LA pension awards $675 million to illiquid credit managed account
The strategy will invest across asset-backed credit, loans, bonds, and specialty finance

Mini loan recovery helps primary pipeline re-emerge
Better than expected inflation numbers at the start of November lifted loan prices to an extent that the primary market for leveraged loans opened up, allowing for a number of regular new issue deals to clear the market

Fund performance: Light at the end of the tunnel for credit funds after difficult year
Following a tough September, credit funds bounced back in October as 59% of funds made positive returns.

Credit hedge fund returns (December 2023)
Credit hedge fund returns

Credit funds at a glance (December 2023)
A round up of fundraising and people moves in credit

LP round up: 27 managers find the top corner with investor wins
Credit fund managers like to take it one fund at a time and give it 110% for their 90-minute investor fund pitches - and it's working as $3.8 billion was allocated during November and early December. The gaffer would be proud. 

AlbaCore eyes reinvestment as it closes €2.4 billion private credit fund
AlbaCore Capital has held a final closed on a fund that specialises in private European credit investments

Public credit markets "most attractive for 15 years" says Wamco
The US Federal Reserve is helping to create the potential for the "most attractive opportunity in public credit markets in the last 15 years", according to a research note published by Western Asset Management

Manager looks to cut HY exposures in CLO-heavy credit interval fund
A credit fund manager has provided a performance update on is multi-strategy closed-end credit fund through regulatory filings, revealing it has beat its benchmark from 1 April to 30 September despite losing 13.66%

Sculptor and Och reconcile as sale process kicks off
Sculptor Capital Management is looking for a buyer after forming a special committee and building bridges with its founder Daniel Och

BayernLB reveals two investors behind breakthrough €1bn SRT
Bayerische Landesbank says it has produced its first simple, transparent and standardised (STS) transaction in the form of a €1 billion SRT

CLO investors set to lose out as CSA-less amendment passes
Covanta’s US loan amendment, which will result in a benchmark switch to Sofr without a credit spread adjustment, has passed. This will be a blow to CLO managers and, ultimately, CLO investors

Senior Oak Hill trader joins LedgerComm as it crafts loan settlement solution
A senior loan official has joined LedgerComm as the firm aims to provide loan market participants with better data 

CLO managers to jump into action as Covanta loan proposal omits spread adjustment
Covanta Holdings is the latest example of a US loan issuer looking to switch benchmark from Libor to Sofr, but without an accompanying credit spread adjustment

Up to 40% more US loan supply will hit primary market next year: Barclays
US leveraged loan supply in 2023 will outstrip this year’s tally by a good margin, according to Barclays credit strategists in New York. But it will remain below average, particularly given the increased size of the index

Proposed SEC rules "possibly existential" for open-ended loan funds, says LSTA
The US Securities and Exchange Commission's upcoming new rule focusing on liquidity management in open-ended funds could have “possibly existential” and negative implications for loan mutual funds and exchange traded funds in its current form, according to the LSTA

LP round up: two managers terminated as 20 win $2.5 billion
US institutional investors allocated over $2.5 billion to 20 credit managers in October, according to documents seen by Creditflux. Two credit fund managers however were terminated in the month

Cairn begins "new chapter" as it rebrands to Polus
Cairn Capital has been renamed Polus Capital Management, which brings it together with Bybrook Capital, the credit asset manager it acquired in 2021.  

Fund performance: Wake us up when September ends
After a resurgent August, credit markets hit a rough patch in September, with every Creditflux index posting negative returns, and only 12.9% of funds in our listings showing a positive return.

Credit hedge fund returns (November 2022)
Credit hedge fund returns

Credit funds at a glance (November 2022)
A round up of fundraising and people moves in credit

Sculptor CEO Levin refutes "personal issue" accusation by ex-chief Och
Sculptor Capital Management’s independent board and the company’s chief executive officer and chief investment officer Jimmy Levin have fired back at former CEO and founder Daniel Och after he cited a “personal issue” in reference to Levin’s past

Franklin Templeton wraps up deal for $35bn Alcentra
Franklin Templeton has completed its acquisition of BNY Mellon’s $35 billion credit unit Alcentra

Aristotle boosts credit business with Pacific AM acquisition
Pacific Life Insurance Company has agreed to sell its credit asset manager – Pacific Asset Management – to Aristotle Capital Management

Pimco targets up to $5 billion for flexible credit fund
The fund will invest across capital solutions, distressed and stressed opportunities, and idiosyncratic positions