ratings
Concerns are growing about PE funds exposed to software. Investors worry that AI will disrupt the software industry, leading to defaults within portfolios of private-credit loans to the sector. But most such funds are diversified, and even those that aren’t may not be as vulnerable to disruption by AI as investors fear. That’s because the large language models underpinning AI require application program interfaces to operate, so software may still be needed to facilitate the technology’s use.
“Implementing AI still requires significant effort to get it to work in a particular environment,” Alen Lin, senior director of North America corporates, technology, at Fitch Ratings, told audiences at a recent webinar held by the firm.
Of course, much depends on the type of application involved. As Fitch notes, companies producing software that is either deeply embedded in enterprise technology systems, leverages proprietary data, or operates in more regulated industries like health care and financial services could benefit from the development of AI. By contrast, those producing software for applications that aren’t so embedded, such as digital content creation or certain types of analytics and visualization tools, are more exposed to AI disruption.
Even if the AI bubble bursts, that risk is unlikely to evaporate, Lyle Margolis, senior director in Fitch’s corporates group, where he manages its private credit business, said in an interview with Global Finance. “AI is here to stay and is going to be disruptive to certain segments of the software market,” he says.
Yet the risks may be overstated. Whether measured by leverage, interest coverage, or EBITDA, “the trends in the software sector have actually been somewhat positive,” he noted. Refinancing risk for the sector is relatively benign. And data-center build-out provides one of several “significant tailwinds” for private credit in the software sector, added Dafina Dunmore, Fitch’s senior director of North American non-bank financial institutions.
Another mitigating factor: Redemption risk, which can see large outflows of capital. However, it is limited largely to business development companies (BDCs), a more liquid, retail-oriented variety of private-credit investment vehicle. Blue Owl, for example, recently blocked redemptions at one of its BDCs and liquidated some others. And the $33 billion Cliffwater Corporate Lending Fund, the largest US private-credit interval received redemption requests on 14%.
Although defaults are rising for these portfolios, redemption risk isn’t a problem for most credit funds, because investors are locked in until maturity. In addition, stress is concentrated in direct lending: corporate loans that fund working capital and growth.
Hidden Risks
To be sure, many such risks may be hidden, given private credit’s opacity. Blue Owl’s exposure to software loans, among the highest in the industry, is roughly twice as extensive as its public filings indicate, according to a recent analysis by the Wall Street Journal. The paper also found other PE firms whose credit funds exhibit software exposure exceeding what’s publicly disclosed include Blackstone, Ares, and Apollo.
Investor worries may exacerbate Blue Owl’s redemption woes since its data center financing deals involve accounting practices that obscure the risk involved. The main source of concern is likely Blue Owl’s $27.3 billion financing of Meta’s Hyperion data center in Louisiana.
Yet, S&P rates the bond backing the deal, called Beignet, as Meta’s obligation, reflecting that it bears the risk of default. Indeed, investors seem to like that cash-rich Meta stands behind Beignet. The bond was recently spread over a bond financing the CoreWeave data center, which isn’t backed by the hyperscaler.
Still, some wonder if the risks are adequately priced into these issues.
Quinn Emanuel warns that the vagaries of Meta’s accounting treatment may lead to litigation between the parties over who bears the loss if AI fails to meet expectations and Meta chooses not to renew the lease. Blue Owl finances an Oracle data center in similar fashion, but that bond is trading at a discount to Meta’s, partly because Oracle doesn’t back it and partly because the ultimate tenant is less financially stable OpenAI.
“When we rate data centers, to some extent we look at the credit quality of the ultimate tenant,” says Victor Leung, vice president for project finance at ratings firm DBRS Morningstar.
This type of complexity led Quinn Emanuel to warn in its March 13 memo that, “the AI data center buildout—projected to require $5.2 trillion in infrastructure investment by decade’s end—has spawned complex financing structures that are generating significant litigation risk.”
Mark Koziel, CEO of the International Association of International Certified Professional Accountants and president-CEO of the American Institute of CPAs, says he would raise the issue of current accounting rules for such financing arrangements at an upcoming meeting with the Financial Accounting Standards Board. Also last month, the US Department of the Treasury said it would meet with industry and investor representatives to discuss private credit’s potential risk to the financial system.
Thus far, warnings of a private credit meltdown seem overstated.
