Direct lender Apera bolsters Munich office with UniCredit hire
Direct lender Apera Asset Management has appointed a principal in the firm’s Munich office focused on Dach (Germany, Austria and Switzerland) investments

ELF Capital completes spin out of ESO’s German direct lending platform
ESO Capital’s Frankfurt-based direct lending team has spun out under the banner of ELF Capital

LP round up: horseshoe does the trick for Pimco and other distressed managers
Institutional investors poured $2.7 billion into credit this week through 14 managers, according to board documentation seen by Creditflux

EIF backs Oddo's inaugural mittelstand debt fund as it holds €131 million first close
Oddo BHF Asset Management, the Franco-German asset manager, has held a first close on its inaugural German Mittlestand debt fund and has recieved a cornerstone investment from the European Investment Fund 

BNP Paribas AM collects €576.5 million for second European debt fund
BNP Paribas Asset Management has held a final close on its second European debt fund, BNP Paribas Euro SME Debt Fund II, which provides senior debt to small and medium-sized companies primarily in France, Italy and Belgium

Four managers join forces on gigantic £1.9 billion unitranche
The supersized transaction to Ardonagh Group, led by Ares, is the largest ever unitranche facility

Bridgepoint buys EQT's credit business - report
Bridgepoint is buying the credit business of EQT, according to the Financial Times

LP round-up: mighty Oaks win $1 billion apiece from Calpers
Credit investors allocated over $3 billion to 18 credit managers this week across a wide range of strategies

Värde targets $1 billion for inaugural dedicated credit dislocation fund
Värde is seeking to raise $1 billion for its dislocation and distressed debt fund, according to an investor presentation seen by Creditflux. The firm is targeting a first close this month

EQT launches 'largest' ESG-linked subscription credit facility
EQT has launched what it says is the largest ever environmental, social and governance-linked (ESG) subscription credit facility in the global fund financing markets

LP round up: Pimco gets the Disco started as distressed managers win allocations
Insitutional investors allocated just over $1 billion to credit funds last week, according to board documents seen by Creditflux, with special situation funds from Farallon, Pimco and SSG taking the bulk of these commitments

BNP Paribas unit holds final close on special opportunities fund of funds
BNP Paribas Capital Partners has held a final close on its European special opportunities fund of debt funds

Patrimonium launches two private debt funds
The Swiss-based direct lender its targeting  €800 million for its second co-investment fund with Credit Suisse and has developed a new credit opportunities strategy

PGIM prepares listed credit fund
PGIM is marketing a ‘flexible’ listed fund, dubbed PGIM Strategic Credit Fund , to invest at least 80% across fixed income

Denominator effect expected to drive LP-led private debt secondaries
Institutional investors are expected to engage in rebalancing trades to counter the 'denonimator effect', a move that should lead to an increase in private debt secondary trades

CLOs face trading restrictions as bankruptcies mount
CLO managers could be handcuffed in impending bankruptcies if tranche downgrades continue and restricted trading periods kick in

Past returns: Indirect lending
Five years ago in Creditflux we reported how banks were playing a role in European direct lending — an industry borne out of the fact that banks had reduced appetite for lending to small and mid-sized companies

Non-bank lenders spot fund financing opportunities
Volatility arising from the coronavirus will give non-bank lenders an opportunity to gain market share from traditional lenders in the fund financing space, sources say

Libor fall weighs heavily on loan and CLO portfolios
Libor floors are set to return to prominence after three-month rates tumbled to 0.38% by 18 May, returning the loan market’s base rate to its lowest level since the oil and gas crisis of 2014-16

Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

Credit funds at a glance (June 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

LP round-up: talf and dislocation funds win as pensions allocate $350 million to credit
Investors poured in $350 million to eight credit-focused funds, primarily to credit dislocation funds. Private debt continued to remain stead with investors maintaining or increase allocations 

KKR raises $4 billion for coronavirus dislocation credit strategy
KKR has collected $4 billion to invest across credit opportunities in eight weeks– including $2.8 billion in its KKR Dislocation Opportunities Fund and over $1.1 billion from managed accounts