Illinois pension seeks distressed debt or opportunistic credit manager
Illinois Municipal Retirement Fund is requesting proposals for opportunistic and distressed private credit fund managers and has at least $25 million to allocate

European Investment Fund backs German digital direct lender
German digital direct lender Creditshelf has held a €62 million first close on its inaugural fund offering, Creditshelf Loan Fund, following a €30 million commitment from the European Investment Fund 

Direct lenders turn on liquidity taps as major Q2 test awaits
European direct lenders have been on hand to support their portfolio companies with liquidity over the past two months, sources say. These moves come despite uncertainty over the full impact the coronavirus pandemic will have on businesses in the second quarter

Private credit dangers lurk, but fear drives inflows
Fear of missing out is one reason institutional investors are allocating to private credit, but market partici­pants say that investors should err on the side of caution, despite the number of attractive opportunities

Direct lenders eye 200bp premium in primary market
Deal flow is streaming in for European direct lenders who, despite monitoring portfolios for covid-19 related issues, have one eye on the primary market

Direct lenders look to source deal flow through government-backed loans
Direct lenders have been looking to tap into government backed loans as a way of sourcing deals, either via partnering with banks or being an accredited lender

Germany's €600 billion aid package and amended insolvency rules line road to recovery
Germany has launched two major initiatives, relevant for direct lenders, to help companies weather the negative financial impact of the covid-19 pandemic, according to Hans Stamm and Angelo Lercara, Munich-based partners at Dechert

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

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”

GSO eyes $7 billion for credit opps fund and closes $4.8 billion European direct lending fund
GSO is eyeing a $7 billion target size for a new credit opportunites fund. The New York-based manager recently closed its second European direct lending fund, GSO Senior European Debt Fund II, at $4.8 billion

KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

HPS raises $1.5 billion SME credit fund in Europe
HPS Investment Partners has closed a $1.5 billion SME credit fund known as the European Asset Value Fund II

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

Global direct lending fundraising plummets in Q1
Global direct lending fundraising figures plummeted in the first quarter as coronavirus-related volatility kicked in. Managers raised just $9.4 billion raised across 11 funds compared to $18.6 billion across 15 in Q1 2019, according to Creditflux's fund database

Virginia pension allocates $850 million to credit in Q1
Virginia Retirement System has allocated $850 million to three credit strategies in the first quarter of the year, according to an update at its 15 April investment committee meeting

Border to Coast bolsters 'alternatives' business with PM hire
The pension fund has hired a portfolio manager for alternative investments, including private credit, private equity and infrastructure  

HIG bolsters European direct lending presence with Amsterdam hire
HIG WhiteHorse has appointed a former NIBC official to its direct lending team in Amsterdam, according to market sources

Park Square nears €1.5 billion final close for European junior debt fund
Park Square Capital is nearing the final close on a fourth European mezzanine debt fund, with the London-based manager collecting nearly €1.3 billion

Muzinich subsidiary launches €417 million Italian credit fund
Springrowth, a subsidiary of Muzinich, has held a €417 million final close on an Italian direct lending fund in which Muzinich partners with local banks for origination. The Milan-based firm is also fundraising for a Rescue Financing fund to support companies affected by the coronavirus crisis

Crescent closes second European direct lending fund at €1.6 billion
Crescent Capital has raised €1.6 billion for its second European direct lending fund, exceeding the original €1 billion target size, according to an announcement

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

UK government approves covid-19 loan scheme for larger businesses
The UK government announced a new covid-19 loan scheme on Friday to support larger firms with annual turnover of up to £500 million

Leverage providers focus on direct lending eligibility rules
Banks will have to re-examine eligibility criteria for leverage facilities extended to direct lenders, according to market sources.

Managed accounts pose flexibility check for direct lenders
Direct lenders are closely analysing portfolio companies hit by coronavirus volatility for signs of financial stress, ready to inject capital and extend flexibility to companies where needed.

Private credit managers re-examine docs in new fundraising approach
Private credit managers are facing numerous challenges and those looking to fundraise have had to change the way they approach the process, including documentation, according to a note from DLA Piper