US manager taps ex-Credit Suisse chiefs to spearhead direct lending unit
The former co-heads of middle-market lending at Credit Suisse are spearheading a new US direct lending business

Recent start-up Freedom 3 sets up mid-market JV with KCap
New York-based mid market lender Freedom 3 has set up a joint venture with KCap Financial, the listed parent company of credit managers Trimaran Advisors and Katonah Debt Advisors

Oaktree takes over Fifth Street’s BDCs
Oaktree Capital has won the auction to take over Fifth Street Asset Management’s two business development companies

Hercules backs off from contract switch amid investor revolt
Hercules Capital has cancelled a planned shareholder meeting in which it was seeking approval for a controversial switch from internal to external management

Owl Rock adds new direct loans, taking BDC to over $1 billion
Owl Rock Capital has continued to make rapid progress in ramping up its private business development company, one of the biggest debut mid-market debt funds of recent years

Investors dump venture lender Hercules on plan for external manager
Shares in publicly traded business development company Hercules Capital fell sharply last week, after the company announced that it was switching from being managed internally to employing an external advisor

Former Apollo CIO quits troubled Fifth Street after four months
Fifth Street Asset Management announced yesterday that it has parted company with a founder partner of Apollo Global Management, brought in late last year as part of a shake-up at the company

Apollo sells two CLO positions from its BDC after 21%-plus returns
Apollo Global Management has reduced the structured credit exposure it held in its business development company

Carlyle eyes growth in CLOs and direct lending after Claren Road sale
Carlyle Group has confirmed the sale of its 63% stake in credit hedge fund manager Claren Road Asset Management back to the founders of the firm

Start-up credit manager surpasses $2 billion in AUM in its first year
Owl Rock Capital Partners appears to have pulled off one of the most successful fundraising exercises of 2016 with regulatory filings indicating that the firm has earned commitments of $2.3 billion

Goldman Sachs makes progress on ramping $1 billion mid-market fund
Goldman Sachs has made progress in ramping up a recent mid-market loan fund, according to recent regulatory filings

CLO equity investor Prospect warns of excess refi supply
Prospect Capital remains committed to refinancing its CLO portfolio, but officials at the firm have cautioned that the recent spike in CLO refis and resets could be overwhelming the market with excess supply

Credit manager earns support for BDC as pension fund commits $100 million
A Texas pension fund is backing a credit firm once again with a direct lending mandate

Pension fund supports TPG private credit push with $60 million mandate
TPG’s hopes of expanding its lending platform have been given a boost after the asset manager won a $60 million private credit mandate from a US pension fund

Pension fund awards new credit manager $150 million for BDC
A new credit firm, led by senior officials including one of the founders of GSO Capital Partners, has won a $150 million mandate for a private credit strategy