Ares grows credit 34% with direct lending boost, but high yield takes rough ride in Q4
Ares Management Corporation reported strong returns for its European direct lending strategies in the fourth quarter of 2018. But the firm's overall revenues slumped and its US loan funds and high yield strategies were hit by the volatile credit market 

San Francisco pension deploys $125 million into private credit
San Francisco City and County Employees' Retirement System has bolstered its private debt bucket, making a $125 million commitment to a senior debt fund and opportunistic credit fund that builds on other private debt investments since last year

HPS targets $8 billion for flagship mezzanine strategy
HPS Mezzanine Partners 2019, the firm's fourth fund in its mezzanine strategy, has won $100 million from a Louisiana pension fund 

Carlyle performance dips in Q4, but credit teams ride global volatility
Credit fund performance dipped for the Carlyle Group in the fourth quarter, as market volatility and fund outflows put a dent in the industry’s much stronger performance of the previous three quarters

Oaktree reports distressed gains over year despite Q4 losses
Oaktree was not immune from challenging fourth quarter globally. Its distressed debt strategy, for instance, returned a gross loss of 1.5%

FrontFour continues to urge shareholders to vote against Medley BDC merger
FrontFour Capital Group, a shareholder with 3.8% ownership of Medley Capital Corporation, has issued yet another statement for shareholders to vote against the proposed merger of Medley Management with Sierra Income Corporation. 

WhiteHorse forms $125 million middle-market JV with Ohio pension
The $79.8 billion Ohio pension fund has teamed up with WhiteHorse to form a joint venture that will have a $375 million total lending capacity

IAM closes senior debt fund at C$843 million
IAM Private Debt Group, the private debt business of Integrated Asset Management Group, has closed its sixth private debt fund at C$843 million ($634 million)

BlueBay targets €5 billion for European direct lending strategy
BlueBay Asset Management is targeting €5 billion for its latest European direct lending strategy, according to documents seen by Creditflux, and has won $125 million in commitments from two US pension funds

San Francisco pension assigns $75 million to evergreen private credit fund
A New York-based direct lender has won a $75 million mandate from San Francisco Employees' Retirement System, who are looking to deploy  $4.5 billion and partner with up to 25 private debt managers over the next six years

Minnesota pension slates $200 million to private credit after strong returns over Q3 2018
Minnesota State Board of Investments has awarded a $200 million commitment to two private credit managers

Metropolitan raises $172 million for direct lending fund
Metropolitan Partners Group Management has closed its fifth direct lending fund with $172 million

Crescent lands in US direct lending for second time with $1.6 billion fund
Crescent Capital exceeded its $1 billion target size, hitting $1.6 billion for its second US direct lending fund

Pensions pile in as KKR sets $2 billion direct lending fund target
KKR Credit has raised at least $1.6 billion for its third US direct lending fund, according to US regulatory filings.

Varagon boosts healthcare expansion with New York hire
The middle market lender continues its efforts in the sector, following the opening of a new healthcare-focused Chicago office

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

Crestline holds $600 million final close for PE-focused financing fund
The new fund will provide financing to private equity funds post their investment period, allowing them to provide follow-on growth capital to portfolio companies or additional liquidity 

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

Blackstone grows credit assets by 31% over year
The firm achieved strong fundraising in credit, taking credit-related assets under managment to $130.6 billion in the third quarter, a 31% increase year-on-year 

Alameda County approves $33 million investment in senior loan fund
Alameda County Employees’ Retirement Association has approved a $33 million commitment to a senior debt fund managed by Abry Partners

BDCs find variety of routes to higher leverage but remain cautious of two-times limit
Business development companies have been granted flexibility by US regulators, but there seems to be little consensus on the best way to take advantage

39% of private debt investors are underweight, but they're looking for opportunities
485 Investors have come together to reveal their thoughts about allocation, in a survey conducted by London-based investment consultant bfinance

Nashville pension allocates to energy credit funds
Metropolitan Government of Nashville and Davidson County has approved a $20 million commitment to two energy-focused private credit strategies

Kayne Anderson holds $3 billion final close for middle market credit fund
The Los Angeles-based manager closed its third middle market credit fund with with $3 billion investable capital including separately managed accounts and leverage

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