BlackRock has paused fundraising for its latest Asia-Pacific private credit fund, underscoring the challenges facing the asset manager as it integrates its $12bn acquisition of HPS Investment Partners, according to a report by Bloomberg.

The firm had been targeting $1bn for its third Asia-Pacific private credit vehicle, but efforts stalled earlier this year following the announcement of the HPS merger. Internal discussions with HPS executives on how to proceed are expected in the coming months, people familiar with the matter said.

The vehicle will target high-growth sectors including technology, digital transformation, green energy, advanced manufacturing, and consumer-driven industries. The GCC will serve as both a gateway for Chinese firms into Middle Eastern markets and a launchpad for further international expansion.

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Eldridge Capital Management is aiming to raise $1bn for a new GP-solutions fund as private equity firms increasingly seek alternative financing to manage liquidity pressures, according to sources cited by Bloomberg.

The New York-based investment firm, part of the $70bn asset manager Eldridge, will use the vehicle to back strategies such as continuation funds, which enable managers to hold on to assets for longer while still providing liquidity to investors.

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Crescent Capital Group is preparing a $3bn credit continuation fund to move assets from its Crescent Mezzanine Partners VII vehicle, which closed on $4.6bn in 2017, according to a report by Bloomberg.

The Los Angeles-based credit manager is seeking to extend its hold on loan portfolios, many of which are linked to private equity-backed companies. The exact fund size and asset mix will be finalised through negotiations with investors. Crescent declined to comment.

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