Credit funds focused on asset-backed finance (ABF), which is based on the value of a borrower’s assets and is the fastest-growing sector in the market, are relatively immune to stress, thanks to their self-liquidating feature. In contrast to direct loans, principal on asset-backed financings is paid back during the life of the loan. As a result, ABF funds don’t face the same refinancing risk as direct lenders.
Sponsors of direct lending funds “don’t have the benefit of those cash flows directed to pay down the loans,” notes Fitch’s Margolies.
Apart from First Brands’ receivables deal with Jefferies, the ABF segment has yet to be fully tested. But a test may soon be underway: Beignet is also asset-backed. Or sort of.
Debt principal remains outstanding at each renewal point, so it isn’t completely self-amortizing. As a result, DBRS Morningstar’s Leung notes, “you face a risk that your facility will lose its source of revenue.” Hence, Meta’s guarantee that it will make up any loss facing investors if it fails to renew the lease and the facility’s residual value falls below a certain threshold.
That scenario is not far-fetched, Quinn Emanuel warns, noting that it’s expensive to convert an AI data center to general-purpose cloud computing or other uses: “If demand for AI computing contracts, these facilities may function as stranded assets with limited alternative use and depressed liquidation value.”
HSBC (HSBC) has not transferred its previously announced figure of $4B into its own private credit funds and has no current plans to do so, the Financial Times reported, citing two sources familiar with the decision-making process.
WASHINGTON — David Venturella, a former executive at a private prison operator, will serve as the acting head of U.S. Immigration and Customs Enforcement, the Trump administration says, after the agency’s current leader steps down at the end of the month.
A spokesperson for the Department of Homeland Security said late Tuesday that Venturella would succeed Todd Lyons, who led the agency through much of the administration’s tumultuous crackdown on immigration. ICE did not immediately respond to an email seeking additional information Wednesday.
Venturella left the Geo Group in early 2023 and has been working at ICE leading the division that oversees detention contracts, members of Congress wrote in a public letter earlier this year.
At the Geo Group, which houses around one-third of ICE detainees, Venturella served in a number of posts, including executive vice president overseeing corporate development, according to a Securities and Exchange Commission filing. He also oversaw removal operations for ICE in 2011 and 2012 after working for federal contractors, including one that specializes in security clearances and background checks.
Geo has benefited from President Trump’s mass deportation push, garnering big contracts to open three shuttered facilities. Among them was a $1-billion, 15-year deal for a detention center in New Jersey’s largest city.
“Last year was the most successful period for new business wins in our company’s history,” Geo’s CEO George Zoley said during an earnings call last week.
Geo owns and operates 23 ICE detention facilities, with about 26,000 available beds. Zoley also said that ICE’s air transportation subcontract had continued to steadily increase and that it secured a new contract last year for electronic monitoring.
Venturella will lead ICE at a time when the public mood has soured on Trump’s immigration crackdown, which sent surges of federal immigration officers into American cities to round up immigrants. Those raids sent tensions soaring and prompted clashes between protesters and law enforcement, leading to the fatal shootings of two U.S. citizens in Minneapolis earlier this year.
Trump returned to the White House on a promise of mass deportations, and ICE has been a central executor of that vision. Under Lyons’ leadership, the agency used a massive infusion of cash to expand hiring and detention capabilities, and it ramped up arrests to meet demand from the Republican administration.
Federal officials announced Lyons’ departure last month from ICE, which had gotten $75 billion from Congress to fulfill Trump’s mass deportation campaign.
Venturella’s appointment comes as Homeland Security Secretary Markwayne Mullin settles into his role atop the Cabinet agency overseeing ICE. Mullin has promised to keep his department out of the headlines and has indicated a softer tone on immigration, although he is expected to align with the president’s priorities on mass deportations.
One contentious issue confronting Homeland Security now is a plan for converting warehouses into immigrant detention centers. Conceived while Kristi Noem led the department, the effort has encountered multiple lawsuits and intense community blowback, including in Republican-led states.
The $38.3-billion plan would increase detention capacity to 92,000 beds and mean acquiring eight large-scale facilities, capable of housing 7,000 to 10,000 detainees each, and 16 smaller regional processing centers.
Those, and other sites, were supposed to be running by the end of November. But after Noem’s departure, the department paused the purchase of new warehouses as it scrutinizes all contracts signed during her tenure.
Last month a judge extended a pause on transforming a massive Maryland warehouse into a processing facility for immigrants, and there are signs that federal officials are scaling back the plans.
This could be good news for Geo. The Florida-based company has about 6,000 idle beds at six company-owned facilities, Zoley said last week.
