Private credit responds to pressure
“Everything that can be stretched gets stretched,” so says NewStar founder Timothy Conway as talk at Creditflux’s Private Credit conference turned to deal terms getting stretched 

Oaktree set to buy mid-market specialist Fifth Street, reports WSJ
Oaktree Capital Management is leading the chase to buy middle-market US lender Fifth Street Asset Management, according to a report by the Wall Street Journal

Dyal takes minority equity stake in private credit manager
Dyal Capital has acquired a minority stake in private credit manager Atalaya Capital Management

Twin Brook adds $110 million loan as it builds mid market portfolio
Angelo Gordon’s Twin Brook Capital has made one of its biggest loans to date, according to well placed sources, as it ramps up a recently launched US mid-market credit fund

Carlyle poaches credit specialist from HPS in New York
Carlyle Group is continuing to pump resources into credit with the firm announcing that it has hired a head of credit opportunities based in New York

US pension fund turns to mid-market credit to diversify in fixed income
The Westfield Retirement System  is looking for a mid market manager to oversee a new $10 million fixed income strategy

Credit investors see “cascade of stupidity” over US earning definitions
Borrowers and sponsors are becoming much more aggressive in redefining earnings in order to attract financing, attendees at the Creditflux Private Credit conference heard yesterday

Fundraising specialist joins Antares in Chicago
Antares Capital has announced that Greg Lawton has joined its team as a managing director in a capital-raising role

Angelo Gordon’s Twin Brook makes new direct loans
Twin Brook Capital Partners, the direct lending unit of Angelo Gordon has made several further loan investments

Credit manager HPS pulls in capital for new loan fund
HPS Investment Partners, the former Highbridge Capital Management, has begun to raise a new loan fund

Twin Brook Capital adds $30 million direct loan
Twin Brook Capital Partners, the mid-market unit of Angelo Gordon, has provided a $30 million loan to finance the buy-out of Storage Battery Systems

THL closes third direct lending fund at $511 million
THL Credit has announced that it has closed its third direct lending fund, after bringing in $511 million of capital commitments

Arizona pension fund eyes $50 million investment in upcoming debt fund
A US pension fund is considering a $50 million allocation to a mortgage lending fund which is slated to reach $150 million

Onex raises capital for new direct lending strategy
Onex Credit is making rapid progress in raising its inaugural direct lending fund, after hiring Goldman Sachs's Walt Jackson to set up this business in 2016

Alcentra teams with Steadfast for $3 billion global mid-market strategy
Steadfast Capital Markets Group and Alcentra have announced the launch of a new credit fund, which will lend to companies in the US and western Europe

Mid-west pension fund approves credit allocations to KKR and Avenue
A mid-west pension fund has upped its allocation to KKR’s latest direct lending strategy

Texas pension fund stocks up on direct lending with $675 million allocation
A US pension fund is clearly a big fan of direct lending strategies having hired two managers. It has now committed $1.2 billion to direct lenders this year

US pension grants $200 million to private credit
A west coast pension fund plans to increase more than five-fold its exposure to US direct lending

Alcentra and reit specialist Steadfast team up for fund
Alcentra has launched a new retail fund in the US to invest in mid-market credit

PGIM takes top spot as credit market celebrates
PGIM was the big winner at the Creditflux Manager Awards dinner on 3 May after scooping up the coveted manager of the year award

Twin Brook emerges as backer of three new acquisition loans
Details have emerged of three new loan investments by Twin Brook Capital Partners, Angelo Gordon’s mid-market credit specialist, as it continues to ramp up its latest fund

Pension fund decides against direct lending allocation - for now
West coast pension fund bides its time as it looks for more information on direct lnding before committing