End of week sees private credit CLO issuance rush
The mid-market saw a flurry of issues from Eldridge, Churchill, StepStone and BlackRock toward the end of last week, with the total value of the four deals across Thursday and Friday totalling over USD 1.5bn

CLO manager M&A driven by search for talent and scale
Irradiant’s star investor Maji set to depart as firm is acquired

StepStone to launch private debt vehicle for European wealth investors
The ELTIF will invest in private credit asset classes across the European Union

Cresset sells private credit portfolio to StepStone, spins out private investing biz
Cresset’s head of private credit and other members of that team are not joining StepStone and will not be part of the private investing spinout 

StepStone debuts in US market as a new private credit CLO manager
StepStone Private Debt has priced its first CLO, becoming the fourth manager to price a debut private credit issuance this year  

StepStone launches private credit interval fund
New evergreen fund from StepStone is available to both individual and institutional investors  

Credit funds at a glance (June 2022)
A round up of fundraising and people moves in credit
 
   

StepStone keeps up private credit growth with $600 million credit opps fund
StepStone Group has raised “over $600 million” for a fund that will invest in stressed, distressed dislocated credit assets

StepStone raises $1.3 billion for direct lending fund of funds
StepStone Group has closed a second US direct lending fund of funds, StepStone Senior Corporate Lending II, at $1.3 billion, surpassing its $1 billion target

StepStone sets out new path with Mexican securitisation
StepStone Group says its securitisation of private credit opportunities for Mexican investors has left a template for other managers to follow.

StepStone scores AAA rating for listed bond linked to US direct lending portfolio
StepStone Group has sponsored a $102.5 million securitisation of US direct lending loans that is listed on Mexico’s BIVA Stock Exchange in what it claims is the first transaction of its kind in Mexico

Stepstone wins €215 million private debt mandate from Italian pensions
A consortium of Italian DC pension funds have allocated the capital to a private debt fund of funds under the name Project Zefiro

Stepstone subsidiary raises $35 million private markets fund for high net worth individuals
Conversus has closed an inaugural private markets fund, Conversus StepStone Private Markets, at $35 million

We’ve got time to work this out
You might think direct lenders are very exposed to economic downturns. But at the Creditflux-Debtwire event last month, managers said they felt they had a few months to rectify problems

StepStone launches private debt platform for high net-worth individuals
Private markets specialist StepStone Group has launched a private markets platform, including private debt, in a bid to deliver the organisation’s institutional capabilities to high net-worth and other private clients  

GoldenTree, KKR and StepStone earn sub-advisor roles for new interval fund
FS Investments is launching a multi-strategy interval fund and has chosen GoldenTree Asset Management, KKR Credit and StepStone Group to act as sub-advisors

StepStone plans to put $4 billion into private credit
StepStone is looking build its exposure to direct lending by hiring fund managers. It is willing to sign up to managed accounts of up to $500 million