Bain reveals $4bn of direct lending investments in 2023
Bain Capital Credit says it invested $4 billion in private equity-sponsored, middle-market companies last year.

Permira brings in Carlyle European special sits co-head for new business
Permira has strengthened its new strategic opportunities busines

First Eagle promotes four across syndicated loans and direct lending
First Eagle Alternative Credit has promoted four officials to senior-level roles across its direct lending and syndicated loans businesses

Bain launches non-traded BDC
Bain Capital Credit says it has launched a non-traded business development company known as Bain Capital Private Credit, or BCPC

Recurring revenue ABS: meet the latest CLO variant
A new asset class is being added to Creditflux’s middle market CLO league tables with an increasing number of firms moving into recurring revenue ABS

Blue Owl lands with low-levered, mid-market CLO
Blue Owl Capital has priced a middle market CLO which conforms to its usual low-levered template. 

Orix USA makes two senior appointments to investor solutions unit
Orix Corporation USA has hired two managing directors to its investor solutions division

Ivy Hill climbs back into CLO market after Natixis plants mid-market deal
Ivy Hill Asset Management is back with its first middle-market US CLO in two years 

Pemberton raises $1bn for rare working capital finance strategy
Pemberton says it has raised $1 billion for its working capital finance strategy, in what it believes makes Pemberton one of the first asset managers to offer such a short-term credit strategy to institutional investors

Silver Point issues its second mid market CLO
Silver Point Capital priced its third CLO since 2021 on Friday and its second CLO backed by loans to middle market companies

Nuveen and Churchill launch private BDC with initial $350 million portfolio
The Nuveen Churchill Private Capital Income Fund will primarily invest in middle market senior loans and junior capital. The BDC can also allocate to private equity co-investments

Carlyle appoint former Goldman executive as CEO
Carlyle Group have appointed former Goldman Sachs Co-President and CO-Chief Operating Officer Harvey Schwartz as Chief Executive Officer and a member of the board, the firm has announced.

Credit Rendezvous: Make yourself comfortable, there’s a storm coming
In our Q1 outlook, we speak to Edwin Wilches, PGIM (US CLOs), Mikkel Sckerl and Flemming Dose, Capital Four (European CLOs),  Jim Fitzpatrick, CQS (US loans), Loic Prevot, Polus (European loans), Madelaine Jones, Oaktree (global high yield), Art Penn, Pennant Park (US direct lending), Mattis Poetter, Arcmont (European direct lending), Keerthi Raghavan, Waterfall (structured credit), Ray Costa, Benefit Street (distressed), Grant Webster, Ninety One (Emerging markets), Oumar Diallo, Aeon (real assets) for their views for the upcoming quarter. 

FS and Portfolio Advisors join forces to create $73bn asset manager
FS Investments and Portfolio Advisors have announced a merger in a deal which will see Portfolio Advisors become the institutional investment arm of FS

Senior credit origination head joins Oaktree in London
Oaktree Capital Management has hired a managing director for sourcing and origination

New York lifts limit on pension alternatives to 35%
New York pensions have been granted the ability to elevate their alternative investment allocations from 25% to 35%. This comes after New York governor Kathy Hochul signed a bill on 23 December that lifts the “basket clause”

Fund performance: Credit funds end difficult 2022 on a positive note
In December 66% of credit funds reached a positive return, following an even better November where 81% of all funds pushed into the black

Credit hedge fund returns (February 2023)
Credit hedge fund returns

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

"Conditions making deal financing challenging for issuers can harm beneficial terms for investors"
Direct lending terms look better than at any point in the past decade. But is there enough to go around?

All Seas closes inaugural mid-market fund at $400 million
All Seas Capital, the European mid-market lender founded by ex-KKR executives Marc Ciancimino and Cristobal Cuart,  has held a $400 million final close on its inaugural fund

BC Credit targets $1.25 billion for third opportunistic credit fund
BC Partners Credit plans to deploy half the fund in private lending and structured equity opportunities and the other half in specialty lending and dislocated liquid credit deals

US private credit default rate rose to 2.06% in Q4, Proskauer reveals
That’s up from 1.56% in Q3 and reverses the trend of declining default rates from the 8.1% peak in Q2 2020.

ICG holds first close on US private credit fund
In total, ICG says it brought it $2.8 billion for its private credit strategies in the quarter

Luxembourg regulator fines Pemberton after 2020 on-site inspection
Private debt manager Pemberton has been fined €22,100 by Luxembourg regulator CSSF after "failures to comply" with "risk management, general principles of the organisational requirements and the supervision of delegated activities"