PennantPark raises $750 million for direct lending and opportunistic credit
PennantPark Investment Advisers has raised $750 million across four vehicles, according to an announcement

Atalaya hires experienced credit portfolio manager in New York
An experienced figure in distressed middle-market debt investing has landed at Atalaya and reunited with a former colleague  

Rhode Island pension backs Clearlake credit fund
Rhode Island Employees Retirement Systems Pooled Trust is set to commit $30 million to Clearlake Opportunities Partners II, according to documents from an investment commission meeting seen by Creditflux  

HIG closes European small-cap special situations fund at $1.5 billion
HIG's distressed debt and special situations unit has closed held a final close for H.I.G. Bayside Loan Opportunity Fund V

Cheyne aims to capitalise on stress within direct lending as it closes €1 billion opportunistic fund
The fund seeks to capitalise on the accelerated sell-down of mid-market corporate loans by European banks

Highbridge refocuses on credit as it liquidates listed multi-strategy fund
Highbridge Capital Management has announced to investors in a multi-strategy fund that it is winding down the vehicle and refocusing its business exclusively towards credit

Private debt should alleviate the next downturn, says Paul Hastings
Private debt should soften the next downturn and not exacerbate it, according to a note published by law firm Paul Hastings

Texas pension backs mine finance fund
Texas Municipal Retirement System (TMRS) is set to commit up to $150 million to Orion Mine Finance Fund III, consisting of a $100 million commitment to the fund and $50 million for co-investment  

Cairn teams with Mediobanca for European credit Ucits fund
The strategy will focus on four credit asset classes - financials, corporates, asset-backed securities and special opportunities 

Managers look east as Asian credit fundraising takes off
Several asset managers have outlined plans for growth in Asia as one of their foremost priorities this year.

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  

Pemberton closes strategic credit opportunity strategy at €1 billion
Pemberton has closed its first fund dedicated to strategic credit opportunities today

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 

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  

Distressed specialists monitor weaknesses in direct lending
Stressed and distressed debt managers might be best served by looking at the direct lending market for opportunities. Sources say that two of the most experienced direct lenders in the business have been forced to deal with problem credits in their portfolios

Danish pension fund eyes niche credit opportunities
PensionDanmark is preparing for more volatility in 2019 by casting its eye towards niche opportunities in the special situations and distressed debt market. The Copenhagen-based pension fund last month merged its alternatives and private debt platforms

Credit funds at a glance

A round-up of fundraising and people moves in credit

Debevoise & Plimpton hires three fund partners from Linklaters
Debevoise & Plimpton has strengthened its funds practice with the appointment of three partners in its New York office

Californian pension reveals 2019 private credit plan
Ventura County Employees’ Retirement Association is considering committing up to $80 million to private credit funds, following a recommendation of its investment consultant NEPC  

US pension backs Vista credit fund
Illinois Municipal Retirement Fund (IMRF) has approved a $50 million commitment to Vista Credit Partners Fund III, according to documents from the March board of trustees meeting  

Restructuring partner rejoins Allen & Overy after buy-side stint
The law firm has bolstered its funds practice in London 

US institution eyes credit as part of private equity expansion
University System of New Hampshire (USNH) looks to add credit commitments into its private equity portfolio, as part of the asset class new target allocation.

Värde partners with Guber on €734 million NPL deal
Värde Partners along with Guber Banca have led a group of investors to make a joint acquisition of a €734 non-performing loan portfolio originated by 22 mutual, rural, and cooperative banks spread throughout Italy