Virginia pension fund commits to Asian private credit
Virginia Retirement System (VRS) approved a $150 million commitment to the SSG Capital Partners V fund at a January board trustees meeting, a spokesperson has confirmed.  

Central counterparties need to improve after Nasdaq Clearing member default, says Isda
Derivative central counterparties (CCPs) must look to make a number of improvements to risk practices, the International Swaps and Derivatives Association has said in a paper that follows a clearing member default at Nasdaq Clearing in September

Majority of investors seek to increase private credit allocations, BlackRock survey reveals
Over half of investors plan to increase their allocation to private credit in 2019, according to an institutional client rebalancing report published by BlackRock

Hyundai allocates $250 million to US real estate debt
Hyundai Investments has mandated $250 million to a real estate debt fund co-managed by Related Cos and HPS Investment Partners

New Zealand Superannuation Fund hires CIO
New Zealand Superannuation Fund (NZSF) has appointed Stephen Gilmore to serve as chief investment officer  

Market favours retrospective over forward-looking approach to Ibor benchmark fallbacks, says Isda
New benchmark fallbacks for derivatives contracts that reference interbank offered rates are likely to be based on the “compounded setting in arrears rate” and the “historical mean/median approach to the spread adjustment”, the International Swaps and Derivatives Association has said

Norinchukin's CLO holdings jump by over 50% since March
Norinchukin’s appetite for CLOs shows no signs of relenting

Los Angeles pension backs Lone Star fund
Los Angeles Fire and Police Pension System has approved a commitment of up to $40 million to Lone Star Fund XI, according to a monthly report  

Dai-ichi anchors global infrastructure debt fund with $176 million
Asset Management One Alternative Investments has joined together with Dai-ichi Life Insurance to launch a new global infrastructure debt fund

Derivatives margin threshold should be €100 billion notional not €8 billion, says Isda
A regulatory threshold that requires counterparties to post initial margin (IM) on derivatives trades if they hold €8 billion notional or more exposure should be raised to €100 billion, the International Swaps and Derivatives Association has argued

Eaton Vance adds former Janus Henderson official as credit portfolio manager
Dónal Kinsella joins as institutional portfolio manager for the firm’s corporate credit strategies

Isda transfers credit determinations secretary role to subsidiary
The International Swaps and Derivatives Association has relinquished its role as secretary to the credit derivatives determinations committees (DCs) with the appointment of a new unit, DC Administration Services (DCAS), to manage this function

Isda extends deadline for derivatives benchmark consultation
The International Swaps and Derivatives Association has extended the fast-approaching deadline for its consultation on derivatives benchmark fallbacks, to allow more time for responses

September: credit funds at a glance
White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry

BlackRock becomes latest manager to explore interval fund structure for credit
Several managers have hit the market with the interval fund structure, as investors look to invest in illiquid strategies through an illiquid fund structure

Four private credit managers score as Arizona pension fund commits $250 million
The $9.78 billion pension fund has mandated nearly $250 million to four private credit managers, alongside additional commitments for co-investment opportunities 

Pimco receives nearly $400 million for ESG fixed income mandate
 An $11 billion super fund has awarded a new ESG-focused fixed income mandate to Pimco

Illinois pension fund appoints private debt consultant and awards $75 million to credit
The $51.3 billion pension fund has appointed consultant Aksia to manage its private debt investments and has mandated up to $75 million to a private debt manager

CPPIB moves into Australian real estate debt fund
The $272.6 billion Canada Pension Plan Investment Board has partnered with Sydney-based Challenger Investment Partners to provide middle market real estate loans in Australia and New Zealand 

Californian pension fund assigns $25 million to Monroe direct lending strategy
As part of its private credit pacing plan, the $5.4 billion pension fund will make a $75 million commitment to direct lending funds each year for the next three years

Texas pension fund earmarks $650 million to four private debt funds
Angelo Gordon, HIG Whitehorse and Värde have secured commitments from the Texas pension fund for their direct lending funds

Sovereign investors' allocation to alternative credit increase rapidly, finds survey
Sovereign investors are increasing their exposure to CLOs, direct lending and bank loans, according to a 2018 Global Sovereign Asset Management Study published by Invesco this week

Japanese pension fund allocation to alternatives reaches record high, survey reveals
The average Japanese institutional investor now allocates 17.1% of their portfolio to alternative assets, according to a JP Morgan Asset Management survey.

Pacific Current acquires stake in Chicago-based private debt manager
Sydney-headquartered Pacific Current Group has acquired a 24.9% stake in Chicago-based Victory Park Capital

Evolving strategy takes Norinchukin close to top spot in CLO investment
Over the years, Nochu has tweaked its cov-lite stipulations, and added mid market and European CLO exposure to its CLO investments. It’s now nearly the market’s biggest investor