Direct lenders seek flexibility as leverage facilities disperse
European direct lending funds are frequently taking on leverage, and with some of these facilities topping €1 billion, leverage providers are looking to syndicate their exposures among other banks.

JP Morgan AM moves CFO to head up private credit
The chief financial officer of JP Morgan Asset Management has switched to a newly created role as head of private credit

Private debt secondaries expected to soar in 2020
Private debt secondaries grew massively in 2019 — and more is expected this year.

Managers acquiesce on fees as small UK pensions seek private credit nest egg
Private credit fund managers are rejigging their fee structures in order to attract small UK pension schemes.

Devon pension backs Brunel private debt portfolio
Devon pension fund’s committee has approved a £100 million ($131 million) commitment to Brunel private debt portfolio, according to documents seen by Creditflux

Ucits at a glance: Ucits continue to chart a steady course

Muzinich targets €500 million after first close of senior secured fund
Muzinich has collected €104 million for a first close of its Muzinich European Senior Secured Fund

Texas pension awards €100 million to European direct lending
Texas County and District Retirement System has allocated €100 million to a European direct lending fund managed by Metric Capital Partners

Pennsylvania pension creates private credit bucket
Pennsylvania State Employees’ Retirement System has approved a new 4% allocation to the private credit asset class

Ucits at a glance: ucits continue to chart a steady course

Beware of "mequity" risk in direct lending, writes Barings
Barings co-head of global private finance, Ian Fowler, predicts that the adoption of lending terms associated with broadly syndicated loans into private credit will not prove beneficial in the long term

BNP Paribas AM set to launch Nest-like private credit offer to UK pensions
French manager BNP Paribas Asset Management is set to launch a diversified private credit fund for smaller UK pension funds over the first half of 2020, similar to the one it structured for the pension scheme Nest  

Pantheon appoints ex-Star Mountain official as head of global private debt
Pantheon has appointed a former Star Mountain Capital official as partner and global head of private debt in New York 

Alcentra plugs gaps as CIO leaves the firm
Alcentra’s chief investment officer has departed, with the firm splitting his responsibilities between its heads of European loans and US loans as co-CIOs 

BlackRock targets €2.5 billion as it completes first close on European mid-market fund
BlackRock European Middle Market Private Debt Fund II, having collected €1.5 billion at first close, is expected to hold a final close in the first half of next year at around €2.5 billion, according to market sources 

Permira hit by downgrades in direct lending portfolio but maintains leverage facility ratings
Permira Credit Solutions II's largest asset holding, which represents 17% of the fund, was downgraded from B to D, according to Arc Ratings. Another was downgraded from CCC+ to CCC

Direct lending strategies grow by 32% in Luxembourg, report finds
Direct lending strategies domiciled in Luxembourg have almost doubled to comprise 32% of the private loan market, up from 18% last year, according to a joint private debt fund survey conducted by KPMG and Association of the Luxembourg Fund Industry

UK pension partnership launches maiden private credit offering at £581 million
Border to Coast Pensions Partnership (BCPP) is set to commit £581 million in private credit, as part of its maiden offering in this asset class  

West coast pension looks to step up direct lending allocations
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019

Italian journalists set for greater exposure to infrastructure debt
The pension fund for Italian journalists has launched a request for proposals in which it seeks exposure to infrastructure debt, along with infrastructure equity

45% of insurers look to increase private debt allocations, finds Natixis IM survey
Private debt allocations are expected to grow for 45% of insurers over the next three years, according to a recent survey by Natixis Investment Management. But regulation and internal restrictions are the biggest challenges to greater adoption of private markets allocation

Saranac adds private markets specialist in London
Saranac Partners has added a private market specialist from Citi 

CIC collects €530 million for direct lending fund
CIC Private Debt has collected €530 million on its third senior debt fund, surpassing its original €450 million target size

Minnesota pension to invest $300 million in distressed and private credit funds
Minnesota State Board of Investments is set to invest $100 million in a mezzanine debt fund and $200 million in a distressed debt fund

Italian pension eyes private market investments with debt and equity mandate
Fondoposte has launched a request for proposals in which it outlines plans to invest in private debt and private equity