Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Global direct lending fundraising plummets in Q1
Global direct lending fundraising figures plummeted in the first quarter as coronavirus-related volatility kicked in. Managers raised just $9.4 billion raised across 11 funds compared to $18.6 billion across 15 in Q1 2019, according to Creditflux's fund database

Virginia pension allocates $850 million to credit in Q1
Virginia Retirement System has allocated $850 million to three credit strategies in the first quarter of the year, according to an update at its 15 April investment committee meeting

Border to Coast bolsters 'alternatives' business with PM hire
The pension fund has hired a portfolio manager for alternative investments, including private credit, private equity and infrastructure  

HIG bolsters European direct lending presence with Amsterdam hire
HIG WhiteHorse has appointed a former NIBC official to its direct lending team in Amsterdam, according to market sources

Park Square nears €1.5 billion final close for European junior debt fund
Park Square Capital is nearing the final close on a fourth European mezzanine debt fund, with the London-based manager collecting nearly €1.3 billion

Muzinich subsidiary launches €417 million Italian credit fund
Springrowth, a subsidiary of Muzinich, has held a €417 million final close on an Italian direct lending fund in which Muzinich partners with local banks for origination. The Milan-based firm is also fundraising for a Rescue Financing fund to support companies affected by the coronavirus crisis

Crescent closes second European direct lending fund at €1.6 billion
Crescent Capital has raised €1.6 billion for its second European direct lending fund, exceeding the original €1 billion target size, according to an announcement

Bardin Hill pulls in $300 million for first close of opportunistic credit fund
Bardin Hill has held a first close on an opportunistic credit fund at around $300 million, according to sources familiar with the matter

UK government approves covid-19 loan scheme for larger businesses
The UK government announced a new covid-19 loan scheme on Friday to support larger firms with annual turnover of up to £500 million

The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
Last year’s CLOs could become the benchmark for manager performance

Leverage providers focus on direct lending eligibility rules
Banks will have to re-examine eligibility criteria for leverage facilities extended to direct lenders, according to market sources.

Points up front: Despite the fees, European SME CLOs are the future
Producing the first post-crisis securitisation of small and mid-sized European loans was a monumental effort for Be-Spoke Capital.

SME CLO features PDL mechanism
Details of the groundbreaking Alhambra SME Funding 2019-1 — the first 2.0 CLO backed by loans to small and midsized enterprises — were revealed at the Direct Lending Forum jointly hosted by Creditflux and Debtwire last month.

Managed accounts pose flexibility check for direct lenders
Direct lenders are closely analysing portfolio companies hit by coronavirus volatility for signs of financial stress, ready to inject capital and extend flexibility to companies where needed.

We’ve got time to work this out
You might think direct lenders are very exposed to economic downturns. But at the Creditflux-Debtwire event last month, managers said they felt they had a few months to rectify problems

Credit funds at a glance

A round-up of fundraising and people moves in credit

Ucits at a glance: Long-short approach lifts Pictet to the top

Fund perfomance: Slowdown for some as pandemic takes hold

Private credit managers re-examine docs in new fundraising approach
Private credit managers are facing numerous challenges and those looking to fundraise have had to change the way they approach the process, including documentation, according to a note from DLA Piper

Managers get creative as private credit fundraising set for Q2 dent
Private credit funds should expect a slowdown in fundraising as credit markets gyrate wildly and investors address issues in their public market strategies. But managers have been coming up with creative solutions to keep business flowing

CVC listed credit fund 'pre-emptively' sheds covid-19 related positions
CVC Credit has taken a conservative approach to addressing covid-19 volatility in its listed opportunistic credit fund, with the fund divesting several credit positions to manage risk 

Asset manager takes new approach with special sits fund as co-head leaves
A large global asset manager is looking to allocate to junior debt in performing comapnies after parting ways with the co-head of its special situations business

Alcentra prepares listed credit fund
BNY Mellon Investment Advisor has teamed up with affiliate Alcentra to launch a listed fund that can invest across a range of credit strategies

BlackRock hires former KKR official to head European private capital markets
A leveraged finance veteran has joined BlackRock as European head of the firm’s private capital markets business in London, according to an internal memo seen by Creditflux