Direct lenders express concern over proliferation of ‘adjusted ebitda’ terms

Texas pension fund puts $150 million into credit
A $29.7 billion pension fund has approved commitments to two credit fund managers

Houlihan Lokey launches US loan platform and signs up HPS
Global investment bank Houlihan Lokey has launched a new syndicated leveraged finance platform as part of its capital markets group in response to “significant client demand” 

Investors eye alternative credit ahead of expected interest rate increase – report
Investments in alternative credit are set to rise among institutional investors over the next 12 months, according to an alternative credit report published by NN Investments Partners

Neuberger's Dyal acquires minority stake in HPS
Dyal Partners, a division of Neuberger Berman, has acquired a minority equity stake in global credit manager HPS Investment Partners

Orix acquires US mid-market lender NXT
Japanese financial services firm Orix, has agreed to acquire US mid-market lender NXT Capital

The expanding middle
Our analysis of mid market CLOs reveals that managers have distinguished themselves with the overlap between mid market US CLO portfolios being approximately 5%

Michigan pension fund looks to commit $80 million to debt funds
The $114 billion Michigan pension fund is looking to commit to two private debt funds managed by London-based Kreos Capital and New-York headquartered MidOcean Credit Partners

Brazil development bank launches $1.5 billion infrastructure credit fund
Brazil’s National Bank for Economic and Social Development (BNDES) is launching a new Brazilian infrastructure credit fund with support from the Inter-American Development Bank

Credit interval funds thrive as investors value liquidity profile
“The interval fund structure’s time has come," says BlueBay's Blair Reid

Experienced CSAM holds off boutiques to win biggest prize
Credit Suisse Asset Management became a two-time winner of the Creditflux Manager of the Year award last month after picking up the 2018 trophy in front of a packed house at London’s Landmark Hotel on 9 May

Direct lending growth challenges loan administrators, finds private credit survey
Nine out of 10 private credit managers face challenges when administering loans, according to an Alternative Credit Council report

HSBC asset management unit raises $800 million for global multi-manager loan fund
As a multi-manager fund,  the new vehicle aims to offer the benefits of fund-of-funds - diversification - but with a management fee comparable to a single manager 

Carlyle and Oppenheimer opt for interval fund structure as part of JV
The new private credit fund will invest at least 80% across loans and structured credit (Including CLOs), opportunistic credit, direct lending and liquid credit, SEC filings reveal

UK funds brace themselves against value-for-money ruling
The UK’s Financial Conduct Authority (FCA) has published its final set of fund governance rules that aim to strengthen the duty of authorised fund managers to their investors.

Direct lenders divided over projected impact of scrapping leveraged lending guidelines
With US bank guidelines on leveraged lending apparently on their way out, direct lenders are divided over the extent to which banks will crowd back into leveraged lending

Canadian pension fund appoints head of credit
Toronto-headquartered Canada Pension Plan Investment Board has appointed John Graham as head of credit investments, effective 1 June 2018

Zencap looks to raise €200 million for its third infra debt fund
French alternative investment boutique Zencap Asset Management is launching its third senior infra debt fund with a €200 million first close target, the firm announced on Friday.

GoldenTree, KKR and StepStone earn sub-advisor roles for new interval fund
FS Investments is launching a multi-strategy interval fund and has chosen GoldenTree Asset Management, KKR Credit and StepStone Group to act as sub-advisors

A credit market in constant flux
Since Creditflux's launch in 2001, we've reported on CLO evolution, trendy new products, regulatory U-turns, and, of course, crashes. Which, we wonder, is coming next?

Staying afloat in credit takes care and character
In his final article, our columnist sheds light on his identity and has some 'nice' advice for those navigating credit’s changeable oceans

Och-Ziff's head of European private credit set to join Carlyle
Carlyle Group has made a high profile hire to its credit team in London

Credit specialist poaches Goldman Sach's Eric Muller in New York
Credit specialist Oak Hill Advisors has hired New York-based Eric Muller from Goldman Sachs Group, according to a market source

Manager launches eighth European leveraged loan fund with €300 million target
SCOR Investment Partners and private equity firm LBO France have partnered to launch a European leveraged loan fund seeking €300 million in capital commitments