Trade body asks US government to show it CARES about BDCs
The US federal stimulus maintains existing regulations that exempt portfolio companies from accessing the stiumulus funds. The Institutional Limited Partners Association wants to change that

Bain uses rights offerings as unusual route to raise cash for BDC
Bain Speciality Finance is looking to raise additional capital through a rights offering to “further strengthen its balance sheet” and “provide additional flexibility to support existing portfolio companies over the coming months”, chief executive officer Michael Ewald said in an open letter to shareholders on Monday

Balance Point collects $1.1 billion for lower mid-market direct lending
Balance Point Capital has collected $1.1 billion on its fourth direct lending fund focused on the lower middle market, Balance Point Partners IV

US pension to cut long-term private markets pacing plan by 10%
The Educational Employees' Supplemental Retirement System of Fairfax County is considering reducing its 10-year private markets pacing plan commitments by around 10%, according to board documentation seen by Creditflux

BDCs face asset coverage pressure as Fitch puts two on negative watch
Fitch Ratings has placed ratings on the debt of two business development companies, BlackRock Capital Investment Corporation (BB+) and New Mountain Finance Corporation (BBB-), on negative watch

Ohio pension injects $175 million into credit via JP Morgan and HPS
The School Employees Retirement System of Ohio has made a $175 million commitment to two strategies; high yield and direct lending

Private credit managers re-examine docs in new fundraising approach
Private credit managers are facing numerous challenges and those looking to fundraise have had to change the way they approach the process, including documentation, according to a note from DLA Piper

Churchill collects $2 billion for second unlevered US direct lending fund
Churchill Asset Management has held a $2 billion final close on its second US direct lending fund, doubling its original $1 billion target size

Fed unveils IG bond buying programme and direct lending plans
The US Federal Reserve has unveiled further measures to support the US economy alongside plans to establish a direct lending initiative - Main Street Business Lending Programme – to support lending to small-and-medium sized businesses

Managers get creative as private credit fundraising set for Q2 dent
Private credit funds should expect a slowdown in fundraising as credit markets gyrate wildly and investors address issues in their public market strategies. But managers have been coming up with creative solutions to keep business flowing

Baltimore pension seeks new private credit managers
Fire and Police Employees’ Retirement System of the City of Baltimore is looking to invest $40 million to private credit with new managers, according to documents seen by Creditflux

GP-led private debt secondaries "a month away" if covid-19 volatility hits cash flows
Private debt secondary funds have seen uptick of limited partner-led opportunities as institutional investors and family offices dispose of fund level commitments to gain liquidity, sources say. And general partner-led secondaries focusing on the lower middle market could emerge shortly if volatility hits companies’ cash flows

Barings BDC eyes syndicated loan market opportunities
Three weeks ago, during its 2019 earnings report, Barings BDC said the company’ had rotated out of broadly syndicated loans to ramp up its middle market exposure. But with widespread market upheaval since then, most opportunities to build value for investors will come from the broadly syndicated market

Time on side of direct lenders as private loans give relief against volatility
Some credit fund managers have become myopic in an effort to absorb the impact of the market sell-off, rate changes, shortage of liquidity and the overarching consequences of the coronavirus pandemic. Mid-sized companies might be considered more vulnerable in such circumstances, but direct lenders are spared from any mark to market volatility

Bethlehem pension looks to add direct lender to its stable
The City of Bethlehem Aggregated Pension Plan is looking for managers to oversee a middle market private debt allocation, according to a recently launched request for proposals

Alcentra prepares listed credit fund
BNY Mellon Investment Advisor has teamed up with affiliate Alcentra to launch a listed fund that can invest across a range of credit strategies

Californian pension allocates $325 million to aviation and corporate private credit
San Francisco County Employees’ Retirement System has allocated $325 million to private credit strategies, according to 11 March board minutes

Direct Lending Perspectives underlines record-breaking 2019 issuance
European direct lending volumes hit €18.2 billion in a record-breaking 2019, according to the European Direct Lending Perspectives report by Creditflux and Debtwire

Direct lending allocations could pick up as public markets feel the pain
Direct lending should withstand the volatility roiling the public credit markets, said a pension fund advisor, an allocator and a private credit manager

Solar raises $525 million for direct lending fund
Solar Capital Partners has collected $525 million for its latest private credit funds

Crayhill collects $130 million for second asset-based credit fund
Crayhill Capital Management has raised around $130 million for it second asset-based credit fund,  according to 9 March US regulatory filings

Ares hires head of ESG from Partners Group
Ares Management Corporation has appointed a head for its environmental, social and governance (ESG) practice, effective from April  

Vida promotes marketing specialist to CIO
Vida Capital Management has appointed a new president and chief investment officer, effective 1 March

Goldman Sachs in talks to buy minority stake in Permira
Goldman Sachs is looking to buy a minority stake in private equity firm Permira

NXT launches first direct lending fund since Orix takeover
NXT Capital is back in the market fundraising for its sixth direct lending fund, NXT Capital Senior Loan Fund VI, according to US regulatory filings