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 

HPS targets $8 billion for flagship mezzanine strategy
HPS Mezzanine Partners 2019, the firm's fourth fund in its mezzanine strategy, has won $100 million from a Louisiana pension fund 

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Performing credit tops distressed credit for Blackstone, but credit AUM declines
The firm is looking to boost its direct lending business to gain $10 billion of available capital over the next couple of years

Golding holds €580 million final close for private debt fund
Golding Capital Partners has held a final close for its private debt fund strategy at €580 million

BlueBay targets €5 billion for European direct lending strategy
BlueBay Asset Management is targeting €5 billion for its latest European direct lending strategy, according to documents seen by Creditflux, and has won $125 million in commitments from two US pension funds

Majority of investors seek to increase private credit allocations, BlackRock survey reveals
Over half of investors plan to increase their allocation to private credit in 2019, according to an institutional client rebalancing report published by BlackRock

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

Crestline holds $600 million final close for PE-focused financing fund
The new fund will provide financing to private equity funds post their investment period, allowing them to provide follow-on growth capital to portfolio companies or additional liquidity 

Tikehau’s private debt AUM hits €7.5 billion
Tikehau Capital, the Paris-based asset management and investment firm, has reached €7.5 billion in private debt assets under management (AUM) as of September 2018. This represents an increase of 17% for the third quarter, amounting to €1.1 billion