Värde launches $2.5 billion global credit fund
Värde Partners has raised $2.47 billion for a new global credit fund, according to an announcement today

Private debt tops the private markets agenda for insurers, finds Schroders
Insurers currently allocate the largest proportion of their private assets’ portfolio to private debt, followed by real estate, according to study published by asset manager Schroders  

‘Buying the dip’ is going to be a poor investment strategy when the next downturn comes
The next credit downturn will be shallower but more prolonged than the last, so what works will be different, too

JP Morgan AM moves CFO to head up private credit
The chief financial officer of JP Morgan Asset Management has switched to a newly created role as head of private credit

Private debt secondaries expected to soar in 2020
Private debt secondaries grew massively in 2019 — and more is expected this year.

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance

CLOs at a glance: innovations arrive as year draws to close

Pennsylvania pension creates private credit bucket
Pennsylvania State Employees’ Retirement System has approved a new 4% allocation to the private credit asset class

Beware of "mequity" risk in direct lending, writes Barings
Barings co-head of global private finance, Ian Fowler, predicts that the adoption of lending terms associated with broadly syndicated loans into private credit will not prove beneficial in the long term

BNP Paribas AM set to launch Nest-like private credit offer to UK pensions
French manager BNP Paribas Asset Management is set to launch a diversified private credit fund for smaller UK pension funds over the first half of 2020, similar to the one it structured for the pension scheme Nest  

Pantheon appoints ex-Star Mountain official as head of global private debt
Pantheon has appointed a former Star Mountain Capital official as partner and global head of private debt in New York 

UK pension partnership launches maiden private credit offering at £581 million
Border to Coast Pensions Partnership (BCPP) is set to commit £581 million in private credit, as part of its maiden offering in this asset class  

West coast pension looks to step up direct lending allocations
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019

45% of insurers look to increase private debt allocations, finds Natixis IM survey
Private debt allocations are expected to grow for 45% of insurers over the next three years, according to a recent survey by Natixis Investment Management. But regulation and internal restrictions are the biggest challenges to greater adoption of private markets allocation

Minnesota pension to invest $300 million in distressed and private credit funds
Minnesota State Board of Investments is set to invest $100 million in a mezzanine debt fund and $200 million in a distressed debt fund

Arizona pension to deploy up to $700 million a year in private credit
Arizona Public Safety Employee System is looking to deploy $600-700 million in private credit strategies per year in order to meet its target allocation, according to board documents seen by Creditflux.

Azimut hires ex-Dyal official as it aims to buy minority equity in asset managers
Azimut will initially focus on acquiring minority stakes in alternative asset managers with under $3 billion AUM – including private credit, private equity, infrastructure and real estate firms

Canadian pension awards €300 million to middle market real estate debt
Canada Pension Plan Investment Board (CPPIB) has awarded €300 million to a separately managed account focused on real estate across Spain and Portugal. The pension fund did not name who this partnership was with 

Direct lenders' unitranche greed poses challenge to CLO sourcing
European direct lenders are increasingly expressing their preference to be the sole lender in large unitranche deals, whereas the opposite is true in the US, where direct lenders are more focused on syndicating their deals    

Managers dispel myth that lenders can’t influence ESG
There’s a growing belief among credit fund managers that they can influence borrowers to take on ESG-friendly practices, contrary to the widely-accepted notion that the business practices of companies are dictated by their private equity owners.

They said it: "Risky unmarked things are not not-risky. It will end in tears"

Fund performance
A round-up of fund performance click here.

Tikehau builds private debt secondary platform with senior hire
Tikehau Capital has bolstered its private debt capabilities with the launch of a new secondaries platform

Private credit growth helps Hamilton Lane 13% growth in AUM
Alternative manager Hamilton Lane has reached $481 billion in assets under management and advice as of September, with credit funds supporting the organisation’s growth  

Proskauer promotes eight to partner in credit
Law firm Proskauer has promoted 15 lawyers to partners in its London, New York and Boston offices – including eight who work in credit