US pension backs Summit credit fund
Ann Arbor City Employees' Retirement System, the $517.5 million US pension fund, has approved a $9 million investment with Summit Partners Credit Fund III, according to board documents seen by Creditflux.  

Seven deliverables valid for Sears CDS auction, as seven others split DC panel
There will be seven obligations deliverable into an auction on 14 November to settle credit default swaps referencing Sears Roebuck Acceptance Corp, the Americas Credit Derivatives Determinations Committee has decided. But members of the 15-strong DC were split over whether to include another seven potential deliverables that did not make the cut

Iowa pension plan seeks high yield manager
Iowa Public Employees Retirement System (IPERS), a $30 billion public pension fund, is searching for one or more firms to manage its high yield portfolio    

Calpers appoints CIO
California Public Employees Retirement System (Calpers), the $360 billion pension fund, has appointed Yu Ben Meng as chief investment officer.

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

Manager plays its cards right as top-performing hedge fund grows in size
A US credit hedge fund manager has grown the size of its credit vehicle amid a strong first half of the year

Emerging market credit manager eyes CBO in $293.75 million deal
A Florida-based manager has hired Jefferies to arrange an emerging market CBO

Star names join Barclays as it pushes into CLOs

Portfolio managers continue to be pessimistic on credit outlook, survey finds
A survey by the International Association of Credit Portfolio Managers states that 56% respondents believe average corporate default rates will increase over the next 12 months 

Aircraft lessors: gathering clouds lead to talk of turbulence
Aircraft leasing companies have been cruising over the past two years as passenger numbers grew, but rising interest rates and trade tariff concerns are making some bondholders nervous

Higher leverage is on the horizon - but, for now, take in the MFN sunsets
It’s clear from our analysis of most favoured nation protections and sunsets that strong demand for loans is enabling borrowers to insist on advantageous terms even as they increase leverage

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

Market's newest ESG bond fund targets Australian and New Zealand investors
Less than two years after launching an equity version, Dimensional has unveiled a sustainable bond fund for investors in Australia and New Zealand

Drug makers: desperately seeking pain relief
With Teva’s profitable Copaxone being undermined by cheaper alternatives, the company is in need of a pick-me-up. By Euan Hagger

Canada’s Fiera generates 10% AUM growth in 2017
Montreal-based asset manager Fiera Capital Corporation has increase its assets under management by 10% year-on-year and grown its annual revenues by 33% on a year-over-year basis, its latest financial report reveals

Canadian asset manager acquires Asian private credit specialist Clearwater
In a bid to gain entry to the Asian private credit market, Canadian investment firm Fiera Capital Corporation has acquired Asian credit specialist Clearwater Capital Partners

Credit specialist poaches Goldman Sach's Eric Muller in New York
Credit specialist Oak Hill Advisors has hired New York-based Eric Muller from Goldman Sachs Group, according to a market source

GSAM loses another co-portfolio manager on $4 billion high yield fund
A former managing director has left Goldman Sachs Asset Management (GSAM) just months after one of his co-portfolio managers departed the firm, US SEC filings indicate

Buoyed by four credit fund closes, Brookfield grows AUM by $35 billion in 2017
Toronto-based property manager Brookfield Asset Management has described 2017 as a “very successful” year characterised by strong fundraising for real assets, as well as significantly increased net income and funds from operations

AUM drops but Oaktree dubs 2017 a "strong" year
Alternative investment specialist Oaktree Capital Management has reported a slight decrease in assets under management for the year of 2017 – but the Los Angeles-based firm’s chief executive described the year as a “strong” one for the company

Energy PE firm Orion closes second credit opps fund at $816 million
Orion Energy Partners, a private equity firm providing capital solutions to mid-market energy infrastructure businesses, has closed its second credit opportunity fund at $816 million

US pensions look beyond equities
US pension funds dramatically lowered their allocations to equity in the decade ending in 2016 as they diversified into illiquid and alternative assets. By Grace Jennings-Edquist

US power generators: Falling prices spark bankruptcies
As renewables and gas undercut traditional power generators, bond holders are preparing for price shocks. By Euan Hagger

MidOcean nets $87.6 million in 12 months for credit opps fund
MidOcean Partners has raised more than $87 million in a year for its first Credit Opportunity IDF fund, regulatory filings indicate

Willis Towers Watson fund exchange hires new US head in New York
Willis Towers Watson’s Asset Management Exchange (AMX), an institutional asset management marketplace, has appointed a new US head