Zoley had offered a note of skepticism about the warehouse plan during an earlier earnings call in February, noting that renovating a warehouse is “more complicated than you may think.” At that point, he said the company was “cautiously” looking at whether to bid to help operate some of them.
I’M dancing in the midday sun, frozen margarita in hand, while the DJ plays top tunes to complement the incredibly beautiful Bahamian backdrop.
I’m at the new Royal Beach Club, on Paradise Island, a private party pad in the Bahamas owned by cruise company Royal Caribbean.
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Royal Caribbean’s Royal Beach Club Paradise IslandCredit: SuppliedThe beach club is exclusively for passengers travelling on board Royal Caribbean shipsCredit: Royal Caribbean
This 17-acre stretch includes three differently-themed areas and the world’s largest swim-up bar.
And the beach club is exclusively for passengers travelling on board Royal Caribbean ships.
It’s booked similarly to a cruise excursion, and the £126 fee buys you food, and drink all day, as well as access to three temperature- controlled pools and two huge white-sand beaches.
For those who don’t want alcoholic drinks, it’s £96.
Transfer to the club from ships docked at Bahamian capital Nassau are by bright-pink water taxi — ours was dubbed Flirty Flamingo.
After a few daiquiris by lunchtime, we were loving the upbeat atmosphere, with a real Las Vegas pool-party vibe.
As well as the Party Cove — by far the liveliest zone on the island — there is the Family Beach, designed with kids in mind.
The pool is perfect for younger children who want to play in shallow water and there is live music, and games, so parents can have fun, too.
For those who would rather kick back with a book and a beer, the Chill Beach is more relaxed.
But most come here to party and, with ten bars dotted around the island, it’s very easy to do that.
The food didn’t disappoint either.
Each area has an island grill, serving Bahamian favourites like coconut shrimp and jerk chicken.
Make a splash in the luxury poolCredit: SuppliedRide the waves on the surf simulatorCredit: sbw-photo
After a day dancing in the sun, we were grateful to be able to amble on to one of the multi- coloured ferries back to the ship.
We were sailing on the 18-deck Wonder of the Seas, one of the world’s largest cruise vessels — and there was plenty on board to keep us busy, including 20 restaurants, five live shows, a surf simulator, zipline and ten-storey slide.
The ship is capable of hosting almost 7,000 passengers, in its 2,600 cabins.
Our balcony stateroom was bright and breezy, with the benefit of some outside space.
While there are plenty of venues for you to enjoy the tasty included dining, we splashed out on one of my favourite venues that come at an extra cost.
Seafood restaurant Hooked is around £36 extra per person if booked in advance, but is definitely worth it.
Delicious menu options included Alaskan salmon, Maine lobster and freshly shucked oysters, as well as a fantastic surf-and-turf.
After dinner, we managed to get a seat at the popular inTENse show, whose all-female performers include synchronised swimmers, acrobats and martial-arts specialists.
The Sun’s Helen Wright, right, enjoys a sip at cocktail hourCredit: SuppliedHelen and her pal get the party startedCredit: Supplied
With a larger ship, the challenge can sometimes be getting your bearings, but on Wonder of the Seas the eight “neighbourhoods” mean you quickly get into the swing of things.
My favourites included Central Park, a serene open-air courtyard, adorned with trees and plants; The Boardwalk, a fun, fairground-themed zone; and the Royal Promenade, a social space with shops, bars and restaurants.
It’s easy to see why a Royal Caribbean cruise appeals to a wide range of holidaymakers.
Whether you are cruising as a family, a couple or with friends, there is a lot of fun to be had.
The karaoke lounge is a must — even if you don’t want to roll out your inner Jane McDonald.
The entertainment value for the audience here is high — with some very interesting performances from guests that have been sipping rum punch all afternoon.
The perks included with your cruise continue on the island, too.
If you want a break from sunning yourself by the turquoise sea, you can also embrace your inner kid at the Thrill Waterpark, which does come at an extra cost.
Here, you can take on the third-highest waterslide on the planet.
This tube-slide is shockingly fast, with riders hurtling down at more than 30mph — taking just seconds to splash-land.
Which is a lot faster than it takes to climb the 255 steps to get to the top.
Back on the Wonder of the Seas, guests can take advantage of their last night at sea with the bars, pools and decks full of life.
With lots of fun things to see and do on board — and now with the Royal Beach Club giving you even more fun on land — a Royal cruise definitely offers the best of all worlds.
