Candian pension allocates $250 million to dislocation credit fund
Investment Management Corporation of Ontario (Imco) has allocated $250 million to a dislocation credit fund managed by Apollo Global Management

Standard Board publishes structuring, valuation and conflict memos for credit funds
The Standard Board for Alternative Investments has published three memos as guidance to managers and investors, alongside a framework of questions investors may wish to ask managers when conducting operational due diligence

Minnesota pension's 2020 credit allocations hit $1 billion
Minnesota State Board of Investments has earmarked $400 million across to two credit managers in a private market update. The commitments mark $1 billion allocated to credit in 2020 by the pension

EnTrust aims to onboard $1 billion for maritime direct lending fund by June
EnTrust Global is targeting $1 billion for a maritime direct lending fund, Blue Ocean Onshore Fund, and anticipates a final close in June

Mid market CLOs open for business as Owl Rock prices first new issue after covid-19 shock
The primary market for CLOs backed by loans to middle market companies is open for business with Owl Rock Capital today pricing the first new issue mid market deal following the coronavirus outbreak

Magnetar wins $400 million for illiquid credit mandate
Los Angeles County Employees Retirement Association has allocated $400 million to Illinois-based Magnetar Financial at its 13 May board of investment meeting, according to recently released minutes

Louisiana pension commits $150 million to mezzanine and credit opportunities funds
Teachers Retirement System of Louisiana has awarded $150 million to two credit funds managed by Ares Management and Audax Group at its 7 May board meeting, a spokesperson for the pension has confirmed

Private credit wins investor as Maryland pension introduces 5% allocation
Howard County Retirement has introduced a new bucket to the private credit asset class, reducing its core bond and hedge fund exposure to facilitate this measure, according to board documents seen by Creditflux

Illinois pension seeks distressed debt or opportunistic credit manager
Illinois Municipal Retirement Fund is requesting proposals for opportunistic and distressed private credit fund managers and has at least $25 million to allocate

Iowa pension allocates $50 million to two private credit managers
Municipal Fire and Police Retirement System of Iowa has funded a commitment to credit after cutting infrastructure allocation by 2% 

Liquidity is king. A company with a sound long-term value proposition may not last the next few weeks
For borrowers — and credit providers seeing revolvers drawn down — liquidity is the greatest concern

Metropolitan launches fund and finds PE sponsors 'more amenable to non-sponsored terms'
Metropolitan Partners has closed an onshore direct lending fund at $240 million. It focuses on non-sponsored companies and has not made an investment in a sponsored deal for three years. But the firm sees an increasing number of sponsored situations arising from the covid-19 disruption

Ares raises $3 billion special situations fund ahead of huge European direct lending launch
Ares Management has witnessed “accelerated fundraising” for its special situations fund, which it has closed at around $3 billion, according to the firm’s earnings calls. The firm also launched its fifth European direct lending fund this week, which Ares expects could be “the largest private comingled fund in its history”

Former Fiera private debt MDs launch direct lending firm
Three former managing directors of Fiera Private Debt and Integrated Asset Management have co-founded and launched a new direct lending firm and are seeking to raise $750 million for their first fund

Creditflux announces finalists for online CLO awards
Creditflux is pleased to announce the finalists for a new-look manager awards event, which will be hosted online for the first time.

Private credit dangers lurk, but fear drives inflows
Fear of missing out is one reason institutional investors are allocating to private credit, but market partici­pants say that investors should err on the side of caution, despite the number of attractive opportunities

Managers vie for trophies at new-look awards event
The 2020 Creditflux Manager Awards will take on a fresh complexion as we transition to a virtual event. But some things will never change: our finalists have been assessed using data alone
 

Credit hedge fund returns: March 2020 stats
Monthly performance across credit hedge funds

Fund performance: Index tranche investors make it work from home
March brought a drastic drop in return figures as covid-19 swept across the globe, as Orchard tops the Creditflux performance tables

Ucits at a glance: Long-short credit capitalises on coronavirus
Ucits funds were not spared from the crash in mid-March, but Pictet outperforms

Credit funds at a glance (May 2020)
A round-up of fundraising and people moves

OFS and CIM team up for fund geared towards loans, CLOs and real assets
Credit-related investments in the new interval fund will include floating and fixed rate loans, broadly syndicated senior secured corporate loans, CLO debt and equity tranches and opportunistic credit 

New Hampshire pension invests $50 million in US direct lending
​New Hampshire Retirement System has allocated $50 million to a US direct lending manage with which it has a relationship, having committed $40 million and $50 million to predecessor funds

Florida pension allocates $600 million to three credit managers
Florida State Board of Administration has awarded $600 million to three credit managers in the first quarter, according to a board update seen by Creditflux