Credit funds at a glance (July 2021)
A round up of fundraising and people moves in credit

Credit fundraising: managers take care of infrastructure with new partnerships
Credit managers were busy launching new partnerships to support growth in infrastructure and CLOs. There were 13 announcements in the month paving the way for upcoming funds, platforms, and joint ventures

JP Morgan prints CLOs for CarVal and Western
JP Morgan has issued new CLOs for CarVal CLO Management and Western Asset Management Company

CLO pipeline: queue gets longer as Blackstone goes again and Sancus makes first move
The queue to price for US CLO managers is only getting larger with 18 new issue CLOs in the pipeline, according to market sources, along with 18 repricings and two new issue European CLOs and two mid market CLO resets

LP round-up: $2.6 billion flows into 26 credit managers
A stuck ship in the Suez Canal may have prevented others from getting through one of the world's busiest waterways in March, but allocations to credit funds were much more free flowing as investors poured over $2.6 billion into the hands of credit managers

Four managers win lucrative $700 million credit mandate
A $39 billion pension has selected four managers for an opportunistic credit mandate and identified a further four ‘bench’ managers 

Four managers print $1.5 billion CLO refis
Four CLO managers - CVC Credit Partners, CarVal Investors, Ellington Management Group and Neuberger Berman - each priced a CLO refinancing transaction on Friday

LP round up: Monroe and Angelo Gordon beat 25 for direct lending mandate, as private credit plans brew
US public pension funds have disclosed $1.2 billion in commitments to credit focused strategies

LP round up: $2.8 billion flows to credit as Apollo concedes fundraising may slow
Florida Retirement System Trust Fund made the largest commitments allocating $1.6 billion. Apollo meanwhile acknowledged a potential slowdown in fundraising as investors await results on an independent review into CEO Leon Black's relationship with Jeffrey Epstein

LP round up: $5 billion flows to credit as private market allocations increase
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux

CarVal’s independence backed by five-year Cargill loan
CarVal Investors’ management buy-out from parent company Cargill will be financed with a five-year term loan from Cargill alongside equity contributions by management, documents seen by Creditflux reveal.

US CLO round-up: something old, something new, GSAM returns with newcomers too
GSAM is back pricing CLOs after 12 years away, while relative newcomers make swifter re-entries in the CLO market 

CarVal and JP Morgan team up for third new CLO in just over a year
CarVal CLO management priced its third new issue US CLO in 13 months yesterday, according to market sources. 

Junior debt investor looks to flip recently-priced CarVal CLO
Pancake Day brings double Bs from a CarVal CLO which is hot off the stove

Senior CLO spreads tier up as CarVal prices its second deal
US CLO spreads remain dispersed in the opening weeks of 2019 with CarVal Investors pricing a CLO which saw triple-A debt price with a coupon of 148 basis points

CarVal and JP Morgan post mezz price talk as $734.4 million new issue hits the market
CarVal Investors is marketing its second CLO since its debut transaction in May last year

CarVal prices debut US CLO with triple A coupon hitting 116bp
The CLO universe welcomed a new manager on Tuesday as CarVal Investors priced its first ever transaction

JP Morgan looks to bring a second new manager to the CLO market
JP Morgan is planning to bring its second new CLO manager to market within weeks

US credit manager hires loan specialists with a view to building CLO business
A firm best known for investing in distressed credit has brought in two loan specialists amid rumours that it may be launching a CLO business next year