Prospect's $500 million CLO fund merges with Stira Alcentra global credit fund
Prospect Capital Management’s $500 million closed-end CLO fund has officially merged with a global credit fund managed by Alcentra and Stira

US pension fund to commit $1.1 billion in private credit by 2020
Investment consultant NEPC has recommended that Arizona Public Safety Personnel Retirement System (PSPRS) commit $550 million in private credit in both 2019 and 2020, according to a private credit review  

BNP Paribas Wealth appoints head of private equity and private debt investments
The appointment supports what the firm sees as "a significant pick up in clients’ appetite" for the asset classes

The Last Tranche: awards season is upon us [podcast]
A look at 2018 award offerings and finalist, plus some insight on direct lending and b-wics

Jefferies subsidiary and Stonyrock plan mid-market alternative manager stake acquisitions
The new joint venture will invest in private equity, credit, hedge funds, real estate, venture, and infrastructure firms

Maryland pension carves out private debt bucket
The Baltimore pension fund has also mandated a total of $25 million to one direct lending fund and one distressed debt fund 

Korean institution hunts for direct lending managers
Korea Post has launched a request for proposals in which it seeks out two managers to invest a total of $200 million into global direct lending loans  

Northleaf appoints private credit officials in Chicago, London and Toronto
Northleaf Capital Partners has expanded its private credit team with three hires - including an ex-Barclays head of international corporate credit

Direct lending challenges in 2019: competition, lack of quality assets and high transaction multiples
Results from Proskauer Rose's survey show these are not putting off 75% of respondents, who are fundraising for a debt fund

Direct lenders split over best way to manage loan restructuring
Direct lenders are divided on how best to set up internally when dealing with loans that require restructuring. Some managers argue that a deal should be restructured via the original deal team

CVC, Octagon and Spire vie for multiple Creditflux awards
Creditflux is pleased to unveil the finalists for the most prestigious awards dinner in the credit

Points Up Front: The best opportunities are way, way over there
Competition was a big theme at last month’s Creditflux European Direct Lending conference. The market has evolved to the point where new entrants are on the fundraising trail, which could lead to a compression in any illiquidity premium prevalent in direct lending loans

Bubble-watchers cite the popularity of leveraged lending as evidence against it
Growth in direct lending has been strong — but the sector is tiny compared to equities or bonds 

Credit funds at a glance

A round-up of fundraising and people moves in credit

Finding the best managers, CLOs and direct lenders

BlackRock names global alternatives head amid senior leadership shake-up
BlackRock has reshuffled its leadership and made several senior changes across various parts of its business, according to an internal memo seen by Creditflux

Californian pension reveals 2019 private credit plan
Ventura County Employees’ Retirement Association is considering committing up to $80 million to private credit funds, following a recommendation of its investment consultant NEPC  

Italian manager launches fund for private debt opportunities
DeA Capital Alternative Funds, an Italian asset manager, has launched an alternatives fund to target global private debt investments, along with investments in private equity and infrastructure  

US pension backs Vista credit fund
Illinois Municipal Retirement Fund (IMRF) has approved a $50 million commitment to Vista Credit Partners Fund III, according to documents from the March board of trustees meeting  

Alcentra's co-head of US direct lending switches focus to Europe - Debtwire report
Alcentra has appointed Peter Glaser as co-head of European direct lending, according to Creditflux’s sister publication Debtwire

European regulators lower Solvency II capital charges for private debt
The European Commission has amended Solvency II rules to make it easier for insurance companies to invest in private debt and private equity

Los Angeles pension to shortlist managers for private credit mandate
Los Angeles City Employees’ Retirement System (LACERS) is set to short-listed six firms as semi-finalists as part of a $670 million private credit mandate.  

Alaska pension commits $545 million to seven credit funds
Alaska Permanent Fund Corporation has earmarked $545 million to funds across the credit spectrum across Q2, according to 27 February board documentation

Ares grows credit 34% with direct lending boost, but high yield takes rough ride in Q4
Ares Management Corporation reported strong returns for its European direct lending strategies in the fourth quarter of 2018. But the firm's overall revenues slumped and its US loan funds and high yield strategies were hit by the volatile credit market