VSS holds first close on $400 million non-sponsored junior capital fund
VSS Structured Capital Fund IV will invest in non-control, non-sponsored, junior capital investments in US lower middle market companies

Corbel targets distressed and special situations with lower mid-market fund
Corbel Distressed & Special Opportunities Fund will focus on non-control turnaround and special situations in US lower middle market companies 

LP round up: $2.8 billion flows to credit as Apollo concedes fundraising may slow
Florida Retirement System Trust Fund made the largest commitments allocating $1.6 billion. Apollo meanwhile acknowledged a potential slowdown in fundraising as investors await results on an independent review into CEO Leon Black's relationship with Jeffrey Epstein

Placement agents warn direct lenders on outsized positions
Private debt investors say they are witnessing dispersion between fund returns, and that diversification and a well resourced team are some of the most important differentiators they are seeing

Low rates drive US pension towards private credit
The Iowa Public Employees’ Retirement System is one of several pensions to have increased private credit allocation recently, from 3% to 8% (around $1.7 billion)

Fund performance: Structured finance finds its footing with credit rally
For the first time this year we have seen a structured finance fund take the top spot, as Serone Key Opportunities Fund leads a multitude of other funds in this category in the top 10 of our monthly fund rankings

Ucits at a glance: European funds and CLOs head rankings
Ucits fund returns

Credit funds at a glance (November 2020)
A round-up of fundraising and people moves

Credit hedge funds (November 2020)
Monthly credit hedge fund tables

Investors search out illiquid credit for improved pricing
Credit investors are still trying to gauge appropriate pricing levels for smaller credit facilities in the tradeable credit space

Carlyle BDC forms $250 million direct lending JV with Cliffwater
Carlyle’s business development company TCG BDC has formed a $250 million mid-market direct lending joint venture with Cliffwater

GSO co-founder Bennett launches minority GP-stake business
GSO Capital Partners co-founder Bennett Goodman (the “G” in GSO) has teamed with Mike Arpey, Avshalom Kalichstein and Rex Chung to launch a new GP stakes investing business

Credit fundraising: Dubai manager gets in on the act as direct lending takes off
Shuaa launches credit fund in the Gulf as Ares, Contingency, HPS and Perceptive are among those to close billion-plus funds

Apollo appoints head of credit valuations from sell-side
Apollo has appointed a head of credit valuations, as its previous head of credit valuations has transitioned internally to cover private equity valuations

Pemberton hires from Alcentra in bid to boost North American investor base
Pemberton has appointed a former Alcentra official to the newly created role as managing director for North American business development, as it seeks to expand its US and Canadian investor base

European CLOs should obtain STS certification, urges ACC
The Alternative Credit Council has urged policymakers to allow European CLOs to obtain Simple, Transparent and Standardised (STS) certification in a bid to boost non-bank lending

NXT CEO to retire next year
The chairman and chief executive officer of NXT Capital, Robert Radway, is retiring late next year

BMO caters to Europeans with new US mid market loan fund
BMO Financial Group has launched a US mid-market credit fund for European institutional investors

Stepstone subsidiary raises $35 million private markets fund for high net worth individuals
Conversus has closed an inaugural private markets fund, Conversus StepStone Private Markets, at $35 million

Ares holds €6.97 billion first close on European direct lending fund
Ares Management Group has collected $12 billion in gross credit commitments over the third quarter of the year, according to the firm’s earnings presentation, including $8.2 billion for the first closing of its fifth European direct lending fund

Direct lending green shoots flourish despite fundraising plunge
Despite the headline figures, sources say European direct lending fundraising remains healthy and newcomers have a place to enter

Veritas closes inaugural credit opportunities fund at $400 million
Veritas Capital has held a final close inaugural credit opportunities fund Veritas Capital Credit Opportunities Fund at $400 million

Thoma Bravo brings in ex-Goldman veteran to spearhead credit division
Private equity firm Thoma Bravo has appointed an ex-Goldman Sachs official veteran to spearhead the firm’s credit division

EQT completes sale of credit business to Bridgepoint
EQT has completed the sale of its €3.9 billion credit business segment to Bridgepoint

LP round up: EIF backs four debt funds while Carlyle wins $1 billion
Institutional investors have allocated just over $4 billion to 27 credit managers in October board meetings