GO: CARIBBEAN CRUISE
GETTING THERE: Virgin Atlantic fly daily to Miami from Heathrow with return fares from £548.
ALL ABOARD: A three-night full-board sailing on Royal Caribbean’s Wonder of the Seas is from £343pp, based on departure from Miami on September 25, 2026.
Includes calls at Nassau and Perfect Day at CocoCay.
Wealthy individuals significantly reduced their investments in private equity funds during the first quarter, signaling growing concerns about valuations and credit quality across the broader private capital sector.
Two industry giants, KKR (KKR) and Ares (ARES), attracted
HomePrivate CreditSuntera’s Von Bevern on the ‘Speed’ Advantage of Private Credit
Michael Von Bevern of Suntera breaks down how private credit lenders are faster and act more like business partners than banks in a tightening global market.
As traditional banks continue to retreat from risk, private credit is stepping in to provide the speed and execution that entrepreneurs desire. Global Finance spoke with Michael Von Bevern, Global Head of Funds at Suntera Global, about why this “unregulated” sector has become a permanent fixture in the funding landscape.
Global Finance: What are the benefits of being a private credit borrower?
Michael Von Bevern: The big benefit is speed. It can be relatively simplistic, depending on what type of borrowing you’re going for. In a direct-lending situation, like a senior term loan, it is usually simple because your risk profile is clear. For anything less senior, such as mezzanine or subordinated debt, the advantage is that it provides capital without diluting ownership. That’s important for entrepreneurs. They just need cash flow to grow and don’t necessarily want to give up equity. And they don’t want to be taken to the cleaners for raising equity. In those cases, mezzanine or subordinated debt can be a really effective solution.
In our business, we see a lot of NAV (Net Asset Value) lending, where a fund’s assets serve as collateral. This helps borrowers boost returns and navigate tricky markets, especially when raising equity is difficult. I also see a lot of action in specialty finance, or the asset-based lending space. The borrower is unlocking liquidity at usually more favorable rates than going to banks.
GF:Are banks really that cumbersome?
Von Bevern: Well, they don’t take risks. That’s not what they do. They bet on sure things, whereas in our industry, we fill the gap for high-growth companies seeking custom, quick solutions. We have a lender at Suntera — Carlyle Group. They’re extremely helpful. It’s like having a business partner.
GF: You wouldn’t get extra assistance with, say, JPMorgan Chase or Morgan Stanley?
Von Bevern: We bank with JPMorgan here in the U.S. Don’t get me wrong — I love JPMorgan. But, they’re not the risk-takers. If you need speed, if you need execution quickly, banks aren’t known for that. Specialty lenders — whether focused on a particular sector or type of credit — can move much faster than a bank. That speed can make the difference in whether a deal gets done. There’s a lot of competition out there, especially with the IPO market drying up. Finding ways to create liquidity and still grow your company is critical. At the end of the day, banks are regulated. These lenders aren’t, so they just view credit differently than your average fund lender.
Von Bevern: I’ve been doing this for 20 years, and people have been talking about regulating private credit the whole time. I just don’t see it happening. If you did regulate it, you’d basically be regulating private equity and venture capital, too. What makes it work is that there are highly skilled, disciplined people in this industry who can lend responsibly while helping companies achieve their goals — whether it’s M&A, expansion, or growth. I can’t see regulation coming in and dampening that.
GF:How do you pay back a private credit lender like Ares, Blackstone, KKR, or Carlyle?
Von Bevern: I can’t speak to the Carlyle loan specifically, but in general, we see lots of different loan agreements as a fund admin and loan agent. The key thing is flexibility—these agreements are designed for repayment, but they give you options: payment-in-kind (PIK) interest option, rollovers, and adjustable-to-fixed contracts. They’re structured to support your growth while giving you room to navigate the business.
GF: So, with Suntera and Carlyle, is there someone on the ground at Suntera who can offer expertise or perspective, given how sector-specific it is?
Von Bevern: I can’t speak to Suntera and Carlyle, but large private credit lenders work across multiple industries and verticals. That means when you’re in a specific sector and need liquidity, they bring a wealth of experience from similar companies. They can act almost like a business partner — advising on how you use the proceeds, what your expected returns might be, and even on covenants in loan agreements.
Over the years, I’ve seen lenders in areas like recycling, renewables, and reusability not only provide capital but also offer extensive guidance about the business itself. It’s similar to what private equity would provide — but without the dilution.
