Credit drives strong returns for five of the largest asset managers in the business
Carlyle is close to hitting its ambitious fundraising target; direct lending has been kind to Ares; and Och-Ziff has decided to shed its US CLO risk retention stakes after exiting its financing agreements

New York pension fund earmarks $200 million to two private debt managers
The $115.5 billion pension fund has made $100 million commitments to two private debt managers in Q2 

Dyal buys minority stake in another private credit manager
Following a minority stake acquisition in HPS last month, Neuberger's Dyal has now attained a stake in another New York based private credit manager

Private credit helps drive returns for Alaska pension fund
The $64.9 billion sovereign wealth fund has generated 8.79% returns from private credit for the fiscal year ended 30 June

Crayhill hires Och-Ziff private credit specialist
Private credit specialist Crayhill Capital Management has appointed former Och-Ziff’s Sloan Sutta as managing director, the firm announced 

BlackRock completes Tennenbaum acquisition
Global asset manager BlackRock has completed the previously announced acquisition of Tenenbaum Capital Partners

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

THL Credit looks to raise new US direct lending fund
Boston-headquartered THL Credit is looking to raise capital for its fourth direct lending fund – THL Credit Direct Lending Fund IV, according to SEC filings.

Private equity firm Thoma Bravo brings in $500 million for first private credit fund
Technology-focused private equity specialist Thoma Bravo has raised $500 million for its inagural private credit fund, which is targeting $750 million

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

Twin Brook holds $2 billion first close for third direct lending fund
Twin Brook Capital Partners, an Angelo Gordon subsidiary, has held a first close for its third direct lending fund with approximately $2 billion capital commitments

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

Mayer Brown expands credit fund capabilities with New York partner
Global law firm Mayer Brown has boosted its credit fund formation practice with the appointment for Aubry Smith

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

Audax wins $100 million direct lending mandate from US pension fund
The $3.5 billion Pennsylvania State Employees Retirement System has awarded $100 million to a US direct lending fund managed by Audax Group

Capital Dynamics hires senior business development MD
Capital Dynamics has appointed Elizabeth Phillip as managing director and head of North American business development

FS and KKR merge BDCs to create second-largest publicly traded BDC
FS Investments and KKR Credit yesterday agreed to merge FS Investment Corporation (FSIC) and Corporate Capital Trust (CCT), in a move that has created the second largest publicly-traded BDC behind Ares Capital Corporation  

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” 

Californian pension fund assigns $25 million to Monroe direct lending strategy
As part of its private credit pacing plan, the $5.4 billion pension fund will make a $75 million commitment to direct lending funds each year for the next three years

Barings adds BDC specialist Jonathan Bock to its team
Barings anticipates that Bock will serve as chief financial officer to its earlier announced stock purchase of publicly traded BDC Triangle Capital Corporation 

AB raises $83 million for its second US direct lending fund
AB Private Credit Investors, the middle market direct lending platform of AllianceBernstein, has launched its second middle market fund 

Pacific Advisors receives $220 million inflows for credit fund
California-headquartered Pacific Advisors has raised at least $220 million for its second private credit offering

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

Texas pension fund earmarks $650 million to four private debt funds
Angelo Gordon, HIG Whitehorse and Värde have secured commitments from the Texas pension fund for their direct lending funds