Purdue Pharma bankruptcy highlights value of ESG analysis
Purdue Pharma's bankruptcy this week, and the sector wide concern over the US opioid epidemic, has highlighted the utility of environmental, social and governance (ESG) standards in credit analyses

Maryland pension allocates $25 million to evergreen private debt fund
Anne Arundel County Retirement and Pension System has allocated $25 million to an evergreen private credit fund managed by Pimco

Texas pension to lift direct lending budget to $250 million
Texas County & District Retirement System (TCDRS) is considering investment in a number of direct lending funds, with existing and new managers, according to documents seen by Creditflux  

Californian pension backs infra debt fund
Sacramento County Employees Retirement Scheme (SCERS) has awarded $40 million to a US infrastructure fund managed by IFM Investors, according to a recent report of investment activity by the pension fund.  

KKR adds CLO mezz and private credit to mix with opportunistic credit fund
The new interval fund will invest in opportunistic credit, including CLO mezzanine debt, as well as private debt 

Commonfund seeks to diversify manager pool with new portal
Commonfund will launch an online 'diverse manager portal' designed specifically to receive due diligence materials from women and minority-led managers investing in equities, fixed income and credit, real estate and hedge funds

University foundation searches for 'alternative' asset manager
Vancouver Island University Foundation (VIUF) has launched a request for proposal (RFP), seeking an alternative manager for a CAD3.5 million portfolio  

Wells Fargo AM makes big credit hire to co-head its private strategies team
Wells Fargo Asset Management has appointed Vincent Lu to co-head the firm’s private strategies, according to an internal memo seen by Creditflux

Axa IM promotes global head of loans and private debt following Levilain departure
Axa Investment Managers has promoted a new global head of leveraged loans and private debt to fill the vacancy left by Jean-Philippe Levilain, who has left to join CBAM

West coast pension eyes European private credit for diversification
The $3.1 billion pension fund is looking to diversify its private credit exposure following an asset class education by investment consultant Meketa

THL updates credit investment framework to include ESG
THL Credit Advisors has announced that it has developed an investment framework for assessing environmental, social, and governance (ESG) factors in analysing credit quality and risk factors

Texas pension awards $250 million to US lending fund
Texas County & District Retirement System has awarded $250 million to a special situations fund managed by Silver Point Capital. The commitment will sit in its direct lending bucket

Negotiating terms up front and getting comfortable with the precedent document is key
Private equity sponsors are struggling to buy low and sell high, so they are trying to take advantage of weak debt covenants

Golub blazes trail to Europe as other US lenders eye partnerships
US direct lenders are looking to diversify their exposures by allocating to European loans, sources say. Last month, Debtwire reported that one of the largest US middle market operators, Golub Capital Partners, was expanding into the continent by building out a team in London. 

Mid market CLO league tables: Golub and Natixis increase their leads
August saw over $2 billion of issuance in the mid market space with managers that have been active this year, returning managers and debut managers all pricing last month. 

Guidelines fail to assuage fears over loose reporting standards
The Chartered Financial Analyst (CFA) Institute’s new hedge fund reporting guidelines come into play next year, but some say they fall short of a much-needed overhaul.

Points up front: What’s the word for when agreements evolve?
New jargon has a habit of sticking in the credit market. Perhaps the buzz-phrase of 2019 is ‘covenantive easing’, a term concocted by Churchill Asset Management’s Randy Schwimmer and one that he’s pushing in his Lead Left publication.

Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance
A round-up of fund performance

White Oak lands role in California's clean energy financing programme
The California Statewide Communities Development Authority (CSCDA) has named White Oak Global Advisors as the programme administrator for  commercial property-assessed clean energy (Pace) financing

Investcorp appoints co-head of US credit as mid-market acquisition closes
The new hire will join Jim Feeley, who was appointed as co-head earlier this year following the retirement of John Fraser

EQT looks to raise €500 million via IPO
The initial public offering is anticipated to increase EQT's flexbility to “pursue growth opportunities” and expand its private market investing business

Europe and US diverge on covenant lite structures
Direct lending is syphoning away traditional loan supply

Last of GSO's co-founders departs
It's the end of an era as GSO Capital Partners co-founder Bennett Goodman (the 'G' in GSO) will step down from the firm at the end of the year 

PennantPark makes CLO market debut amid fundraising spree
PennantPark Investment Advisers, a New York-headquartered direct lending firm, yesterday priced its first ever CLO, becoming the US market’s eighth debut manager of 2019