Think outside the box
While the US market credit is the most liquid and the UK is considered the home of European direct lending, there are opportunities further a?eld

Direct lenders find value in non-sponsor loans
Sourcing non-sponsored loans for direct lending funds is no easy task. But it could be well worth the effort

Points up front: Private equity is the enemy
Damien Dwin of Brightwood Capital Advisors was one of the most talked about speakers at Credit?ux’s Private Credit conference last month in New York, raising a laugh with his forthright comments about private equity ?rms.

Managers take baby steps into retail loans
Retail loans have been out of favour among fund managers for some time, and although this sentiment persists, CLO-i data shows that there is an active two-way market for certain names

Private credit responds to pressure
“Everything that can be stretched gets stretched,” so says NewStar founder Timothy Conway as talk at Creditflux’s Private Credit conference turned to deal terms getting stretched 

Oaktree set to buy mid-market specialist Fifth Street, reports WSJ
Oaktree Capital Management is leading the chase to buy middle-market US lender Fifth Street Asset Management, according to a report by the Wall Street Journal

Dyal takes minority equity stake in private credit manager
Dyal Capital has acquired a minority stake in private credit manager Atalaya Capital Management

Twin Brook adds $110 million loan as it builds mid market portfolio
Angelo Gordon’s Twin Brook Capital has made one of its biggest loans to date, according to well placed sources, as it ramps up a recently launched US mid-market credit fund

Carlyle poaches credit specialist from HPS in New York
Carlyle Group is continuing to pump resources into credit with the firm announcing that it has hired a head of credit opportunities based in New York

US pension fund turns to mid-market credit to diversify in fixed income
The Westfield Retirement System  is looking for a mid market manager to oversee a new $10 million fixed income strategy

Credit investors see “cascade of stupidity” over US earning definitions
Borrowers and sponsors are becoming much more aggressive in redefining earnings in order to attract financing, attendees at the Creditflux Private Credit conference heard yesterday

Fundraising specialist joins Antares in Chicago
Antares Capital has announced that Greg Lawton has joined its team as a managing director in a capital-raising role

Angelo Gordon’s Twin Brook makes new direct loans
Twin Brook Capital Partners, the direct lending unit of Angelo Gordon has made several further loan investments

Credit manager HPS pulls in capital for new loan fund
HPS Investment Partners, the former Highbridge Capital Management, has begun to raise a new loan fund

Twin Brook Capital adds $30 million direct loan
Twin Brook Capital Partners, the mid-market unit of Angelo Gordon, has provided a $30 million loan to finance the buy-out of Storage Battery Systems

THL closes third direct lending fund at $511 million
THL Credit has announced that it has closed its third direct lending fund, after bringing in $511 million of capital commitments

Arizona pension fund eyes $50 million investment in upcoming debt fund
A US pension fund is considering a $50 million allocation to a mortgage lending fund which is slated to reach $150 million

Onex raises capital for new direct lending strategy
Onex Credit is making rapid progress in raising its inaugural direct lending fund, after hiring Goldman Sachs's Walt Jackson to set up this business in 2016

Alcentra teams with Steadfast for $3 billion global mid-market strategy
Steadfast Capital Markets Group and Alcentra have announced the launch of a new credit fund, which will lend to companies in the US and western Europe

Mid-west pension fund approves credit allocations to KKR and Avenue
A mid-west pension fund has upped its allocation to KKR’s latest direct lending strategy

Texas pension fund stocks up on direct lending with $675 million allocation
A US pension fund is clearly a big fan of direct lending strategies having hired two managers. It has now committed $1.2 billion to direct lenders this year

After high yields? Then understand the higher risks
Direct lenders with higher yield targets must be aware of the different risk profiles involved

Things aren’t always what they seem
Buy CLO triple As but don’t be fooled by diversity scores; take a look at credit index futures if you need liquidity; and watch out for quasi-mid market loans appearing in CLOs