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

LP round up: opportunistic credit dominates as investors allocate $2.2 billion
US institutional investors invested at least $2.2 billion to credit funds in March, according to documents seen by Creditflux, with opportunistic credit funds dominating commitments

HPS raises $12 billion for fifth junior capital fund
HPS Investment Partners has closed its fifth junior capital solutions fund, HPS Strategic Investment Partners V, at $12 billion. With leverage, the strategy has $17 billion investable capital

Illinois pension seeks direct lending and opportunistic credit funds for $300 million allocation
Illinois Municipal Retirement Fund is searching for direct lending, opportunistic, and distressed/special situations private credit funds with plans to allocate at least $300 million capital

Fidelity Investments raises over $100 million for BDC
Fidelity Investments says that its business development company, Fidelity Private Credit BDC, is up and running with “in excess of $100 million”.

Fundraising specialist joins Moelis in New York
Moelis has announced the hire of an experienced fund placement and fundraising specialist as managing director and senior member of its private funds advisory unit.

Ares targets $5 billion for second credit 'Pathfinder' strategy
Ares says it is finding relative value in FinCo loans, rescue financing, asset portfolios and residential mortgages and is monitoring opportunities in CLO tranches

Marathon appoints senior official to lead direct lending business
Marathon Asset Management is making a push into direct lending 

L Catterton plots credit platform growth with Hunter Point minority stake
Hunter Point Capital has bought a minority stake in L Catterton, with a particular focus on helping grow the firm’s new credit business

Nomura's private capital unit launches credit interval fund
Nomura Alternative Income Fund has a flexible allocation across private and public credit sectors, depending on relative value opportunities

Arrow overshoots €2.5 billion target for second credit opps fund
Arrow Global has closed its second credit opportunities fund at its hard cap, collecting around €2.75 billion and exceeding its €2.5 billion target

Ares and Mubadala establish $1 billion global credit secondaries JV
The pair aim to capitalise on the 'anticipated growth and substantial demand’ from managers and investors for customised liquidity solutions

Deerpath leaps to $1.5 billion close for US lower mid-market direct lending fund
With leverage, the strategy has $2.8 billion in capital available to deploy

Calpers allocates $2.5 billion to two large private debt managers
Pension giant Calpers has revealed $2.5 billion allocations to two private debt managers

Adams Street targets $4.5 billion for third private credit strategy
Kentucky Public Pensions Authority is planning a re-up to the vehicle, according to a recent investor presentation

Angelo Gordon wraps up fundraising for $1.3 billion credit dislocation fund
AG CSF2A (Annex) Dislocation Fund is an extension of the AG Credit Solutions Fund II, which held a $3.1 billion final close in April last year.

LP round up: securitised credit mandate terminated amid $5 billion allocations and expanding relationships
Institutional investors revealed nearly $5 billion of allocations to 31 credit managers across January and February board meetings, according to materials seen by Creditflux. However, there were also two fixed income manager terminations, and one multi-strategy account placed on a watchlist

Oaktree targets $10 billion for LBO financing strategy
The launch of the firm's large-cap sponsor-backed private credit strategy follows banks retreating from the LBO space and a more compelling risk-adjusted return than other sectors in the market

Proskaeur hires CFO specialist from SocGen
Proskauer has announced the appointment of Matthew Kerfoot as partner in its finance group in New York

Crescent amasses $8 billion investable capital for eighth credit solutions fund
The fund had an original $4 billion target, according to Debtwire Funds Data

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.

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

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

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