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 

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

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 

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  

Connection hires from Invesco for head of funds role
London's Connection Capital has named Lorna Robertson as the firm’s new head of funds

Kartesia fills vacancy in DACH with key hire from Bayside
Kartesia has hired Guiseppe Mirante as its head of credit opportunities for DACH, according to an announcement today

Private credit delivers strong returns for Finnish pension
Valtion Eläkerahasto (VER) has generated 12.4% from its private credit funds for 2018, according to its latest annual report  

Alaska pension commits $545 million to seven credit funds
Alaska Permanent Fund Corporation has earmarked $545 million to funds across the credit spectrum across Q2, according to 27 February board documentation

Illiquid credit boost returns for PensionDanmark
PensionDanmark has generated 5.8% returns from its illiquid credit portfolio for the year 2018, according to its latest annual report published today. But its liquid credit portfolio took a 3.4% hit

Allianz IM puts $200 million into Indian private debt
Allianz Investment Management has committed $200 million into the private debt platform of Edelweiss, an Indian diversified financial services firm.  

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Performing credit tops distressed credit for Blackstone, but credit AUM declines
The firm is looking to boost its direct lending business to gain $10 billion of available capital over the next couple of years

AnaCap buys €4 billion Italian SME loan portfolio
AnaCap Financial Partners has made its first transaction of its fourth credit opportunities fund 

Proskauer expands restructuring practice with partner in London
Law firm Proskauer Rose has strengthened its restructuring capabilities with the appointment of Elisabeth Baltay as partner

Robus targets €300 million for second distressed debt fund
Robus Capital has held a first close for its second distressed fund, Robus Recovery Fund II, Creditflux understands

KKR promotes three European credit specialists to managing directors
KKR has promoted several members of its team to managing directors - including a former US CLO portfolio manager

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

Managers see growth in distressed and direct lending, but structured credit splits opinion
The private credit industry remains on track to grow to $1 trillion assets under management by 2020, according to joint research published by the Alterative Credit Council and law firm Dechert with allocations to distressed and mid-market deals tipped to rise. But structured credit has divided US and European managers

New Mexico allocates $175 million to credit
New Mexico State Investment Council has awarded a $75 million commitment to real estate debt and $100 million commitment to a multi-credit fund

BNP Paribas' fund of fund platform holds first close on European mid-market strategy
BNP Paribas Asset Management's fund of fund business is targeting €250 million for a strategy which will allocate to "top tier" European mid market debt managers