PE hold periods have shrunk but fast acquisitions can lead to botched integrations
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money

New kids on the block dominate awards

DWS backs away from planned ESG-style European CLO
DWS has dropped plans to launch a European CLO, sources say. It is unclear why DWS, the asset management arm of Deutsche Bank, has turned its attention elsewhere, but one source says that the capital-intensive nature of putting together risk retention-compliant deals likely weighed on the firm. 

Cairn teams with Mediobanca for European credit Ucits fund
The strategy will focus on four credit asset classes - financials, corporates, asset-backed securities and special opportunities 

Ohio pension backs GSO's upcoming European direct lending fund
Ohio Police & Fire Pension Fund (OP&F) has approved a $50 million commitment to GSO European Debt Fund II

Goldman Merchant Bank secures $4.4 billion senior debt capital to deploy
Goldman Sachs merchant banking division has closed its latest senior direct lending fund, Broad Street Senior Credit Partners II

Senior CVC official lands at direct lender Graycliff
He co-founded the firm's US mid-market lending platform 

Largest UK pension appoints new CEO of investments
Universities Superannuation Scheme (USS) has appointed a new chief executive officer of its investment management business  

EQT extends push into Nordic direct lending with Nordea hire
The hire follows increased activity for EQT Credit in the region with three recent direct lending deals announced in the Nordic region 

Hermes adds to its direct lending team in London
Hermes Investment Management has added to its private debt team in London, Creditflux has learned.

Northleaf adds newly-created business development role in London
The new hire will lead the Toronto-based firm's business development and investor relations activities across Europe, the Middle East and Africa

Pemberton opens Copenhagen office
The expansion into Denmark follows the opening of its Amsterdam office earlier this year 

Head of direct lending parts ways with Aberdeen Standard
After over three years at the helm, the head of direct lending has left Aberdeen Standard Investments  

Spire wins Creditflux Manager of the Year award
Spire Partners was the big winner at Creditflux's Manager Awards last night as the London-based manager scooped the award for the manager of the year. On top of this, the firm picked up awards for Best European CLO Manager and Best European CLO for Aurium CLO II

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

UK pension fund appoints manager for private debt portfolio
Hampshire County Council Pension Fund has appointed JP Morgan Alternative Asset Management as a private debt portfolio manager.

Direct lender Cordet poaches Rothschild mezzanine veteran
Cordet Capital Partners has appointed a Rothschild veteran to its team in London 

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  

Pemberton closes strategic credit opportunity strategy at €1 billion
Pemberton has closed its first fund dedicated to strategic credit opportunities today

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

Pennsylvania pension commits $150 million to European credit funds
Pennsylvania State Employees’ Retirement System approved $975 million of investments at its 24 April meeting

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