Novicap raises €200m for credit platform and passes €1bn volume
Novicap, a fintech company offering working capital optimisation solutions to SMEs and mid-market corporations, has raised €200 million for its credit platform and hit a €1 billion trade milestone

Major fund withdrawals undermine credit momentum
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money

HIG adds capital raising clout with senior credit and PE hires
HIG Capital has added to its global credit and private equity businesses with three senior appointments

BlackRock launches impact bond fund
BlackRock has launched a fixed income fund focused on green, social, and sustainable bonds as well as ‘impact’ MBS and municipal investments

Franklin Templeton wraps up deal for $35bn Alcentra
Franklin Templeton has completed its acquisition of BNY Mellon’s $35 billion credit unit Alcentra

Sona rolls out event-driven and bespoke financing fund to US investors
Sona Asset Management is courting investors in the US for its second capital solutions strategy, having filed an offering of the fund with the Securities & Exchange Commission

Past form points to bleak picture for IG fund flows as new covid variant emerges: BofA
With a new covid-19 variant for investors to worry about, faltering high grade fund flows face additional headwinds versus high yield and government bonds

Certior holds first close on direct lending fund of funds
Certior Capital, the Helsinki-based private credit and alternative investment manager, has held a first close of a European direct lending fund of funds backed by Finnish, Benelux and Spanish institutions

Tikehau places €500 million sustainable bond as it plans high yield impact fund
Tikehau Capital has placed an inaugural sustainable bond that it says is the first of its kind for an asset manager

Investcorp targets most liquid loans for new European credit fund
Investcorp Credit Management is targeting “the largest and most liquid European issues” after raising €318 million for a levered credit fund that invests in European loans

Past returns: Indirect lending
Five years ago in Creditflux we reported how banks were playing a role in European direct lending — an industry borne out of the fact that banks had reduced appetite for lending to small and mid-sized companies

Non-bank lenders spot fund financing opportunities
Volatility arising from the coronavirus will give non-bank lenders an opportunity to gain market share from traditional lenders in the fund financing space, sources say

Leverage providers focus on direct lending eligibility rules
Banks will have to re-examine eligibility criteria for leverage facilities extended to direct lenders, according to market sources.

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.

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

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

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 

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

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

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

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