"Strong growth is not necessary for good loan or bond performance, but it keeps a recession at bay"
The picture in credit was looking good (even with inflation rising) until Russia invaded Ukraine

LP round up: Oak Hill wins $3bn mandate as credit allocations near $10bn in March
Institutional investors revealed over $9.5 billion of allocations to credit funds in March. Oak Hill Advisors walked away with the largest mandate, as US heavyweight pension Calpers allocated a whopping $3 billion across several of its funds

GoldenTree sprouts up in North Carolina
GoldenTree Asset Management has opened a new office in Charlotte

Trade finance specialist sentenced to 12 years in prison for CLO and fund fraud
David Hu, the former chief investment officer of International Investment Group, has been sentenced to 12 years in prison for his role in running a “Ponzi-like scheme”, which included using a CLO to create fraudulent loans.  

CapitalSpring rustles up $950 million food-focused direct lending fund
At closing time, CapitalSpring's direct lending fund has exceeded its target

Boston has more than a feeling for private credit as pension issues RFP
Boston Retirement System is seeking private credit managers to manage around $60 million

Mid market CLO league tables: $1.1 billion Golub deal shuffles the pack
Mid market CLO issuance slowed last month amid market volatility with just one new issue and two resets pricing in March, worth a combined $1.9 billion

Carlyle hits $4.6 billion hard cap on second global credit opps fund
With leverage, Carlyle Credit Opportunities Fund II has around $6 billion of capital to deploy

Thoma Bravo closes software and tech credit fund with $3.3 billion to deploy
SEC filings reveal the vehicle had an original $1 billion target 

Cerberus shows CLO price movement with first new mid market deal of 2022
Cerberus Loan Management on Friday priced its first new middle market CLO of the year

Golub mid-market CLO upsizes to over $1 billion after reset
SMBC Nikko has reset a middle market CLO for Golub Capital Partners, taking the deal size up beyond $1 billion in the process, sources say

MidOcean announces promotions in credit business
Two portfolio managers are among those to earn promotion at MidOcean Partners 

Owl Rock doubles size of 2020 mid market CLO with reset
Owl Rock Capital has more than doubled the size of its late 2020 CLO named Owl Rock CLO V after resetting the deal on Monday,

Chicago pension seeks private credit manager
Direct lending, structured credit, distressed/special situations, specialty finance, and multi-strategy funds will be considered

First Eagle brings first new mid-market CLO since start of Ukraine crisis
First Eagle Investment Management has priced the first new middle market CLO since Russia's invasion of Ukraine sparked high volatility in the credit market

Crestline collects $3.6 billion across three private credit fund closes
The Fort Worth, Texas-based manager has closed its fourth opportunistic credit fund, third direct lending fund and second portfolio financing fund

Oaktree buys majority stake in 17Capital
Oaktree Capital Management has bought a majority stake in net-asset-value financing specialist 17 Capital

Experienced structured credit official raises $250 million to lend to VC-backed companies
Peter Thiel-backed investment management firm Tacora Capital has closed its inaugural fund at $250 million

StepStone scores AAA rating for listed bond linked to US direct lending portfolio
StepStone Group has sponsored a $102.5 million securitisation of US direct lending loans that is listed on Mexico’s BIVA Stock Exchange in what it claims is the first transaction of its kind in Mexico

MKP partner joins Orchard in new global distribution role
Orchard Global Asset Management has hired an experienced figure from MKP Capital in the newly created role of global head of distribution and investor relations

Constellation buys into real estate and mid-market corporate specialist
Constellation Capital has bought a passive, minority equity stake in Post Road Group, according to a joint-announcement. The transaction comes shortly after Post Road raised over $300 million for Post Road Special Opportunity Fund II

Mid market CLO league tables: diamonds are for 2019 and BCRED is for now
Middle market CLO issuance is off to a fast pace in 2022 as a busy February welcomed three new issue CLOs and three resets – adding $3.8 billion to this year’s tally of $4.39 billion

LP round up: Fidelity wins big, Pacific retains loan mandate, pensions eye distressed
The month also included one CLO fund commitment, one high yield manager search, one finalised US loans mandate and one $400 million multi-sector fixed income managed account mandate

Spac pricing hints at Sound Point's growth ambitions in loan market
Sound Point Acquisition Corp has priced a $225 million IPO, signalling that credit asset manager Sound Point Capital Management is looking to expand its platform

Credit funds at a glance (March 2022)
A round up of fundraising and people moves in credit