West coast manager closes $1.9 billion direct lending fund
Alternative investment manager Tennenbaum Capital Partners has held a final close of its eighth direct lending fund, TCP Direct Lending Fund VIII, with more than $1.9 billion of capital commitments

US mid-market earnings grow 12.8% in Q4 2017, up from 4.9% in Q3
Earnings in the US middle market grew by 12.8% in fourth quarter 2017, while overall revenue grew by 11.5% during September and October 2017, according to a Golub report

Crestline targets up to $500 million for new portfolio financing fund
Credit specialist Crestline Investors is launching a new fund to provide financing solutions to mature private equity funds, according to documents seen by Creditflux

The biggest credit stories in 2017
CLO ramp-up risk, new risk retention proposals and new CLO joint ventures were in the headlines last year. Here, Creditflux reveals the most read stories of 2017

Michigan pension fund commits $570 million to four credit fund managers
The State of Michigan Retirement Systems has revealed commitments of over $570 million to credit funds over Q3 2017, according to board documents

Texas pension fund allocates $100 million to direct lender's upcoming fund
Boston-based Summit Partners has received a $100 million commitment for its third credit fund – Summit Partners Credit Fund III – by a Texas pension fund

Private debt performance shines in institutional investing study
A quarter of institutional investors say private debt outperformed their expectations over 12 months to 28 August 2017

Private debt manager makes multi-million dollar sales for third credit opps fund
Private debt manager Park Square has made significant sales for its Capital Credit Opportunities III fund over the course of a year, regulatory filings indicate

Aviation investment specialists land at GAT to start leverage finance unit
A Florida-based aviation specialist has announced the launch of its Leveraged Finance Group (LFG), which will provide secured aircraft financing for lessors, investors and airlines, according a recent press release

Direct lender founder Isaly stepped down following sex harassment allegations: report
OrbiMed’s founder Samuel Isaly stepped down from his role at the healthcare-focused firm following sexual harassment claims against him, according to claims reported by Stat News

KKR and Audax poised to receive commitments from Arizona pension fund
Arizona’s Safety Personnel Retirement System may commit $175 million to credit strategies run ky KKR and Audax, according to board documents seen by Creditflux

Balance of power shifts away from direct lenders
Mid-sized corporations are getting their way at the expense of direct lenders at the negotiation table, recent research suggests.

KKR lists largest BDC on NYSE
A business development company (BDC) co-sponsored by asset manager KKR has gone public

Ares keeps up direct lending growth and plans new credit fund launch
Ares Management’s credit business just keeps growing, with the firm planning a new fund launch and a continued push into European direct lending, according to a recent results presentation

KKR raises $7 billion through strategic investor partnerships
KKR is prioritising strategic partnerships with institutional investors and longer lock-up vehicles, according to officials at the firm

Ohio pension fund commits $50 million to LA-based direct lending vehicle
After creating a separate private credit allocation earlier this year, the Ohio pension fund continues to develop its exposure to direct lending

HPS wraps up fundraising for specialty loan fund with $4.5 billion of LP capital
New York-based HPS Investment Partners has completed fundraising for its HPS Specialty Loan Fund 2016 - which raised over $4.5 billion of imited partner capital with $6.5 billion of purchasing power, exceeding the initial target of $5 billion

Investors prefer direct lending to CLOs
For the first time in the history of Creditflux’s credit allocator survey, investors have voted direct lending the best investment in credit. CLOs came joint second. By Michelle D’souza

Catholic fraternity puts its faith in Audax for private debt partnership
New York-based Audax Management Company and New Haven-based Knights of Columbus Asset Advisors have partnered together on a private debt fund that has raised almost $123 million in a year

Mid-market CLO issuance crosses $10 billion as Madison prices reset
Madison Capital Funding priced a reset of a 2014 middle-market CLO this week, according to market sources

US pension fund eyes private credit and increases credit allocation by 2%
A Pennsylvania pension fund is expected to up its target credit allocation and decreased its target allocations to private markets and real estate

Cerberus's 2017 mid-market CLO issuance surpasses $1 billion
Cerberus Capital Management yesterday priced its third new issue middle-market CLO of the year

TCA global credit fund benefits from inflows
TCA's Global Credit Fund has grown by $37.5 million in 12 months, bringing its total to $131.1 million

Arizona retirement trust ups its private debt allocation by $75 million
The Arizona Public Safety Personnel Retirement System (PSPRS) is set to up its private debt allocation, committing up to $75 million to a New York-based manager.

New England pension to invest $100 million in new Tennenbaum fund
The Maine Public Employees Retirement System (MainePERS) plans to invest up to $100 million in the upcoming Tennenbaum direct lending fund