Prospect's $500 million CLO fund merges with Stira Alcentra global credit fund
Prospect Capital Management’s $500 million closed-end CLO fund has officially merged with a global credit fund managed by Alcentra and Stira

KKR and FS Investments' BDC platform markets new issue CLO
KKR and FS Investments’ business development company, FS KKR Capital Corp, is marketing a new issue CLO via Citi named FS KKR MM CLO 1

Continuous par build can provide a rainy-day fund for when downgrades to triple Cs pour in
If CLO managers are preparing for mass downgrades to triple C loans, then trading gains and thick OC cushions are the best defences

Endowment funds eye allocations to private credit
Endowment funds are evaluating private credit funds in a bid to meet their 7% return hurdles, and Commonfund, based in Wilton in Connecticut, is leading the charge.

Morgan Stanley grows direct lending arm in New York with two hires
The bank has added a second hire to its private debt team having appointed an ex-Carlyle official to a newly created role as head of direct lending 

US pension fund to commit $1.1 billion in private credit by 2020
Investment consultant NEPC has recommended that Arizona Public Safety Personnel Retirement System (PSPRS) commit $550 million in private credit in both 2019 and 2020, according to a private credit review  

Monroe adds ex-Medley official to west coast origination team
The new hire will be based in Los Angeles 

BNP Paribas Wealth appoints head of private equity and private debt investments
The appointment supports what the firm sees as "a significant pick up in clients’ appetite" for the asset classes

Carlyle and PSP join forces for mid market CLO
Middle Market Credit Fund - a joint venture between Canadian pension fund PSP Investments and Carlyle Group - priced its second middle market CLO

California pension approves $20 million for open-ended private debt fund
The commitment comes two months after Santa Barbara County Employees’ Retirement System mandated $25 million to a THL Credit 

The Last Tranche: awards season is upon us [podcast]
A look at 2018 award offerings and finalist, plus some insight on direct lending and b-wics

Jefferies subsidiary and Stonyrock plan mid-market alternative manager stake acquisitions
The new joint venture will invest in private equity, credit, hedge funds, real estate, venture, and infrastructure firms

Maryland pension carves out private debt bucket
The Baltimore pension fund has also mandated a total of $25 million to one direct lending fund and one distressed debt fund 

Neuberger Berman holds $1.7 billion final close for private credit fund
The strategy more than doubles fundraising for its predecessor fund NB Private Debt Fund II, which closed in October 2017 with $750 million

Medley signs agreement with activist shareholder over three-way merger
The Medley saga continues...two board of directors have been appointed and several ammendments have been made to the merger agreement

PE firm Veritas turns towards credit opportunities
Veritas Capital Management is yet another manager looking to augment its investment offerings and – like several other private equity houses – the firm has turned towards credit

Korean institution hunts for direct lending managers
Korea Post has launched a request for proposals in which it seeks out two managers to invest a total of $200 million into global direct lending loans  

Crescent targets $1 billion for US unitranche fund
Crescent Capital has held a first close for its Crescent Private Credit Partners Unitranche Fund

Californian pension fund opens search for private markets consultant
Kern County Employees’ Retirement Association, the $4.2 billion pension fund, is searching for a non-discretionary private markets consultant to advise on private credit, private equity, and private real assets investments  

Northleaf raises over $500 million for open-ended private credit fund
Structured as an evergreen fund, Northleaf states that the strategy will “enhance liquidity options compared to traditional private credit fund structures”

Ninepoint teams up with US direct lender for fund launch
The move comes after the Canadian asset manager launched a new trade finance fund earlier this week

Texas pension fund looks to top up credit portfolio
Texas County & District Retirement System (TCDRS) has decided to increase by 3% its target allocation to strategic credit  

New York pension fund hunts for private debt and equity consultant
New York State Teachers' Retirement System has launched a request for proposals in which it seeks non-discretionary private debt and private equity consulting services  

Northleaf appoints private credit officials in Chicago, London and Toronto
Northleaf Capital Partners has expanded its private credit team with three hires - including an ex-Barclays head of international corporate credit

Twin Brook hires healthcare specialist to direct lending team
Direct lender Twin Brook Capital has appointed a managing director solely focused on healthcare opportunities