March madness sees most funds give up gains made in Q1
After a positive start to the year, credit funds ended the quarter with a step backwards; just under 30% of those listed reached positive returns for the month.

PGIM buys majority stake in direct lender Deerpath
PGIM has bought a majority interest in direct lending firm Deerpath Capital Management

MidCap prints 2023's second-largest CLO to date
Apollo affiliate MidCap Financial priced a new middle market CLO on Friday that is the second largest primary market transaction of 2023

Owl Rock prints its first CLO via SMBC Nikko
Blue Owl Capital priced a new middle market CLO on Wednesday, working with SMBC Nikko as arranger for the first time to print the deal

KKR plans asset-based fund
KKR Asset-Based Income Fund will take a 'multi-sector' approach, investing across consumer finance, mortgages, small-medium sized enterprises, hard assets, infrastructure and contractual cash flows

Marathon hires consultant relations co-head from AB
Marathon Asset Management has hired Scott Boyle as managing director and co-head of consultant relations in New York

BlackRock prints middle market CLO via two arranging banks
BlackRock priced a new CLO named Mt Hood CLO X on Tuesday, the first new transaction pbacked by middle market loans to print in three weeks

Ares targets high-net worth investors as it raises $1.5bn for non-traded BDC
Ares Management has raised $1.5 billion for a non-traded business development company known as Ares Strategic Income Fund

Blackstone launches rated-note feeder for direct lending strategy
Blackstone has launched a rated feeder fund, which is linked to a direct lending strategy

Virginia pension discloses $800 million in credit allocations
Virginia Retirement System has disclosed $800 million in credit fund allocations made over the first quarter of this year

Pimco eyes CLOs as part of new flexible credit interval fund
Pimco is preparing to launch a new closed-ended, non-listed interval fund, named Pimco Flexible Corporate Income Fund, which will invest at least 80% of assets in corporate debt across public and private credit markets

Hunter Point buys minority stake in secondaries specialist Coller
Hunter Point views the secondaries business as a ‘dynamic and growing asset class’

Rated-note feeder funds emerge as CFO alternative
Insurance companies are increasingly looking to invest efficiently in credit products. The resurgence of collateralised fund obligations has been well documented, but sources say rated-note feeders are also gaining in popularity

CLO funds make best of a bad situation
It can’t get any worse can it? Well, it did in 2022, when credit spreads kept moving wider. Still, CLO funds were able to withstand the pressure, and they outperformed other credit strategies

Fund performance: European CLO funds lead the way
February was a positive month for many funds, as only one quarter failed to reach the black. This builds off a stellar start to the year: 96% of funds reached a positive return in January

Credit hedge fund returns (April 2023)
Credit hedge fund returns

Credit funds at a glance (April 2023)
A round up of people moves and fundraising

"It’s critical to understand that lower marks are not necessarily indicative of declining borrower performance"
Despite rate hike plans going unchecked, there is cause for optimism in private credit

LP round up: opportunistic credit dominates as investors allocate $2.2 billion
US institutional investors invested at least $2.2 billion to credit funds in March, according to documents seen by Creditflux, with opportunistic credit funds dominating commitments

HPS raises $12 billion for fifth junior capital fund
HPS Investment Partners has closed its fifth junior capital solutions fund, HPS Strategic Investment Partners V, at $12 billion. With leverage, the strategy has $17 billion investable capital

Illinois pension seeks direct lending and opportunistic credit funds for $300 million allocation
Illinois Municipal Retirement Fund is searching for direct lending, opportunistic, and distressed/special situations private credit funds with plans to allocate at least $300 million capital

Fidelity Investments raises over $100 million for BDC
Fidelity Investments says that its business development company, Fidelity Private Credit BDC, is up and running with “in excess of $100 million”.

Fundraising specialist joins Moelis in New York
Moelis has announced the hire of an experienced fund placement and fundraising specialist as managing director and senior member of its private funds advisory unit.

Ares targets $5 billion for second credit 'Pathfinder' strategy
Ares says it is finding relative value in FinCo loans, rescue financing, asset portfolios and residential mortgages and is monitoring opportunities in CLO tranches

Marathon appoints senior official to lead direct lending business
Marathon Asset Management is making a push into direct lending