Evolving M&A is transforming the capital formation landscape – KKR
'Critical' link between M&A and credit is set to fuel growth in private markets

KKR grows ABF business to USD 75bn, expands origination
The alternative asset manager acquired a majority stake in a biopharma royalties business this week to add to its asset-backed finance business

Uncertainty challenges credit underwriting but deal making continues
Panelists at the annual Milken Institute Global Conference this week said the environment is more favorable than many initially expected post 2 April

Credit hedge funds
Credit hedge fund performance

CLO managers laud market’s shift away from direct lending
This year’s annual SFVegas shindig had a record 8,900 registered delegates, and every CLO panel included a discussion of two key themes, including the highly publicised fight between the broadly syndicated loan space and private credit lenders.

Credit hedge funds
Credit hedge funds

Credit funds at a glance
Credit funds at a glance

Wave of legal hires becomes a tsunami
In February alone legal heavyweights Allen & Overy, DLA Piper, Fried Frank, Kirkland & Ellis, Proskauer Rose and White & Case all announced the arrival of partners in the credit space

New report finds 2023 a record year for alternative credit M&A
A new report on “Acquisitions of Alternative Credit Managers” by credit specialist Gapstow forecasts that more M&A activity lies ahead for credit firms as they struggle with the challenges facing the broader investment management industry

Connecticut Retirement Plans and Trust Funds commits more than USD 600m to credit manager
Connecticut Retirement Plans and Trust Funds has allocated approximately USD 625m to pension funds in the state's private credit portfolio

2023: a bumper year for CLO funds
It looks like 2023 will finish as a solid year for most credit funds, and an outstanding one for CLO funds. But funds pursuing corporate distressed strategies continued to struggle

Credit hedge funds
Credit hedge fund performance

Credit funds at a glance
Credit funds at a glance

Credit hedge funds
Hedge fund performance tables

Credit funds at a glance
Fund performance; people hires; fundraising 

ESG initiatives should avoid unfavourable reactions by pursuing substance over form
By any financial measure, the collaboration of trans activist Dylan Mulvaney with Bud Light hurt the brand. What was formerly America’s best-selling beer saw its market share collapse — from over 35% in May 2023 to around 9% in June — because of a boycott by US conservatives after a 60-second TikTok video aired of Mulvaney drinking it.

Fortress taps BlackRock for sponsor coverage hire
Fortress Investment Group has hired a new director to focus on sponsor coverage and origination in in Fortress’ credit business

Illinois police pension fund opens search for credit managers

The fund plans to start investing in US leveraged loans and increase allocations for private credit

Credit funds at a glance (September 2023)
A round-up of people moves and fund raising  

Credit hedge fund returns (September 2023)
Credit hedge fund returns  

CLO double Bs offer 700bp premium versus high yield bonds, says Oaktree
The yield premium offered by double B CLO paper compared to corporate high yield bonds with the same rating has exploded to 700 basis points, according to a new episode of Oaktree Capital Management's podcast series The Insight

Funds round-up: its still all about private credit
Our summary of all the news about credit funds in the last seven days as private credit again dominated fundraising 

Veteran lawyer moves from buyside to law firm

A seasoned private funds lawyer will join Gowling WLG's investment funds team in London.  

Antares closes second senior loan fund with $6 billion
Private credit manager closes second round of senior loan fund with roughly $6 billions in commitments. 

ABL lending fund completes final close with $1.7 billion in commitments
Asset-based lending fund accepts $1.7 billion in capital commitments from a global set of institutional and retail investors.