LP round-up: investors gift private debt and leveraged loan RFPs over holiday season
2020 ended on a strong note with four institutional investors increasing asset allocation to private debt or initiating private debt and leveraged loan searches. ArrowMark, Banner Ridge, BBAM, HIG Whitehorse, Monroe and Rialto were also awarded mandates

HIG hires principal to New York direct lending team
WhiteHorse Capital, the direct lending affiliate of HIG Capital, has hired a principal in its New York office

OC health check: all quiet on the overcollateralisation front
Eight US broadly syndicated loan CLOs reported overcollateralisation test breaches last week during a quiet reporting period in which only 40 CLOs published a trustee report, according to CLO-i, but focus is turning to the swathe of CLO distributions coming due.

Virginia pension allocates $850 million to credit in Q1
Virginia Retirement System has allocated $850 million to three credit strategies in the first quarter of the year, according to an update at its 15 April investment committee meeting

HIG bolsters European direct lending presence with Amsterdam hire
HIG WhiteHorse has appointed a former NIBC official to its direct lending team in Amsterdam, according to market sources

S&P puts US CLOs on negative watch including seven failing triple C test
Standard and Poor’s put focus on the recent volatility by placing tranches in 15 US CLOs on a negative watch for having large exposures to energy related sectors such as oil and gas, consumable fuels and commodities. In total, 25 tranches have been affected by this.

New York pension allocates $100 million to US direct lending fund
New York State Teachers Common has awarded $100 million to a direct lending fund, as its private debt portfolio delivers 10.7% net IRR 

HIG WhiteHorse reaches $1.1 billion final close for direct lending fund
HIG WhiteHorse has announced a final close on its direct lending fund, HIG WhiteHorse Principal Lending Fund

Solar hires private credit specialists from NewStar and WhiteHorse
The asset-based lender has added two partners to its team in New York 

Controlling equity stake in 2018 CLO fails to trade in secondary market
Over 90% of an equity tranche from a 2018 Sound Point Capital Management CLO was available on b-wic yesterday but failed to trade  

Global b-wic round-up: US CLO equity continues its surge
Last week marked the third straight week that the US CLO secondary market has seen total listings of under $600 million, but over a quarter of that was equity.

Payless bankruptcy steps on toes of CLOs
CLOs hold exposure to the debt of US retailer Payless ShoeSource, which filed for Chapter 11 bankruptcy earlier this week

WhiteHorse forms $125 million middle-market JV with Ohio pension
The $79.8 billion Ohio pension fund has teamed up with WhiteHorse to form a joint venture that will have a $375 million total lending capacity

Global CLO round-up: buttermilk-shakes things up as CLO spreads go everywhere
Ahead of the US Labor Day weekend, CLO issuers have been grafting away with $6.5 billion pricing across the US market through 11 deals

Whitehorse comes galloping back into CLO new issue market
Whitehorse Capital Management is back in the CLO primary issuance market following a $458.1 million transaction arranged by RBC

Texas pension fund earmarks $650 million to four private debt funds
Angelo Gordon, HIG Whitehorse and Värde have secured commitments from the Texas pension fund for their direct lending funds

CLO b-wic line-up: equity in 2.0 CLO with the lowest funding costs hits the market
It is set to be an eventful day for the secondary market as $264 million of US CLO b-wics and €35.9 million of European CLO b-wics are taking place

HIG WhiteHorse trots back into CLO market with partial refi
HIG WhiteHorse Capital has priced its first CLO transaction of the year

Structured credit specialists seek future-proofing in direct lending
At the turn of the last credit cycle, structured credit recovered spectacularly – but credit managers today seem to be gravitating towards private credit as the area to pick up excess returns in a downturn

WhiteHorse names three new direct lending-focused managing directors
WhiteHorse Capital, the credit arm of HIG, has named new managing directors in Stamford, Dallas and Chicago

Whitehorse makes two hires to its US direct lending team
Officials from Capitala and Super G have joined the Whitehorse stable

Whitehorse expands mid-market team with hire from THL
Whitehorse Capital, the credit arm of HIG Capital, has added to its direct lending team by hiring a Los Angeles-based principal from THL Credit

White Oak leads Permira and HIG in club loan for Getronics
San Francisco-based mid-market credit specialist White Oak Global Advisors has announced that it led a club financing deal for strategic investor Bottega’s acquisition of Amsterdam-based IT Services Provider Getronics

HIG raises new fund as head reveals secret sauce in direct loan origination
HIG WhiteHorse has announced that it has closed its debut direct lending fund, the HIG WhiteHorse Direct Lending Fund, after making a big push into the strategy last year

BlackRock joins the 118bp club as BAML prices three US CLOs in a day
Bank of America Merrill Lynch’s US CLO team put in the overtime yesterday to price three transactions