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Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance
A round-up of fund performance

ICG brings in managing director for client-facing role spanning Austria and Germany
ICG has appointed Julia Beinker as managing director to expand the firm’s client base in Austria and Germany

EQT looks to raise €500 million via IPO
The initial public offering is anticipated to increase EQT's flexbility to “pursue growth opportunities” and expand its private market investing business

Europe and US diverge on covenant lite structures
Direct lending is syphoning away traditional loan supply

Euro trading: Vue proves to be leading light for CLOs, but liquid bonds play crucial support role
Vue International's newly issued loan starred in 25 CLO managers' portfolios, which bought €239.4 million of the loan in June and made it a box office hit among CLO managers, according to CLO-i.

Cambridge University appoints CIO
The University of Cambridge has named a CIO who previously served at instutituions such as the BBC and Virgin  

BlueMountain buyout to bring CLO equity shift, funding pledge and Feldstein payout
BlueMountain Capital Management’s co-founder Andrew Feldstein looks set to receive a substantial pay-out in common shares of Assured Guaranty, which has agreed to buy the manager for around $160 million and has outlined a three-year plan for its CLOs

Carval fashions 'flexible' global multi-strategy credit hedge fund
The open-ended fund will focus on non-control strategies including corporate securities, liquidations, loan portfolios and structured credit 

Apollo fee earnings rise 9% in Q2 as structured credit boosts portfolio
Apollo Global Management’s credit portfolio increased 4% quarter-over-quarter to $201 billion, driven by growth in affiliated life insurance firm Athene, as well as corporate credit and structured credit

New EC fund rules could lead to ‘pre-pre-marketing’
The European Commission has approved a standardised concept of ‘pre-marketing’ in a move that could see more capital flow through the European Economic Area. The new definition of pre-marketing is meant to provide clarity, but some sources say that the amendments could be seen as an additional burden and lead to a concept of pre-pre-marketing.

Investors seek oasis as new issues dry up

Ares credit business grows 4.4%, driven by US direct lending
US and European direct lending, alternative credit and syndicated loan funds dove growth for Ares Management Corporation in the second quarter, the firm said

Euro CLO managers ditch Moody’s as negative views rise
European CLO managers have begun turning against Moody's as it has rapidly increased the number of loan issuers it has placed on negative outlook.

Points up front: Benefits of being unethical
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage.

Direct lenders accused of exaggerating terms in lender education
Sources say that some direct lenders in Europe are submitting standard indicative lender terms with limited or no internal discussions with their respective credit committees.

Borrowers promise to pay penalty if they breach ESG targets
Loan investors are incentivising companies to improve their environmental, social and governance (ESG) performance by linking the financial terms of a loan to the ability of the borrower to meet predetermined sustainability targets.

Net short language could force lenders to sell at a loss
Signs are growing that ‘net short’ provisions in bonds and loans are getting closer to hitting CDS investors, with two instances in recent weeks of the language expanding both in geographical and functional remit.

Fund performance: Mercury rises as does credit fund performance

Mediobanca builds loan and CLO trading team with hire
Mediobanca has made a hire as it looks to grow the loan and CLO trading business in London it established last year 

Credit plays a big part as KKR increases AUM by $6.5 billion
KKR grew its assets under management by 8% over the second quarter, according to the firm’s earnings call, which took place on Thursday.

Goldman Sachs creates sustainable finance group
Goldman Sachs has launched a sustainable finance group, to deliver sustainable growth solutions to the bank’s clients, according to documents seen by Creditflux.  

Dutch development bank creates ESG and impact standing committee
The Netherlands Development Finance Company (FMO) has created a standing committee for impact and environmental, social and governance investing

Allen & Overy brings in three from Dechert to boost funds practice in Paris
Allen & Overy has announced a trio of appointments from Dechert to its Paris office