Creditflux

Saratoga picks up its second SBIC license
Saratoga Investment Corp has received approval for another Small Business Investment Company (SBIC) license

BlueMountain buyout to bring CLO equity shift, funding pledge and Feldstein payout
BlueMountain Capital Management’s co-founder Andrew Feldstein looks set to receive a substantial pay-out in common shares of Assured Guaranty, which has agreed to buy the manager for around $160 million and has outlined a three-year plan for its CLOs

Ares credit business grows 4.4%, driven by US direct lending
US and European direct lending, alternative credit and syndicated loan funds dove growth for Ares Management Corporation in the second quarter, the firm said

Portfolio financiers thrive as private equity funds fret
Funds that lend to private equity vehicles showed their worth in the fourth quarter as valuations across credit and equity took a hit

Unlevered direct lending funds bring in first-time investors
Unlevered direct lending funds are particularly appealing to first-time investors and one of the biggest managers in the business has taken note of this

Bain BDC wins leverage approval from shareholders
Bain Capital Speciality Finance has won shareholder approval to double the amount of leverage it can use 

Golub Capital BDC looks to become fourth largest publicy traded BDC with merger
Golub Capital is seeking approval from its shareholders to merge its Golub Capital business development company (GBDC)  with another one of its business development companies, Golub Capital Investment Corporation (GCIC)

Crestline holds $600 million final close for PE-focused financing fund
The new fund will provide financing to private equity funds post their investment period, allowing them to provide follow-on growth capital to portfolio companies or additional liquidity 

Shareholders approve new leverage limits for TPG BDC
Shareholders for TPG Speciality Lending have approved the decision to decrease minimum asset coverage ratio to 150%, following an 8 October vote

Danes work with Credit Suisse to bankroll direct lenders
Credit Suisse has forged an alliance with another pension fund in a partnership that will provide leverage to direct lenders

Good news for BDCs as congress doubles leverage limits
US lawmakers have granted business development companies (BDCs) the ability to borrow more – a move for which the BDC industry has been pushing for years

Comvest raises $836 million for leveraged direct lending fund
Following its rebrand in November, middle-market lender Comvest Credit Partners has exceeded the $650 million target size for it fourth direct lending fund 

Crestline targets up to $500 million for new portfolio financing fund
Credit specialist Crestline Investors is launching a new fund to provide financing solutions to mature private equity funds, according to documents seen by Creditflux

BNP Paribas adds experienced fund financing specialist to its Paris offices
BNP Paribas has hired an experienced professional to its fund financing team. The new recruit will cover loan funds

Credit fund manager Drift enters into $50 million secured credit facility
Alternative asset manager Drift Capital Partners has entered into a $50 million senior secured credit facility for its Drift Credit Opportunities Fund

Direct lending leverage takes off
HPS, NXT and Crescent target mid market with leverage in Q4. By Grace Jennings-Edquist

Oxford Lane announces $42.5 million CLO repo agreement with Nomura
Oxford Lane Capital Corp has entered into a nine-month repo agreement with Nomua over a CLO portfolio with a market value of $106.2 million

Managers line up behind tighter guidelines for drawdown funds
Six months after new guidelines were released over the use of subscription lines of credit for private equity-style funds, the aftershocks have been less dramatic than some credit managers expected

Stockholm manager poised to launch two credit hedge funds
The Swedish manager confirms plans to launch two new vehicles, one $100 million fund next month and another early next year

Edinburgh-based direct lender goes to boutique bank OakNorth for revolver
Edinburgh-based direct lending investment company RM Capital has subscribed to a revolving credit facility with a boutique bank

Chicago manager launches $1.2 billion leveraged direct lending fund
A new mid-market credit fund has raised $415 million equity capital, exceeding its original $350 million target

Macquarie confirms senior fund specialist appointment
Macquarie has hired former Investec fund finance specialist Steve Berry to head up its Macquarie Specialised Investment Solutions division

French bank sees strong interest in blind pool financing from US funds
Natixis is said to be making big inroads into the US mid-market loan-funding business by providing leverage to fund managers on a “blind pool” basis.