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Tennessee pension awards $125 million to special situations credit fund
3 years ago
Tennessee Consolidated Retirement System has awarded $125 million to a special situations credit fund -
Two senior credit officials leave Global Atlantic
3 years ago
Global Atlantic has parted ways with two senior members of its credit team, including its head of credit investments -
SEC temporarily relaxes regulations for BDCs
3 years ago
The US Securities and Exchange Commission has provided business development companies with temporary relief in light of covid-19 - including the ability of BDCs, who are unable to satisfy asset coverage ratios, to use an alternative form of calculating leverage -
Fed commits $600 billion to SMEs in Main Street Lending facility
3 years ago
The US Federal Reserve has committed to buy up to $600 billion in loans to small and medium-sized businessness through its Main Street Lending Programme. The programme will sit alongisde the existing Payroll Protection Program (PPP), a separate facility exclusively for small businesses -
Onex revamps leadership of credit business after hiring from GSO
3 years ago
Jason New has joined Onex Credit as co-chief executive officer in New York, according to an announcement. -
Bardin Hill pulls in $300 million for first close of opportunistic credit fund
3 years ago
Bardin Hill has held a first close on an opportunistic credit fund at around $300 million, according to sources familiar with the matter -
Vermont pension expands private credit and core bonds allocation
3 years ago
Vermont Pension Investment Committee has reshuffled its credit portfolio including transitioning its short-term, quality credit allocation to an active core bonds mandate, as well as redeploying core plus fixed income into an expanded private credit allocation. -
US pension earmarks $35 million for mezzanine debt fund
3 years ago
Arkansas Teachers Retirement System has earmarked $35 million to a mezzanine debt and equity strategy managed by Greyrock Capital Group -
The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
3 years ago
Last year’s CLOs could become the benchmark for manager performance -
Golub becomes second BDC to undertake rights offering this week
3 years ago
Golub Capital has become the second business development company to undertake a rights offering this week, following in the footsteps of Bain Capital, as BDCs seek capital to ride out challenges besetting the market from the coronavirus pandemic -
Asset managers pull all liquidity levers to satisfy borrowers
3 years ago
A paramount concern for many investors in direct lending funds is whether asset managers have enough liquidity to meet borrower requests for funding -
Lenders look at MAC clauses amid revolver demand
3 years ago
A plethora of revolver draws has swept through the corporate credit markets. While banks and asset managers have so far shown the capacity to meet their unfunded commitments, the material adverse change (MAC) clause in credit agreements could allow them to pushback on borrowers. -
Managed accounts pose flexibility check for direct lenders
3 years ago
Direct lenders are closely analysing portfolio companies hit by coronavirus volatility for signs of financial stress, ready to inject capital and extend flexibility to companies where needed. -
A round-up of fundraising and people moves in credit
3 years ago -
Ucits at a glance: Long-short approach lifts Pictet to the top
A round-up of ucits fund performance3 years ago -
Fund perfomance: Slowdown for some as pandemic takes hold
A round-up of fund performance3 years ago -
Owl Rock becomes last investment grade BDC to win increased leverage approval
3 years ago
Owl Rock Capital Corporation has become the last investment grade business development company to cut its asset coverage requirement from 200% to 150%, after receiving unaminous approval from its board of directors on Tuesday -
Trade body asks US government to show it CARES about BDCs
3 years ago
The US federal stimulus maintains existing regulations that exempt portfolio companies from accessing the stiumulus funds. The Institutional Limited Partners Association wants to change that -
Bain uses rights offerings as unusual route to raise cash for BDC
3 years ago
Bain Speciality Finance is looking to raise additional capital through a rights offering to “further strengthen its balance sheet” and “provide additional flexibility to support existing portfolio companies over the coming months”, chief executive officer Michael Ewald said in an open letter to shareholders on Monday -
Balance Point collects $1.1 billion for lower mid-market direct lending
3 years ago
Balance Point Capital has collected $1.1 billion on its fourth direct lending fund focused on the lower middle market, Balance Point Partners IV -
US pension to cut long-term private markets pacing plan by 10%
4 years ago
The Educational Employees' Supplemental Retirement System of Fairfax County is considering reducing its 10-year private markets pacing plan commitments by around 10%, according to board documentation seen by Creditflux -
BDCs face asset coverage pressure as Fitch puts two on negative watch
4 years ago
Fitch Ratings has placed ratings on the debt of two business development companies, BlackRock Capital Investment Corporation (BB+) and New Mountain Finance Corporation (BBB-), on negative watch -
Ohio pension injects $175 million into credit via JP Morgan and HPS
4 years ago
The School Employees Retirement System of Ohio has made a $175 million commitment to two strategies; high yield and direct lending -
Private credit managers re-examine docs in new fundraising approach
4 years ago
Private credit managers are facing numerous challenges and those looking to fundraise have had to change the way they approach the process, including documentation, according to a note from DLA Piper -
Churchill collects $2 billion for second unlevered US direct lending fund
4 years ago
Churchill Asset Management has held a $2 billion final close on its second US direct lending fund, doubling its original $1 billion target size
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