Credit fundraising: managers take care of infrastructure with new partnerships
Credit managers were busy launching new partnerships to support growth in infrastructure and CLOs. There were 13 announcements in the month paving the way for upcoming funds, platforms, and joint ventures

PennantPark closes levered sleeve of private credit fund at $460 million
PennantPark Investment Advisers has closed the levered sleeve of its fifth comingled fund, PennantPark Senior Credit Fund Levered. Its unlevered sleeve, PennantPark Senior Credit Fund, is due to hold a final close in December

KSL amasses $753 million for fourth travel and leisure credit fund
 KSL Capital Partners Credit Opportunities Fund III had an initial $675 million target and fundraising took ‘less than a year’

KKR adds two senior private credit hires as it eyes new receivables and inventory financing strategy
KKR has added a former Credit Suisse and Sound Point Capital official to its private asset-based finance team 

HarbourVest nears $600 million final close on US direct lending fund
HarbourVest Direct Lending Fund will invest in US private equity-sponsored mid-market companies with ebitda between $10 million and $150 million

Siguler Guff retains nearly 90% for second $450 million opportunistic credit fund
Siguler Guff has closed its second credit fund, Small Business Credit Opportunity Fund II, at $450 million

Marathon targets $300 million for inaugural healthcare credit fund
Marathon Asset Management is targeting $300 million for a credit fund focused solely on healthcare loans

Wisconsin pension seeks evergreen private credit fund
The Employees’ Retirement System of Milwaukee County is on the hunt for private credit fund managers

Stepstone wins €215 million private debt mandate from Italian pensions
A consortium of Italian DC pension funds have allocated the capital to a private debt fund of funds under the name Project Zefiro

HSBC AM names CEO of new $53bn alternatives business
HSBC Asset Management has become the latest manager to bring together its ‘alternatives’ capabilities under one roof, with the launch of a new unit, HSBC Alternatives

Apollo pledges $500 million to Victory Park's growth ABL e-commerce strategy
Apollo Global Management says it has committed up to $500 million to Victory Park Capital’s growth lending strategy, which will focus on asset-backed lending to Amazon and e-commerce aggregators

KKR flies into aviation lending with new $800 million platform
KKR has expanded its credit business with a new aviation platform, seeding the platform with nearly $800 million portfolio of aviation loans from CIT Group to kickstart the launch

Sound Point confirms buy-out of CVC's US direct lending business
Sound Point Capital Management has bought CVC’s US direct lending business, the pair have confirmed. The deal will add $1 billion of assets to Sound Point’s $25 billion platform and includes nine investment professionals

LP round up: big name managers win direct lending mandates amid $1.5 billion allocations
Apollo, Ares, Barings and CVC were among the beneficiaries of the direct lending rush in May 

Sound Point strikes deal to buy CVC's US direct lending business: WSJ
Sound Point Capital Management has agreed to buy CVC’s $1.5 billion US direct lending arm as part of a push into private credit 

Schroders unites private market divisions under Schroders Capital umbrella
Schroders has united its private market capabilities under a new umbrella branded Schroders Capital

Credit fundraising: Audax scores big in lighter month
Fundraising markedly dropped in May, but credit funds still amassed $12.8 billion and 10 credit funds reached final closes across a variety of different strategies

Direct lending newcomers reveal doubts over losses
Large direct lenders are quick to point out that experience and restructuring experience counts, particularly as we enter a default phase. What’s surprising is that, when it comes to capital markets investors, those new to direct lending doubt their own ability to manage losses. 

Fund performance: CLO funds outperform as two hit over 100% 12-months return
CLO funds swatted away the competition in April on their way to dominating our top 10 credit hedge fund return table after an upbeat month

Credit funds at a glance (June 2021)
A round up of fundraising and people moves in credit

Varagon hires senior business development official from Invesco
Mid market lender Varagon Capital Partners has hired a managing director in the firm’s business development and investor relations team

Allen & Overy hires two leveraged finance partners from White & Case in New York
Allen & Overy has hired two structured finance partners in its New York office

HarbourVest closes $833 million credit opportunities fund
HarbourVest Credit Opportunities Fund II will target a 13-16% net internal rate of return with a portfolio of around 70% credit and 30% equity

Carlyle hires head of credit investor relations in New York
Carlyle Group has hired an ex-Pretium official to lead investor relations for its credit platform

CPPIB reveals $600 million in credit investments across France, India and US
Canada Pension Plan Investment Board has revealed $600 million in credit allocations to three managers