Shetland Islands pension looks to terminate bonds and introduce direct lending
A UK pension fund is looking to terminate its bond mandate and introduce a 12.5% direct lending and 12.5% alternative funds asset allocation, according to board documentation seen by Creditflux

Distressed debt outperforms as Texas pension fund's credit strategies gain 11.2%
Texas County and District Retirement System (TCDRS), the $30 billion pension fund, generated 11.2% annualised returns from its credit portfolio for the year ending 30 June. Distressed debt was a major positive, but IG credit lost value

US pension fund's new private credit portfolio delivers strong early returns
A US pension fund recently created a private credit bucket and this has generated 9.25% time-weighted returns

GSO registers new direct lending fund after going solo
After its partnership with FS Investments reached an end, GSO Capital Partners has registered a new direct lending fund with US regulators

Maine pension bolsters private credit allocation with $100 million mandate
The pension fund mandated $100 million to a US direct lending firm, after it was underweight its 5% target allocation to alternative credit 

Credit drives strong returns for five of the largest asset managers in the business
Carlyle is close to hitting its ambitious fundraising target; direct lending has been kind to Ares; and Och-Ziff has decided to shed its US CLO risk retention stakes after exiting its financing agreements

THL Credit looks to raise new US direct lending fund
Boston-headquartered THL Credit is looking to raise capital for its fourth direct lending fund – THL Credit Direct Lending Fund IV, according to SEC filings.

Italian pension fund seeks direct lending managers
Previndai, the €11bn pension fund for managers of industrial companies, has issued a notice seeking global and European direct lending managers

Oaktree raises new special situations fund while CIO warns of direct lending risk
Oaktree Capital Management has released its second quarter 2018 results in which the Los Angeles-based firm reported $2.4 billion of new capital commitments in the quarter

Houlihan Lokey launches US loan platform and signs up HPS
Global investment bank Houlihan Lokey has launched a new syndicated leveraged finance platform as part of its capital markets group in response to “significant client demand” 

Ares launches "largest ever" European direct lending fund with up to €10 billion to invest
Ares Management has held the final close on what it claims to be the largest European direct lending fund raise ever

Investors eye alternative credit ahead of expected interest rate increase – report
Investments in alternative credit are set to rise among institutional investors over the next 12 months, according to an alternative credit report published by NN Investments Partners

Capital Dynamics registers debut direct lending fund
Zug-based Capital Dynamics is looking to launch Capital Dynamics US Middle Market Credit Fund after establishing a private credit business over the last 12 months

European institutional private debt appetite shows no signs of waning, finds Aviva survey
Institutional investors across Europe are set to increase their exposure to alternative income assets, according to a report by Aviva Investors.

IW launches first UK SME senior debt fund
London-headquartered IW Capital has launched its first  £4.5 million senior secured debt fund, which will invest in UK SMEs 

Patrimonium set to launch two European direct lending funds
Direct lender Patrimonium Asset Management is launching two new direct lending funds – with both funds anticipated to hold first closes at around €150 million in the coming week, according to market sources

San Francisco pension fund to deploy up to $4.5 billion in private debt
The City and County of San Francisco Employee’s Retirement System has revealed details of its new private debt pacing plan - which will see it deploy up to $4.5 billion and partner with up to 25 private debt managers over the next six years

Ares emerges as favourite to take over troubled direct lending fund
Following Oaktree’s wind-down request, the board of the Ranger Direct Lending Fund has chosen Ares as replacement manager - moves which could see the fund change its focus from peer-to-peer loan investments to asset-backed loans

Mayer Brown adds private credit partner in Chicago
Jaime Gatenio joins global law firm as banking and finance partner in its global private credit group

Allocations to fixed income leap but private debt shrinks under new pension fund plan
The City of San Jose Police & Fire Retirement Plan is considering a new investment strategy that would reduce its private debt allocation, according to documents seen by Creditflux

Direct lenders pile into "turbocharged" market as fundraising skyrockets: report
Growth in the direct lending market in the 12 months to 31 December was “turbocharged,” growing robustly in the fourth quarter 2017 in particular due to a consistently growing Eurozone economy, according to Deloitte

Private equity firm hits target size with $170 million for its first credit fund
Technology-focused private equity firm Accel-KKR has raised $170 million – and hit the total offering amount – for its series 1 Credit Partners fund, which appears to be a direct lending strategy

Pennsylvania pension fund to commit €150 million to direct lending
The Public School Employees’ Retirement Board has recommended a €150 million investment in Intermediate Capital Group's ICG Europe VII fund

Owl Rock BDC assets swell by $1.26 billion in 12 months
Owl Rock’s first business development company has increased its total assets by $1.26 billion and its net assets by $790 million in over just one year, filings indicate

FS Investment BDC's assets shrink for fifth year running
FS Investment Corporation, an FS Investments business development company (BDC), failed to grow its assets again in 2017 – but insists its recently announced partnership with KKR will allow it to grow stockholder value