Tricolor trustee seeks discovery from Wilmington Trust over prepetition financing roles
Investigation aims to review Tricolor's financial affairs and assess potential creditor claims; Wilmington Trust held key roles in Tricolor's business, including collateral custodian

Canyon’s CIO says more distressed opportunities await
PODCAST: A looming maturity wall and problems in the software space point toward a return to more traditional distressed opportunities, says Jeff Kivitz, chief investment officer at Canyon Partners, on the latest episode of Credit Exchange with Lisa Lee

First Brands secured lender Black Diamond sues auditor BDO, accusing it of missing ‘rampant fraud’
BDO accused of ignoring red flags, including cash needs and factoring dependence

Thoma Bravo poised to hand Medallia keys to lenders by end of May
Thoma Bravo founder says sponsor will not inject new money; No documents signed yet as lenders ready to take keys

First Brands examiner highlights over USD 700m in transfers to former CEO Patrick James, but James says findings are ‘one-sided’
Preliminary findings suggest claims for substantive consolidation, veil piercing; James says in response that transfers were not concealed, appeared in company ledger

Saks e-commerce debtors file liquidation plan wiping out equity and handing unsecured creditors trust interests
Plan cancels equity, pays consignors in full, routes unsecured recoveries through liquidation trust

Ares closes on USD 9.8bn for opportunistic credit
The manager, which held final close for its Ares Special Opportunities Fund III and related vehicles, is also now raising capital for its third alternative credit fund

Fund performance – March 2026
Mixed month for CLO funds mars credit’s positive start to 2026

Credit funds at a glance – March 2026
Our roundup of top performers, fundraising and moves in credit

Ares launches seventh Asia-focused distressed debt fund
The global credit manager previously raised USD 2.4bn for the predecessor fund in the series

First Brands Group faces UMB Bank objection to Weil Gotshal, Lazard, and Alvarez retentions over conflict concerns
UMB Bank questions Weil’s independence, dual representation of debtors and non-debtors; Bank cites removal of Global Assets’ independent director and potential SPE conflicts

LPs seek cyclical private credit play amid US economic uncertainty
Many LPs pivoted to all-weather private credit strategies in recent years, but interest in more opportunistic and special-sits strategies reliant on a credit downturn are picking up once more

Anchorage exceeds hard cap on credit opportunities fund
The firm held a final close for Anchorage Credit Opportunities Fund IX, which will invest across stressed, distressed, structured and special situations credits

Fidelity doubles fundraise for sophomore opportunistic credit fund
The fund also revamped its name from Fidelity Distressed Opportunities Fund I

Invesco raises more than USD 700m for distressed debt, special situations investments
Invesco Credit Partners III has yet to hold a final close and has already surpassed the size of its predecessor

Credit funds at a glance – April 2025
Our roundup of top performers and moves in credit

400 Capital names leaders for ABS, corporate and distressed strategies
The alternative credit manager also announced two new partners

Banner Ridge holds first close for special situations fund that’s targeting 750m
EXCLUSIVE: The firm is fundraising for its third fund in the series that is set to have a final close early next year

Credit hedge funds - February 2025

Centerbridge launches new distressed debt fund targeting around USD 4bn
EXCLUSIVE: The Washington State Investment Board looks to come back as an investor in Centerbridge’s fifth special situation funds that’s looking to raise USD 4bn 

Oaktree lowered its distressed debt fundraise to USD 16bn
The market and investment environment for distressed debt shifted, and investors asked whether the original target was too big.

Oaktree Closes on USD 16bn for distressed debt strategy
Oaktree Opportunities Fund XII just edges out its predecessor fund, which closed in 2021 with USD 15.9bn in commitments  

Credit hedge funds - December 2024
Credit hedge fund performance

Fund performance - December 2024
CLO funds cap off strong 2024 with yet another good month

Carlyle raises over USD 7bn for credit opps fund
Carlyle today announced the final close of its third credit opportunities fund at USD 7.1bn in investable capital, marking the global investment firm’s largest credit fundraise to date