GF: Wouldn’t these companies get money from a traditional bank if they could? And are these companies already a credit risk?
Von Bevern: There’s some risk in every loan. The less risky borrowers are usually the ones banks handle. Banks set strict guardrails and count on repayment. Private credit, on the other hand, often funds the next level down or borrowers that need speed of execution that banks can’t offer. The risk depends on the loan structure — whether it’s collateralized or uncollateralized, senior or mezzanine — and is managed through interest rates, covenants, and other terms.
Looking ahead, we’re approaching a refinancing cycle that will make the embedded risk in today’s market clearer — probably by the end of 2027. Even so, defaults remain rare, and most borrowers are likely to refinance without issue. Of course, there will always be cases, like Blue Owl, that attract attention, but those don’t indicate a broad crisis.
GF: U.S. small business insolvency filings jumped 67% year over year. Many point to inflation, geopolitical instability, and tightening credit as key factors.
Von Bevern: A few years ago, when interest rates were historically low, it was easier to match lenders with portfolio companies in a way that worked for both sides. Today, with interest rates much higher, we’re entering a cyclical period that naturally creates stress for these businesses. Your stat isn’t surprising, but structurally, the market remains sound. It’s also hard to know how many of these insolvencies were directly due to loans or credit constraints.
GF: The European Central Bank’s fourth-quarter data shows euro-area banks are tightening credit standards. Are you seeing private credit growth globally as a result?
Von Bevern: The expansion of private credit is definitely a global trend. We operate in the U.K., the Channel Islands, the U.S., Singapore, Hong Kong, the Bahamas, and other markets, and the trends are similar across regions — interest rates have risen everywhere. Even with higher rates, defaults haven’t spiked as some might have expected. Lending today is often collateralized, not just unsecured, and large funds, like BlackRock’s $20 billion credit fund, are expanding the pool of borrowers, which naturally introduces a wider spectrum of risk — but that’s manageable. Competition among private lenders has increased significantly, thanks to abundant dry powder and a mature, experienced market. Looking ahead, the refinancing cycle over the next year or two will be interesting to watch, but I don’t see it as a systemic problem.
GF: Should ETFs, retirement accounts, and pension funds incorporate private credit companies?
Von Bevern: They already are. Private credit exchange-traded funds (ETFs) are definitely among the fastest-growing segments of the business. And they can be either directly with the lender or the stock of a company that does a lot of private credit lending. So it’s a sort of direct and indirect way to get into the ETF part of it.
GF: So you’re clearly bullish about private credit. Is there anything you’re bearish about?
Von Bevern: Going into 2026, I expected it to be a strong fundraising year. There’s a lot of dry powder, and many managers still have to fully invest the funds they raised in prior years before starting new ones. Overall, that made me bullish.
What concerns me is emerging managers. With so much dry powder flowing to established names, it’s harder for new managers to raise funds. It’s going to the sort of household names. Intense selectivity and abundant opportunities are making it harder for emerging managers in our space to gain attention. It’s not that they can’t be successful; there just won’t be that many of them. I’ve worked with hundreds of emerging managers over my career, and many struggle to get off the ground even with strong pedigrees.
Emerging managers often provide more specialized attention to portfolio companies, which can translate into better returns. If this segment struggles, it could constrain that part of the alternatives market. But hopefully this too will pass.
Editor’s note: This interview has been edited for length and clarity.
Normal flows of fossil fuels from the Gulf have effectively been at a standstill since the war broke out and the Strait of Hormuz was blockaded, leading to shortages and flight cancellations
“Aside from the Middle East, the global private jet industry has not been affected by rising fuel costs,” Nick Koscinski, analyst at WINGX Advance aviation data firm, told the Mirror. “In fact, global private jet flights are up 4.7% year-to-date through 19 April.”
In US cities that have been hit by Transportation Security Administration staff shortages amid a pay freeze, there have been much higher usage rises, with a 17% yearly increase in Washington, DC, and Houston.
Normal flows of fossil fuels from the Gulf have effectively been at a standstill since the war broke out and the Strait of Hormuz was blockaded. A fifth of the world’s oil and gas typically flows through the Strait.
Last week, global jet fuel shipments fell to the lowest recorded level. Just under 2.3m tonnes of jet fuel and kerosene were transported on ships in the seven days to 26 April, according to data company Kpler. The figure represents less than half the average weekly volume shipped before the war. Earlier this month, the International Energy Agency warned that Europe could run out of jet fuel in weeks.
