Managers get creative as private credit fundraising set for Q2 dent
Private credit funds should expect a slowdown in fundraising as credit markets gyrate wildly and investors address issues in their public market strategies. But managers have been coming up with creative solutions to keep business flowing

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 

Asset manager takes new approach with special sits fund as co-head leaves
A large global asset manager is looking to allocate to junior debt in performing comapnies after parting ways with the co-head of its special situations business

Alcentra prepares listed credit fund
BNY Mellon Investment Advisor has teamed up with affiliate Alcentra to launch a listed fund that can invest across a range of credit strategies

BlackRock hires former KKR official to head European private capital markets
A leveraged finance veteran has joined BlackRock as European head of the firm’s private capital markets business in London, according to an internal memo seen by Creditflux

Direct lenders face ebitda-add back language challenges as borrowers seek flexibility

Direct Lending Perspectives underlines record-breaking 2019 issuance
European direct lending volumes hit €18.2 billion in a record-breaking 2019, according to the European Direct Lending Perspectives report by Creditflux and Debtwire

Coronavirus dampens fundraising but unlocks opportunities, say direct lending event attendees
Direct lenders could see ample opportunity for capital deployment as volatility takes hold of the term loan B and high yield markets amid Coronavirus uncertainty - and fund investors should not hold off from committing any capital 

Goldman Sachs in talks to buy minority stake in Permira
Goldman Sachs is looking to buy a minority stake in private equity firm Permira

PE firms look to go it alone as credit units reach maturity
Private equity firms are starting to weigh up the merits of housing private debt businesses, with TPG Capital the latest to contemplate splitting with its credit business TPG Sixth Street. It follows EQT Capital, which announced a strategic review in January centred on parting ways with its credit unit.

Real assets are now the top picks in private credit
Direct lending is no longer the darling of the private credit market, with pension funds increasingly making space for credit strategies backed by real assets.

EIF backs Italian private debt fund
Finint Investment anticipates €150 million final close for its third Italian private debt fund in June, after receiving the backing of the European Investment Fund

Weak loan collateral will dent private credit returns, says Finnish pension
Valtion Elakerahasto, the state pension fund of Finland, says non-existing or weaker loan collateral has raised concerns about the returns private credit funds will generate in the coming years  

Kartesia hires former Santander official to lead UK senior debt origination
Kartesia has appointed former a Santander official to lead UK senior debt investments 

Sacramento pension earmarks $150 million for private credit in 2020
The pension fund expects to commit to two direct lending funds and one credit fund it describes as 'opportunistic'

EIB buys mezzanine tranche in Commerzbank SRT
Commerzbank has launched a €1.5 billion significant risk transfer with the European Investment Bank (EIB) announcing that it has invested in the mezzanine tranche of the securitisation

Italian pension fund seeks greater exposure to private debt
BNL, the pension fund of the investment manager BNP Paribas Italia, has launched a request for proposals (RFP), looking to commit €20 million to private debt closed-end funds.  

AlbaCore closes €1.5 billion direct lending fund nearly 60% deployed
AlbaCore Capital has deployed around 60% of its second direct lending fund, with the London-based manager closing the fund at €1.5 billion

Hadrian Wall tumbles as board calls for wind down of direct lending fund
Hadrian’s Wall Secured Investments' board of directors has decided that a wind down of the fund with cash returned to shareholders would be in the best interest of shareholders, according to a company update

European unitranche deal flow increased 11% last year, finds GCA
European direct lending unitranche deals completed in 2019 increased by 11%, according to GCA Altum's Q4 2019 MidCap Monitor, marking a record year for the industry 

Eurizon launches real assets division
Italian asset manager Eurizon has launched a new organisation, specialising in alternatives investments that have a focus on the real economy, including private debt.  

Mercer puts private debt at heart of $2.7 billion fund of fund
Mercer has held a final close at $2.7 billion for a private markets fund that offers investors access to private debt and sustainable products  

LGIM hires ESG head for real assets division
Legal & General Investment Management’s LGIM Real Assets has appointed Sheun Chan as head of environmental, social and corporate governance  

London pension considers direct lending allocation
The City of Westminster pension fund is considering a 5% allocation to a new mandate which includes direct lending,

Alcentra makes big hires from Fosun and Park Square as Delaney-Smith retires
Alcentra’s European direct lending team is going through an overhaul with the co-head of this business, Graeme Delaney-Smith, retiring from the firm and two well known names joining