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

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

Managers dispel myth that lenders can’t influence ESG
There’s a growing belief among credit fund managers that they can influence borrowers to take on ESG-friendly practices, contrary to the widely-accepted notion that the business practices of companies are dictated by their private equity owners.

Beyond blacklists: the next step in ESG
Credit managers are integrating ESG into their investment processes, but that does not mean they are unable to invest in unethical credits — they can, if they are paid adequately for the risk.

Any takers for illiquid European CLO equity?
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year.

Any takers for illiquid European CLO equity?
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year.

Connection backs European CLO fund
Connection Capital has invested €5.2 million in the new CLO fund raised by Permira Debt Managers  

Permira launches European CLO fund and starts with secondary market investments
Permira Debt Managers has closed its fifth structured credit fund, Sigma V, which will invest in junior tranches of European CLOs

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers

Euro CLO round-up: smaller (and newer) issuers print deals as spreads edge wider
It has been a relatively busy week for the European CLO market after three new deals priced to end a 17- day silence in the primary market. The quiet spell was broken by smaller CLO issuers.

Permira returns to price third 2.0 European CLO
Permira Debt Managers priced its third European new issue CLO since returning to the market in February of last year and its first this year.

CLO pipeline: Barclays and Goldman branch out to mid market
The US CLO pipeline has been full in recent weeks and this continues, with 18 new issue CLOs and a further nine refinancings appearing this week.

Permira adds hire to start credit opportunities business
Permira Debt Managers is building out a unit in London to invest in special situations and credit opportunities and has hired a distressed and high yield specialist to help establish the business

Pennsylvania pension commits $150 million to European credit funds
Pennsylvania State Employees’ Retirement System approved $975 million of investments at its 24 April meeting

Maryland pension carves out private debt bucket
The Baltimore pension fund has also mandated a total of $25 million to one direct lending fund and one distressed debt fund 

Direct lenders split over best way to manage loan restructuring
Direct lenders are divided on how best to set up internally when dealing with loans that require restructuring. Some managers argue that a deal should be restructured via the original deal team

Basis between Japanese and syndicated CLO triple As may narrow, says Permira
The basis between Japanese anchor and broadly syndicated CLO triple As is likely to narrow, according to Permira Debt Managers

Alaska pension commits $545 million to seven credit funds
Alaska Permanent Fund Corporation has earmarked $545 million to funds across the credit spectrum across Q2, according to 27 February board documentation

Mezzanine notes price tight as Permira Debt produces another ESG-friendly CLO
Permira Debt Managers has priced its second CLO of the year in a deal which, much like the manager’s debut 2.0 CLO, adheres to environmental, social and governance guidelines

Permira markets second new issue since bringing ESG criteria to CLO docs
Permira Debt Managers is back in the market with its second 2.0 CLO named Providus CLO II, which could price as early as next week

Europe’s next generation of CLO managers favour ESG

PDM strengthens CLO structuring team with former Och-Ziff official
Permira Debt Managers has strengthened its CLO structuring team and hired former Och-Ziff’s Pierre Driant, Creditflux has learned