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

Beechbrook eyes sponsorless opportunities with new UK SME credit fund
London-headquartered Beechbrook Capital is looking to launch its second UK SME credit fund, Luxembourg filings reveal

Hermes’ novel fee structure sheds light on DL performance
Hermes Investment Management has taken a novel approach to direct lending fees, giving investors an insight into portfolio performance, which is something of a rarity in the direct lending market. 

Italian pension fund seeks direct lending managers
Previndai, the €11bn pension fund for managers of industrial companies, has issued a notice seeking global and European direct lending managers

BlueArc brings in nearly $70 million for global private credit fund
At least 100 investors have backed the BlueArc Global Private Credit Opportunity Fund, managed by Atlanta-based BlueArc Capital 

KKR forms lending JV to target "clear need for UK mainstream housing development"
KKR and London-based Urban Exposure, a specialist residential development finance provider, have formed a strategic partnership and launched a lending joint venture to target significant opportunities in "mainstream housing throughout the UK”.  

Oaktree raises new special situations fund while CIO warns of direct lending risk
Oaktree Capital Management has released its second quarter 2018 results in which the Los Angeles-based firm reported $2.4 billion of new capital commitments in the quarter

Direct lender Green Arrow adds two strings to its bow with new funds
Green Arrow Capital, which recently acquired Italian private equity house Quadrivio, is nearing a final close for two funds, sources say.

ICG reports €4.8 billion of inflows over three months after direct lending success
Intermediate Capital Group has released its quarter end results - showing strong inflows and deployment

Ares launches "largest ever" European direct lending fund with up to €10 billion to invest
Ares Management has held the final close on what it claims to be the largest European direct lending fund raise ever

BNP Paribas AM launches UK SME direct lending fund
The new direct lending fund aims to disrupt a segment of the market that is underserved by asset managers and banks  

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

BlackRock holds €1.1 billion final close for inaugural mid market fund
BlackRock has held a €1.1 billion close for its inaugural middle market private debt fund – exceeding its initial €750 million target.

Connecticut pension fund looks to mandate $140 million to private debt
Connecticut Retirement Plans and Trust Funds mandated $50 million to Balance Point Capital and is looking to invest up to $90 million to Intermediate Capital Group

Sovereign investors' allocation to alternative credit increase rapidly, finds survey
Sovereign investors are increasing their exposure to CLOs, direct lending and bank loans, according to a 2018 Global Sovereign Asset Management Study published by Invesco this week

Partner in TPG's direct lending business leaves his role
Phil Fretwell has left his role as partner TPG Specialty Lending Europe, Creditflux’s sister publication Debtwire has learned

Alcentra strengthens European direct lending team with hires
Alcentra has strengthened its European direct lending team with Sarah Madore, Maria Garcia Diego and Joanna Layton joining the firm's London-based lending unit.

CVC poaches Pemberton's head of investor relations
Global credit manager CVC Credit has appointed Mike Anderson as head of Investor Relations

Capital Dynamics registers debut direct lending fund
Zug-based Capital Dynamics is looking to launch Capital Dynamics US Middle Market Credit Fund after establishing a private credit business over the last 12 months

Danes work with Credit Suisse to bankroll direct lenders
Credit Suisse has forged an alliance with another pension fund in a partnership that will provide leverage to direct lenders

Covenant quality diminishes in direct lending market
Covenants are getting looser in the European direct lending market, according to speakers at the Debtwire European Mid-Market Forum

KKR eyes second European direct lending fund
New York headquartered KKR is looking to raise its second European direct lending fund - KKR Direct Lending Europe II, European regulatory filings reveal.

Hayfin looks to launch third European direct lending vehicle
European credit specialist Hayfin Capital Management is looking to launch Hayfin Direct Lending Fund III, according to regulatory filings 

Pemberton appoints head of business development
European direct lender Pemberton has expanded its senior leadership team with the appointment of Antoine Josserand as head of business development

BNP Paribas AM enters into SME loan origination partnership with Code
BNP Paribas Asset Management has formed a strategic origination partnership with CODE Investing as part of its new SME Alternative Financing platform