Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

HPS hires from sports and entertainment financier in Los Angeles
HPS Investment Partners has appointed two managing directors from 23 Capital to the firm's Los Angeles office

Ares fined $1 million by SEC over 'misuse of non-public information'
Ares Management has been fined $1 million by the US Securities and Exchange Commission in a settlement surrounding compliance failure relating to a portfolio company

Candian pension allocates $250 million to dislocation credit fund
Investment Management Corporation of Ontario (Imco) has allocated $250 million to a dislocation credit fund managed by Apollo Global Management

Louisiana pension commits $150 million to mezzanine and credit opportunities funds
Teachers Retirement System of Louisiana has awarded $150 million to two credit funds managed by Ares Management and Audax Group at its 7 May board meeting, a spokesperson for the pension has confirmed

Ares raises $3 billion special situations fund ahead of huge European direct lending launch
Ares Management has witnessed “accelerated fundraising” for its special situations fund, which it has closed at around $3 billion, according to the firm’s earnings calls. The firm also launched its fifth European direct lending fund this week, which Ares expects could be “the largest private comingled fund in its history”

Credit hedge fund returns: March 2020 stats
Monthly performance across credit hedge funds

Fund performance: Index tranche investors make it work from home
March brought a drastic drop in return figures as covid-19 swept across the globe, as Orchard tops the Creditflux performance tables

Ucits at a glance: Long-short credit capitalises on coronavirus
Ucits funds were not spared from the crash in mid-March, but Pictet outperforms

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

Cairn wins €115 million for European loan fund
Cairn Capital's open-ended European Loan Fund has reached €380 million assets under management, following €115 million in commitments from two institutional investors

OFS and CIM team up for fund geared towards loans, CLOs and real assets
Credit-related investments in the new interval fund will include floating and fixed rate loans, broadly syndicated senior secured corporate loans, CLO debt and equity tranches and opportunistic credit 

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

TPG spins off credit arm Sixth Street
TPG has officially split from its credit arm TPG Sixth Street Partners, following talks with respective investors earlier this year

Atalaya appoints head of business development and IR
Atalaya Capital Management has appointed a former Third Point Capital official as head of business development and investor relations, according to an annoucement

Angelo Gordon hires well-known credit strategist in New York
Angelo Gordon has hired an experienced credit strategist as a manging director in its investor relations team in New York

New Mexico pension allocates $235 million to credit
New Mexico Educational Retirement Board has allocated $235 million to three credit managers, a spokesperson for the pension has confirmed

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Bardin Hill pulls in $300 million for first close of opportunistic credit fund
Bardin Hill has held a first close on an opportunistic credit fund at around $300 million, according to sources familiar with the matter

Lenders look at MAC clauses amid revolver demand
A plethora of revolver draws has swept through the corporate credit markets. While banks and asset managers have so far shown the capacity to meet their unfunded commitments, the material adverse change (MAC) clause in credit agreements could allow them to pushback on borrowers.

Credit funds at a glance

A round-up of fundraising and people moves in credit

Ucits at a glance: Long-short approach lifts Pictet to the top

Fund perfomance: Slowdown for some as pandemic takes hold

CVC listed credit fund 'pre-emptively' sheds covid-19 related positions
CVC Credit has taken a conservative approach to addressing covid-19 volatility in its listed opportunistic credit fund, with the fund divesting several credit positions to manage risk 

Barings BDC eyes syndicated loan market opportunities
Three weeks ago, during its 2019 earnings report, Barings BDC said the company’ had rotated out of broadly syndicated loans to ramp up its middle market exposure. But with widespread market upheaval since then, most opportunities to build value for investors will come from the broadly syndicated market