Fund performance: August provides much-needed relief for CLO funds
.August fund performance 

Apollo invests $1 billion in IG CLOs, launches secondary solutions platform and cuts BDC fees
In its earnings call, Apollo highlighted the resilience of the CLO asset class, strong deployment in direct lending, upcoming reduction in management fees for its publicly traded BDC and the launch of a new secondaries and sponsor solutions platforn, seeded by Abu Dhabi Investment Authority

Fund performance: Select funds shine in dreary June for credit hedge funds
Credit funds suffered through June, as only 8% of listed funds reached the black. This made June the fourth month in a row in which negative returns increased

Fund performance: Rocky May piles on the misery for credit hedge funds
Negative fund performance soared in May

Arcmont says liquid loan opportunities depend on timing as it advocates direct lending instead
Arcmont Asset Management has made the case for direct lending over syndicated loans in a white paper, despite having being an admirer of CLO management platforms 

Fund performance: Credit hits another bump in the road after March revival
There was more upheaval for credit funds in April, reversing the mini-recovery in March as 40% of funds made positive returns, a decrease on the 47% in March

400 Capital targets $600 million for opportunistic structured credit fund
The fund is targeting a $600 million final close next month with target net returns of 12-15%

Fidelity International makes senior direct lending hires in private credit push
Fidelity International has been staffing up in European direct lending, with 12 additions to the private credit team that was established a year ago

Trade finance specialist sentenced to 12 years in prison for CLO and fund fraud
David Hu, the former chief investment officer of International Investment Group, has been sentenced to 12 years in prison for his role in running a “Ponzi-like scheme”, which included using a CLO to create fraudulent loans.  

Spac pricing hints at Sound Point's growth ambitions in loan market
Sound Point Acquisition Corp has priced a $225 million IPO, signalling that credit asset manager Sound Point Capital Management is looking to expand its platform

Ucits at a glance: 2022 opens shakily but with a familiar lead
Ucits funds moved slowly into 2022 as 59% made negative returns in January

Fund performance: Groundhog Day as 2021 leaders start strong
CLO funds once again claim the most top performing spots as seven out of 10 funds belong to the category

US CLO fund wins $16 million from San Jose pension
The $5 billion pension awarded the allocation to a manager's fourth US CLO fund, having previously allocated to its second and third fund 

LP round up: two CLO funds win support as Cali pensions home in on private credit
Two investors revealed allocations to European and US CLO funds, private credit allocations increases and private credit consultant searches get underway

Three-month term Sofr spikes ahead of rate hikes to bridge gap to Libor
Three-month term Sofr rates have shot up in the last few days with sources saying March interest rate hikes are being fully priced in. Three-month Sofr hit 17.11 basis points on Friday having been at 14.52bp on Tuesday and just 9.11bp at the start of the year.

KKR and PGIM among bidders to buy Alcentra: Bloomberg
BNY Mellon is set to offload its credit investment unit Alcentra, according to a report by Bloomberg citing people familiar with the matter

Fund performance: CLO funds deliver again, but third of all funds post losses
CLO funds took six of the top 10 spots in October in a continuation of the previous month’s strong performances. However, a consistent showing from Wasserstein in the US high yield category has claimed the top spot for the last two months

LP round up: no Stoptober as investors allocate $5 billion to credit
US institutional investors allocated $5 billion to credit funds in October, with Oak Hill and Pimco among the biggest mandates    

Hayfin confirms Euro CLO PM hire as business scales to €3 billion
Hayfin Capital Management has confirmed the appointment of European CLO portfolio manager 

Credit Fundraising: Blue Owl and WhiteHorse gain from improving animal spirits
Fundraising perked up in July as managers raised $14.9 billion for credit funds - the third highest monthly amount this year

Ucits at a glance: mid market fund leaps into top four
The majority of Ucits funds end Q2 on a high note as 76% of those in our database recorded positive performance in June

CIP plugs ABS team gap with senior portfolio manager hire in London
CIP Asset Management has filled a gap on its European structured credit team

Fund performance: Déjà vu as April leaders dominate
CLO funds stayed in the top flight for another month as they took over the top 10 credit hedge fund return table in May, when 87% of all funds listed made positive returns

Credit fundraising: managers take care of infrastructure with new partnerships
Credit managers were busy launching new partnerships to support growth in infrastructure and CLOs. There were 13 announcements in the month paving the way for upcoming funds, platforms, and joint ventures

It's all relative: CDX HY touches record tights but junior US CLO tranches leak wider
Credit spreads are marching tighter, but someone forgot to tell the CLO market. European and US CDS spreads have moved in step with each other for the most part with investment grade and high yield tightening 4-6% in the last week, whereas CLOs have been losing ground