Credit funds at a glance (July 2021)
A round up of fundraising and people moves in credit

Marathon targets $300 million for inaugural healthcare credit fund
Marathon Asset Management is targeting $300 million for a credit fund focused solely on healthcare loans

Credit funds at a glance (May 2021)
A round up of fundraising and people moves in credit 

Four managers win lucrative $700 million credit mandate
A $39 billion pension has selected four managers for an opportunistic credit mandate and identified a further four ‘bench’ managers 

Marathon prints $407.2 million CLO via Citi
Marathon Asset Management teamed up with Citi on Tuesday to print a $407.2 million new issue CLO

AlbaCore adds distressed hire among raft of new arrivals
AlbaCore Capital Group has added four hires to its investment team in recent weeks, taking its total headcount to 46

Credit fundraising: January proves anything but dry for manager inflows
After a tough and unpredictable year, January may have been seen by many as an opportunity for a fresh start. But for seven managers it meant holding final closes on funds, while three undertook first closes and one a fund launch

AMMC and Marathon refinance CLOs due to leave reinvestment in April
Another $800 million of CLO refi paper has been absorbed by the market after American Money Management Corporation and Marathon Asset Management cut financing costs for CLOs set to leave reinvestment in April

Marathon secures $900 million for asset-based lending fund
The New York-based manager will invest in asset-based loans across the healthcare, real estate, equipment and transportation and corporate sectors 

Marathon holds $2.5 billion final close on distressed debt fund
The fund will invest in a wide range of capital solutions aimed at allowing companies to grow or reposition their businesses, including stressed and distressed companies in transition  

Marathon's distressed debt fund reaches $1.2 billion AUM
Marathon Asset Management has increased assets under management in its distressed debt fund, Marathon Distressed Credit Fund, to at least $1.2 billion

LP round up: pensions plan private credit pacing as strategic credit takes on "midfield" role
US pensions have allocated $1.4 billion across 22 credit funds including those managed by Angelo Gordon, Ares and GoldenTree, according to recent board documents seen by Creditflux. Meanwhile a pension fund draws parallels between strategic credit and Jordan Henderson

LP round up: Monroe and Angelo Gordon beat 25 for direct lending mandate, as private credit plans brew
US public pension funds have disclosed $1.2 billion in commitments to credit focused strategies

Credit rally slows but structured finance funds gain
Corporate credit spreads levelled off in September, which means that 63% of funds in the Creditflux database have just a single quarter left to make it to positive returns for the calendar year.  

Fund performance: Structured finance finds its footing with credit rally
For the first time this year we have seen a structured finance fund take the top spot, as Serone Key Opportunities Fund leads a multitude of other funds in this category in the top 10 of our monthly fund rankings

OC health check: CLOs wake up when September ends
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August.

Marathon prices first new issue CLO of 2020
Marathon Asset Management has completed its first new issue CLO of 2020

Four US CLO refis highlight diverging manager strategies
Four US CLO managers - Ares Management, GSO Capital Partners, Marathon Asset Management and Voya Alternative Asset Management - have each refinanced fixed-rate CLO tranches, with the four deals totalling $69 million in paper. But new strategies are beginning to emerge

Marathon hires high yield senior portfolio manager from JP Morgan AM
Marathon Asset Management has hired a senior high yield portfolio manager in New York to help develop the firm's long-only high yield business

LP round up: Connecticut eyes Fortress for private credit partnership
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux 

LP round up: pension creates private credit bucket as Florida eyes 'best distressed opportunity ever'
There was no slowdown in credit allocations last week, wrapping up what has been an extremely busy July. $1.4 billion has been allocated to credit, it has emerged over the last seven days, according to board documentation seen by Creditflux.

OC health check: CLOs heal up with no new breaches among US BSL deals
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs

OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i

OC health check: some CLOs cure failures, but quarter of US deals still in breach
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i

OC health check: interest diversion failures foreshadow breaches
14 CLOs reported over-collateralisation test breaches last week, five for the first time, according to the latest trustee reports available on CLO-i.