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

Napier Park beats 47 managers to win pension's lucrative credit mandate
Napier Park Global Capital has emerged as the winner for a $500 million illiquid credit mandate for Los Angeles County Employees Association, after the pension recieved 48 responses to its original request for proposal 

Private debt takes centre stage as Arizona looks to bolster credit allocation to 25%
Arizona State Retirement System remains bullish on credit with the $41.9 billion institution looking to bolster its entire credit allocations to almost a quarter of the fund - and private debt will take centre stage in the Arizona pension’s growth plans

Private debt tops the private markets agenda for insurers, finds Schroders
Insurers currently allocate the largest proportion of their private assets’ portfolio to private debt, followed by real estate, according to study published by asset manager Schroders  

Managers acquiesce on fees as small UK pensions seek private credit nest egg
Private credit fund managers are rejigging their fee structures in order to attract small UK pension schemes.

UK pension partnership launches maiden private credit offering at £581 million
Border to Coast Pensions Partnership (BCPP) is set to commit £581 million in private credit, as part of its maiden offering in this asset class  

Man hires real estate loan specialist from JP Morgan
Man Group has hired an investment director to its European private debt team

Texas pension awards $150 million to real estate debt fund
Texas County and District Retirement System has awarded $150 million for a global real estate debt fund managed by Blackstone

UK pension hires BNP Paribas AM for starring role in core-satellite private credit fund
UK pension fund Nest has appointed BNP Paribas Asset Management to run the core of a private credit fund, sources say, in an arrangement which sees Amundi and BlackRock manage certain satellite investments  

Värde taps growing CRE CLO market for the third time
Värde Partners closed a $627 million CRE CLO last week via Goldman Sachs

UK pension awards private credit mandates and eyes co-investments
Nest, a UK defined contribution pension scheme, has selected Amundi and BlackRock as private credit managers, to manage a global real estate and global infrastructure debt mandate, respectively.  

CRE CLO issuance beats 2018 totals
After a 12.5% increase in year-on-year first quarter issuance, the first half of 2019 turned up the heat with a 30% year-on-year increase to $9.1bn in CRE CLO issuance, according to Kroll Bond Agency.

Kayne Anderson targets direct lending and liquid credit mix for new fund
Kayne Anderson is looking to launch a closed-ended fund focused on direct lending, liquid credit and energy and infrastructure equity investments

Starwood Property makes big splash in CRE CLO market
The debutant to issue a CRE CLO that represents 12% of the market's H1 2019 issuance

UK pension pool to launch maiden private credit offering
Border to Coast Pensions Partnership is launching its first private credit offering in early Q4, Creditflux has learned

Principal Real Estate targets $1 billion for real estate debt fund
Its predecessor strategy launched in 2016 with a $875 million target size 

Illinois pension backs real estate funds
Illinois Municipal Retirement Fund has earmarked $150 million for commitments to Rockwood Capital Real Estate Partners XI and Blackstone Real Estate Debt Strategies IV.  

US pension looks to terminate managers within liquid credit portfolio
San Francisco Employees’ Retirement System is considering terminating Prima Capital Advisors' commercial real estate debt strategy and AFL-CIO Housing Investment Trust  

Louisiana pension allocates $150 million to US credit funds
The Teachers' Retirement System of Louisiana has committed to Torchlight Debt Opportunity Fund VI and Summit Partners Credit III, a spokesperson for the pension fund has confirmed  

CRE CLO issuance climbs in Q1
SImilarities in structure rival differences in credit analysis

Liquidity and disclosure issues threaten potential CRE CLO market
Most investors that participate in the commercial real estate CLO market want to increase their exposure. But the lack of liquidity and standardised disclosure is holding them back.

Italian journo pension scheme presses ahead with plan to invest in private debt
The National Institute for Italian Journalists' Social Security (INPGI) has launched a tender notice seeking closed-ended private debt funds to invest in, or unlisted debt instruments including infrastructure debt, private corporate debt and real estate debt  

NNIP unveils European sustainable infra debt fund
The fund aims to build a diversified portfolio of investment grade quality infrastructure debt across Europe 

Apollo draws in $2.36 billion for structured credit fund
Apollo Global Management is edging towards a final close for its fourth structured credit fund

US pension fund's new private credit portfolio delivers strong early returns
A US pension fund recently created a private credit bucket and this has generated 9.25% time-weighted returns