WINGX Advance analysis notes that Jet A1 prices have approximately doubled since January, and they represent about 30% of variable operating costs for private jet operators.
“So this cost is significant. Our impression is that the cost increase has largely been passed through to end-users. As flight activity for private jets is up this year vs last year, clearly demand seems to be inelastic at least for now,” analyst Richard Koe added.
Flying in a private jet is one of the most fuel-intensive, emissions-spewing activities a human can engage in.
Overall, private aviation emissions increased by 46% between 2019 and 2023, with industry expectations of continued strong growth, according to a Nature journal Communications Earth & Environment study.
It also found that most of these small planes spew more heat-trapping carbon dioxide in about two hours of flying than the average person does in about a year.
In 2023, roughly a quarter million of the super wealthy, who were worth a total of $31 trillion, emitted 17.2 million tons (15.6 million metric tons) of carbon dioxide flying in private jets. That’s about the same amount as the overall yearly emissions of the 67 million people who live in Tanzania.
Stefan Gössling, a transportation researcher at the business school of Sweden’s Linnaeus University, said the issue wasn’t so much the emissions, which remain a small part of those produced globally, but the lack of fairness.
“The damage is done by those with a lot of money and the cost is borne by those with very little money,” Gössling said. A separate report by Oxfam claimed that billionaires emit more carbon pollution in 90 minutes than the average person does in a lifetime.
LONDON — In the world of diplomatic faux pas, it could have been a lot worse.
At Tuesday’s state dinner honoring King Charles III and Queen Camilla, President Trump said that during a private meeting earlier in the day the British monarch had agreed with him that Iran should never be allowed to have nuclear weapons.
“We’re doing a little Middle East work right now … and we’re doing very well,” Trump told the audience. “We have militarily defeated that particular opponent, and we’re never going to let that opponent ever — Charles agrees with me, even more than I do — we’re never going to let that opponent have a nuclear weapon.”
While many Britons would agree with the president’s sentiment, the comment triggered mild consternation among pundits in the U.K.
By convention, people aren’t supposed to relay private conversations with the monarch. That is partly because the king has to remain above the political fray, but also because the sovereign doesn’t have the ability to wade into a public debate and correct the record if he’s misquoted.
“Generally, as a matter of protocol, I think I would expect discussions between heads of state to be sort of behind the scenes, in those closed meetings, for those to be sort of kept private,” said Craig Prescott, an expert on constitutional law and the monarchy at Royal Holloway, University of London. “And, you know, this was something that the U.K. government wanted to avoid.”
There had been a fair amount of jitters before the king’s trip to the United States, which comes amid Trump’s very public frustration with U.K. Prime Minster Keir Starmer over his failure to support U.S. actions in the Iran war.
Like all royal visits, this is a carefully choreographed diplomatic event carried out at the request of the U.K. government, which hopes that warm relations between the king and Trump can help repair the rift.
But Trump is an unconventional leader who has a penchant for breaking protocol, and there were concerns about just what he might say or do.
At least in this case, the king’s comments seemed clearly within the bounds of existing U.K. government policy.
“The King is naturally mindful of his government’s long-standing and well-known position on the prevention of nuclear proliferation,” Buckingham Palace said in a statement designed to provide context to the president’s remarks.
Prescott said that “in a sense, this was always the issue, just what Trump would do or say — would he put the king in an embarrassing position?’’ Prescott said.
“You always had that sort of issue of what he would post on social media,” he said. “And I think, you know, this could have been much, much worse.”
Before the state dinner, Charles gave a speech to a joint session of U.S. Congress. The king received repeated standing ovations during the address, which celebrated the longstanding bonds between the U.S. and Britain while nodding to differences over NATO, support for Ukraine and the need to combat climate change.
Now, from the U.K. government’s point of view, the trip is shifting to safer ground as the king and queen leave Washington behind and head to New York, where the focus will be on the city’s creative industries, rather than politics.
The most difficult part of the trip may be over, Prescott said.
“If this is the only controversy arising out of this phase of the state visit, I think overall this has been an enormous success for the king and the British government, because the king was able to make some quite pointed remarks in Congress and it hasn’t really yielded any sort of negative reaction from the president.”
“In a sense,” he said, “you get the feeling that the king rather charmed Washington with his speech to Congress and, you know, his very witty speech at the state banquet.”