Fund performance: Credit funds end difficult 2022 on a positive note
In December 66% of credit funds reached a positive return, following an even better November where 81% of all funds pushed into the black

Credit hedge fund returns (February 2023)
Credit hedge fund returns

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

"Conditions making deal financing challenging for issuers can harm beneficial terms for investors"
Direct lending terms look better than at any point in the past decade. But is there enough to go around?

BC Credit targets $1.25 billion for third opportunistic credit fund
BC Partners Credit plans to deploy half the fund in private lending and structured equity opportunities and the other half in specialty lending and dislocated liquid credit deals

US private credit default rate rose to 2.06% in Q4, Proskauer reveals
That’s up from 1.56% in Q3 and reverses the trend of declining default rates from the 8.1% peak in Q2 2020.

ICG holds first close on US private credit fund
In total, ICG says it brought it $2.8 billion for its private credit strategies in the quarter

Investcorp hires Alcentra official as private credit co-head steps down
It follows as Investcorp’s current private credit co-head Chris Jansen will “take on an advisory role and retire later this year after ensuring a smooth transition”

Audax prices its largest ever middle market CLO
Audax Group teamed up with BNP Paribas on Friday to price the firm's largest middle market CLO to date

Audax raises $3 billion for unitranche direct lending fund
With leverage, the fund has around $4.5 billion total investable capital

Fortress issues 2023's first CLO backed by middle market loans
Fortress Investment Group has priced the first middle market CLO of the new year

Senior Investcorp official lands at wealth manager
A well-known name in the CLO industry has landed at a wealth management firm 

GSAM raises $15.2 billion mezzanine debt fund
With leverage, West Street Mezzanine Partners VIII will have a whopping $15.2 billion capital available to deploy into the junior strategy.

Wealth manager launches evergreen private debt fund
Cresset Partners has unveiled what it describes as an evergreen fund in Cresset Partners Private Debt Fund, a US middle-market credit strategy that lends to companies with $10-100 million ebitda

Blackstone promotes Marshall to global head of private credit strategies
Blackstone has promoted Brad Marshall to global head of private credit strategies

PSP and Aimco form credit partnership as Aimco poaches its global credit head
Public Sector Pension Investment Board (PSP) and Alberta Investment Management Corporation (Aimco) have struck a remarkable agreement which sees the pair jointly invest in credit and the transfer of a senior figure. 

Nassau adds $3.6 billion credit firm Angel Island to its platform
Under the deal, Angel Island will become a subsidiary of Nassau’s asset management unit, Nassau Asset Management

Alpha Dhabi taps Apollo Mubadala partnership with $2.5 billion private credit JV
The group will leverage Mubadala's relationship with Apollo Global Management to access "high quality private credit investment opportunities" 

Angelo Gordon launches non-traded BDC following private BDC merger
Angelo Gordon has launched a non-traded business development company, AG Twin Brook Capital Income Fund, following a merger with an existing $616.2 million private BDC managed by the firm, AGTB Private BDC

Churchill closes $737 million junior debt fund with small rated note
Churchill Asset Management closed its second junior debt fund, Churchill Junior Capital Opportunities Fund II, which includes a $65 million rated note to meet the needs of insurance company investors

Brightwood prices sole CLO reset in second half of 2022
Brightwood Capital Advisors reset its 2020 middle market CLO named Brightwood MM CLO 2020-1 on 21 December, in the process completing the only CLO reset in the second half of 2022

Tikehau launches inaugural $300m CFO
Tikehau Capital says it has closed its inaugural collateralised fund obligation, joining the likes of Churchill Asset Management and Nassau Corporate Credit who have launched such structures this year. 

Carlyle targets $6.5 billion for credit opps fund
Carlyle Group is targeting $6.5 billion for its third opportunistic credit fund, according to a pitchbook seen by Creditflux

Fund performance: Light at the end of the tunnel for credit funds after difficult year
Following a tough September, credit funds bounced back in October as 59% of funds made positive returns.

Credit hedge fund returns (December 2023)
Credit hedge fund returns