Creditflux

West coast pension looks to step up direct lending allocations
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019

Crescent swoops into mid market CLOs with 'reverse-sequential' ramp-up strategy
Crescent Capital Group is launching its debut CLO backed by middle market loans and has opted to use an unusual ramp-up tactic

Garrison BDC needs to liquidate, argues shareholder Clear Harbor
In a letter delivered to the board on Thursday, Clear Harbor emphasised several concerns and demanded a new independent investment advisor with liquidation expertise 

Crescent and Barclays price second consecutive new issue CLO
Crescent Capital teamed up with Barclays for the two firms’ second consecutive CLO new issue as partnership

Repo market bumps heads with credit to suffer SOFR doubts
The reliability of the Secured Overnight Financing Rate (SOFR) was called into question last month when it spiked to a level more than double its usual value. 

Spectre of low loan recoveries fails to spook CLO market
CLO managers and equity investors are optimistic despite recent reports which suggest that future US loan recovery rates will be lower than during the financial crisis. 

Crescent BDC buys Alcentra BDC in $141.9 million transaction
As part of the deal, the combined business development company will go public and charge lower management fees

Los Angeles pension appoints four managers for private credit mandate
Los Angeles City Employees Retirement System (Lacers) has awarded four contracts for a $670 million private credit mandate search, according to minutes from the July investment committee meeting.  

Fresh ideas blow in from the west
As Creditflux hosted its first conference in California, the hub of US innovation, it was no surprise that new ideas such as applicable margin resets and high triple-C buckets were on the agenda

US pension replaces Cliffwater with Meketa
Connecticut Retirement Plans and Trust Funds has selected Meketa as a consultant to oversee its opportunistic investments, which consists of direct lending and opportunistic credit investments, along with investments in hedge funds and real assets.  

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  

Los Angeles pension fund narrows down global direct lending search to four managers
Los Angeles City Employees Retirement System (Lacers) has listed the finalists for a private credit mandate, according to an agenda document seen by Creditflux.  

Cliffwater raises $135 million for interval fund geared towards direct lending
Cliffwater has raised $135 million for an interval fund through which it will allocate to five sub-advisors

DFG hires experienced credit analyst in New York
DFG Investment Advisers has drafted in John Hwang as director and senior credit analyst on its leveraged credit team in New York

Crescent prices second new issue CLO of 2019
Crescent Capital Group priced its second new CLO of the year yesterday named Atlas Senior Loan Fund XIV

Crescent targets $1 billion for US unitranche fund
Crescent Capital has held a first close for its Crescent Private Credit Partners Unitranche 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

Crescent looks to meet fixed note appetite with new CLO via Jefferies
Crescent Capital Group priced its first CLO of the year via Jefferies today named Atlas Senior Loan Fund XIII

Crescent lands in US direct lending for second time with $1.6 billion fund
Crescent Capital exceeded its $1 billion target size, hitting $1.6 billion for its second US direct lending fund

Crescent hires former NewStar official as managing director
Crescent Capital Group has appointed NewStar Financial's former capital markets head as a managing director, the firm has announced

Crescent lands into European direct lending for the second time
Crescent Capital Group is raising capital for its second European direct lending fund - Crescent European Speciality Lending Fund

Crescent prices third new issue CLO of 2018 with Jefferies
Crescent Capital Group has teamed up with Jefferies for the third time in a row to launch a new issue CLO

Crescent reaches record annual volumes with third new CLO of 2018
Crescent Capital has priced its third new issue CLO of the year, making 2018 its biggest year by volume on record

CLO b-wic line-up: price talk circulates on CVC CLO control block
The control equity position in CVC Credit Partners’ 28 days-old reset, CVC Cordatus Loan Fund VI, is available in the secondary market today

B-wic round-up: secondary CLO market is looking more and more like new issue
2017 and 2018 CLOs flooded the secondary market last week, with bonds referencing Ares Management, LCM Asset Management and Napier Park Global Capital going on sale