Sixth Street nears $12 billion for flexible global credit fund
Sixth Street collected $8.5 billion for its fifth TSSP Adjacent Opportunities Partners fund, TAO 5.0, by the end of July, with the fund nearing its $12 billion hard cap

Carlyle appoints European credit investor relations head
Carlyle Group has appointed an ex-Bain official as head of global credit investor relations in Europe

Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades

Apollo appoints head of leadership development and diversity
Apollo Global Management is taking steps to improve diversity at its leadership level

Apollo plans multi-billion dollar follow up to credit dislocation fund
A few large managers have launched credit dislocation funds, but Apollo could be unique in fundraising for its second since the coronavirus pandemic

The Last Tranche with Guggenheim's Duffy: CLOs will pay more for loans than today’s index prices
Marking the long-awaited return of the Last Tranche podcast, Creditflux's Hugh Minch talks to Adrian Duffy, head of European corporate credit at Guggenheim Investments in Dublin

Flat Rock eyes interval fund conversion for private BDC
Flat Rock Capital Corporation, a private business development company managed by Flat Rock Global, has filed to convert to an interval fund, according to US regulatory filings. The BDC will merge into a new entity, subject to shareholder approval

Cut! Cineworld’s cancelled merger boosts CLO OCs
Investors in Cineworld’s $1.9 billion term loan breathed a sigh of relief in July after the UK cinema chain cancelled its merger with Canadian firm Cineplex, with holders repaid in full, according to market sources

Fund performance: Credit funds post double-digit gains
June returns have once again been led by CLO funds, as seven out of the top 10 belong to our CLOs category.

Credit funds at a glance (August 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits funds march on and erase Q1 losses
95% of Ucits credit funds listed with Creditflux posted positive returns in June to keep up the momentum from May when all but one fund was in positive territory

Credit hedge funds (August 2020)
Monthly credit hedge fund tables

Don’t be a hero: managers opt to go market-neutral
There’s yet more volatility in store later this year — that’s the consensus according to credit portfolio managers that have spoken to Creditflux. What they are unsure about is the scale and direction of this movement, which is leading them to prune their portfolios with an emphasis on market-neutral tactics

They said it: "Imagine a garden party and all of a sudden a big wasp shows up"
On Creditflux’s US CLO webinar last month, Napier Park’s head of US CLO investments Serhan Secmen described the March sell-off as a garden party

Fieldwood slips into second bankruptcy as CLOs hold $314 million
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years 

Aon wraps up fundraising for $350 million opportunistic credit fund
The fund will target global investments across public corporate and structured credit, stressed credit and real estate debt

Castlelake targets $750 million for add-on to fifth distressed fund
Castlelake has launched an add=on vehicle to its fifth distressed flagship fund in order to take advantage of opportunities that have resulted due to the covid-19-related market dislocation, according to documents seen by Creditflux

CLOs hold $600 million of bankrupt retailer Tailored Brands
Tailored Brands has become the latest US retailer to file for Chapter 11 as a result of the coronavirus-induced pandemic. 37 US CLO managers hold $588.9 million in term loans of the Houston-headquartered firm,

Size matters: exposure to small loan facilities worse than covid industries, says BofA
CLO managers that hold a higher portion of smaller sized facility loans in their portfolios have performed worse through the pandemic, according to a Bank of America research paper

Prime launches global fund of niche credit funds
Prime Capital is preparing a new fund of niche credit funds in a strategy the firm has dubbed Liquid Alternative Credit Fund, and the Frankfurt-based manager will launch the fund with $30 million capital from three seed investors

GSO names additional portfolio manager for three listed credit funds
GSO Capital Partners has added Robert Post as a portfolio manager to three listed credit funds, effective 1 August

Legg Mason teams with affiliate Western for credit fund
Legg Mason has teamed up with its affiliate Western Asset Management to launch a closed-ended fund to invest in a diversified portfolio of fixed income securities, according to fund registration filed by the pair yesterday

Ostrum's US CLO plan takes a turn after head of structured credit leaves
An experienced CLO PM has left Ostrum after just one year

First Eagle prepares corporate credit interval fund
First Eagle Investment Management is preparing to launch a new opportunistic credit strategy in the form of an interval fund

Onex to liquidate listed US loan fund
Onex Credit Partners has announced that it will liquidate its publicly listed leveraged loan fund, OCP Senior Credit Fund, following a slump in asset levels