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

Distressed debt managers eye CLOs' low single B loans
Opportunistic credit managers have been witnessing a heavier flow of triple C-rated assets emitting from CLOs since March, but they're finding lower single Bs to be a fresh source of deal flow

Owl Rock hires from Oaktree to build opportunistic credit platform
Owl Rock Capital has built out a new opportunistic credit investing division, adding that “current market conditions make it especially attractive and relevant today.” 

Apollo collects $1.75 billion for dislocation fund in two months
Apollo Global Management has taken eight weeks to raise $1.75 billion for a dislocation credit fund, Apollo Accord Fund III B

Candian pension allocates $250 million to dislocation credit fund
Investment Management Corporation of Ontario (Imco) has allocated $250 million to a dislocation credit fund managed by Apollo Global Management

Magnetar wins $400 million for illiquid credit mandate
Los Angeles County Employees Retirement Association has allocated $400 million to Illinois-based Magnetar Financial at its 13 May board of investment meeting, according to recently released minutes

Private credit wins investor as Maryland pension introduces 5% allocation
Howard County Retirement has introduced a new bucket to the private credit asset class, reducing its core bond and hedge fund exposure to facilitate this measure, according to board documents seen by Creditflux

Metropolitan launches fund and finds PE sponsors 'more amenable to non-sponsored terms'
Metropolitan Partners has closed an onshore direct lending fund at $240 million. It focuses on non-sponsored companies and has not made an investment in a sponsored deal for three years. But the firm sees an increasing number of sponsored situations arising from the covid-19 disruption

Ares raises $3 billion special situations fund ahead of huge European direct lending launch
Ares Management has witnessed “accelerated fundraising” for its special situations fund, which it has closed at around $3 billion, according to the firm’s earnings calls. The firm also launched its fifth European direct lending fund this week, which Ares expects could be “the largest private comingled fund in its history”

Florida pension allocates $600 million to three credit managers
Florida State Board of Administration has awarded $600 million to three credit managers in the first quarter, according to a board update seen by Creditflux

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

BlueTorch's Genda details direct lending flows and pricing as he ramps up new fund
BlueTorch Capital has witnessed a 20% pickup in dealflow since covid-19 but, while the company's portfolio has avoided retailers, airlines and hotels, it has not gone unscathed, said chief executive officer Kevin Genda

Global direct lending fundraising plummets in Q1
Global direct lending fundraising figures plummeted in the first quarter as coronavirus-related volatility kicked in. Managers raised just $9.4 billion raised across 11 funds compared to $18.6 billion across 15 in Q1 2019, according to Creditflux's fund database

SEC temporarily relaxes regulations for BDCs
The US Securities and Exchange Commission has provided business development companies with temporary relief in light of covid-19 - including the ability of BDCs, who are unable to satisfy asset coverage ratios, to use an alternative form of calculating leverage

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

Bain uses rights offerings as unusual route to raise cash for BDC
Bain Speciality Finance is looking to raise additional capital through a rights offering to “further strengthen its balance sheet” and “provide additional flexibility to support existing portfolio companies over the coming months”, chief executive officer Michael Ewald said in an open letter to shareholders on Monday

Ohio pension makes commitment to private credit
School Employees Retirement System of Ohio is set to introduce a 5% private credit allocation to its portfolio  

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'

Alaska pension commits $207 million to credit
Alaska Permanent Fund Corporation (APFC) committed $207 million to credit funds and co-investments over the last quarter of 2019  

Texas pension pumps $300 million into Pimco fund
Texas Municipal Retirement System has earmarked up to $300 million to a credit fund managed by Pimco, according to board documents seen by Creditflux, building on a relationship established through a predecessor fund

US pension earmarks $25 million for secondary direct lending investment
Maine Public Employees Retirement System (MainePERS) is set to invest $25 million to a private credit fund through a secondary market transaction  

Apollo Global Management ends year with a bang
CLOs returned 8% while direct origination continues to be "rocket fuel", the company said

New York pension allocates $100 million to US direct lending fund
New York State Teachers Common has awarded $100 million to a direct lending fund, as its private debt portfolio delivers 10.7% net IRR