Carval fashions 'flexible' global multi-strategy credit hedge fund
The open-ended fund will focus on non-control strategies including corporate securities, liquidations, loan portfolios and structured credit 

Apollo fee earnings rise 9% in Q2 as structured credit boosts portfolio
Apollo Global Management’s credit portfolio increased 4% quarter-over-quarter to $201 billion, driven by growth in affiliated life insurance firm Athene, as well as corporate credit and structured credit

New EC fund rules could lead to ‘pre-pre-marketing’
The European Commission has approved a standardised concept of ‘pre-marketing’ in a move that could see more capital flow through the European Economic Area. The new definition of pre-marketing is meant to provide clarity, but some sources say that the amendments could be seen as an additional burden and lead to a concept of pre-pre-marketing.

Ares credit business grows 4.4%, driven by US direct lending
US and European direct lending, alternative credit and syndicated loan funds dove growth for Ares Management Corporation in the second quarter, the firm said

Direct lenders accused of exaggerating terms in lender education
Sources say that some direct lenders in Europe are submitting standard indicative lender terms with limited or no internal discussions with their respective credit committees.

Borrowers promise to pay penalty if they breach ESG targets
Loan investors are incentivising companies to improve their environmental, social and governance (ESG) performance by linking the financial terms of a loan to the ability of the borrower to meet predetermined sustainability targets.

Net short language could force lenders to sell at a loss
Signs are growing that ‘net short’ provisions in bonds and loans are getting closer to hitting CDS investors, with two instances in recent weeks of the language expanding both in geographical and functional remit.

Mediobanca builds loan and CLO trading team with hire
Mediobanca has made a hire as it looks to grow the loan and CLO trading business in London it established last year 

Credit plays a big part as KKR increases AUM by $6.5 billion
KKR grew its assets under management by 8% over the second quarter, according to the firm’s earnings call, which took place on Thursday.

Goldman Sachs creates sustainable finance group
Goldman Sachs has launched a sustainable finance group, to deliver sustainable growth solutions to the bank’s clients, according to documents seen by Creditflux.  

Dutch development bank creates ESG and impact standing committee
The Netherlands Development Finance Company (FMO) has created a standing committee for impact and environmental, social and governance investing

Allen & Overy brings in three from Dechert to boost funds practice in Paris
Allen & Overy has announced a trio of appointments from Dechert to its Paris office

GSO adds $10 billion to inflows with direct lending, structured credit and energy
Blackstone grew its credit assets under management to $139.3 billion, up 13% on a year ago, according to the firm's second quarter earnings release

Investor requirements rather than performance is driving ESG push: Creditflux survey
Only 14% of respondents to Creditflux's global credit ESG survey said performance was the main reason they were adopting envoronmental, social and governance-themed strategies

Calpers misses returns target despite fixed income outperformance
California Public Employees' Retirement System (Calpers) has missed its annual investment target despite strong performance from its fixed income portfolio, which was its top performer  

Direct lenders pin hopes on ESG as risk management tool
Strategies geared towards environmental, social and governance (ESG) may have originally been popularised at the behest of pension funds seeking responsible investments, but there are growing hopes that incorporating ESG will help fund managers outperform in a downturn.

Axa IM finds replacement for top fixed income role
Axa Investment Managers has appointed Christophe Herpet as global head of Axa fixed income and its buy and maintain division

European loan trading: CLO managers snack on Ifco loans
35 CLO managers were holding €364.2 million  €364.2 million of IFCO’s loans in April – all at par

JP Morgan AM names CEO with Willcox set to leave
JP Morgan Asset Management’s chief executive officer Chris Willcox will step down from his job at the end of the year, according to an internal memo seen by Creditflux

UK pension scheme quits tobacco
Nest is set to go tobacco free across all its investments, with the largest UK pension master trust expecting that the process will take up to two years.  

Senior figure rejoins Credit Suisse to head European capital markets
The bank is looking to build out its key European platforms - and has hired an official who left just last summer 

US pension replaces Cliffwater with Meketa
Connecticut Retirement Plans and Trust Funds has selected Meketa as a consultant to oversee its opportunistic investments, which consists of direct lending and opportunistic credit investments, along with investments in hedge funds and real assets.  

HSBC pension chief joins London CIV in top role
London Collective Investment Vehicle (London CIV) has appointed Mark Thompson to serve as chief investment officer (CIO), effective from September.  

Rallye CDS auction date set with three initial deliverables
A credit event auction to settle CDS referencing Rallye, the parent of French supermarket chain Casino, will take place on 27 June, with the Determinations Committee having agreed an initial list of three deliverable obligations