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

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

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

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

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

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

Sacramento pension earmarks $150 million for private credit in 2020
The pension fund expects to commit to two direct lending funds and one credit fund it describes as 'opportunistic'

Managers acquiesce on fees as small UK pensions seek private credit nest egg
Private credit fund managers are rejigging their fee structures in order to attract small UK pension schemes.

UK pension partnership launches maiden private credit offering at £581 million
Border to Coast Pensions Partnership (BCPP) is set to commit £581 million in private credit, as part of its maiden offering in this asset class  

Arizona pension to deploy up to $700 million a year in private credit
Arizona Public Safety Employee System is looking to deploy $600-700 million in private credit strategies per year in order to meet its target allocation, according to board documents seen by Creditflux.

Crestline bags $360 million for inaugural European opportunities fund
Crestline Investors has held a final close on its inaugural European special situations fund, Crestline Opportunity Fund III Europe, at $360 million, surpassing its original $300 million target size

Russell and Mediobanca launch multi-asset fund with CLO allocation
Mediobanca Private Banking has joined forces with Russell Investments to set up a fund that has a 20% allocation to credit, sources say  

UK pension pool to launch maiden private credit offering
Border to Coast Pensions Partnership is launching its first private credit offering in early Q4, Creditflux has learned

Cheyne aims to capitalise on stress within direct lending as it closes €1 billion opportunistic fund
The fund seeks to capitalise on the accelerated sell-down of mid-market corporate loans by European banks

Highbridge refocuses on credit as it liquidates listed multi-strategy fund
Highbridge Capital Management has announced to investors in a multi-strategy fund that it is winding down the vehicle and refocusing its business exclusively towards credit

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 

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

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  

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  

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

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

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