Credit funds at a glance (April 2021)
A round-up of fundraising and people moves

Goldman Sachs collects $4 billion for large cap direct lending
Goldman Sachs Merchant Banking Division has raised at least $4 billion for its fourth large cap-scale direct lending fund, Broad Street Loan Partners IV

Calpers allocates $3.5 billion to Sixth Street and Goldman Sachs
Californian pension heavyweight Calpers is allocating a whopping $3.5 billion to private credit managers 

Colorado pension allocates $70 million to CLO debt strategy
Colorado Fire & Police Pension Association approved a $70 million commitment to a CLO debt strategy at its 5 November board meeting

Apollo appoints head of credit valuations from sell-side
Apollo has appointed a head of credit valuations, as its previous head of credit valuations has transitioned internally to cover private equity valuations

Thoma Bravo brings in ex-Goldman veteran to spearhead credit division
Private equity firm Thoma Bravo has appointed an ex-Goldman Sachs official veteran to spearhead the firm’s credit division

Goldman Sachs collects $6.4 billion for opportunistic credit fund
Goldman Sachs’s merchant banking division has collected $6.4 billion from more than 1,500 investors on its inaugural opportunistic credit fund, West Street Strategic Solutions I

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux

Fitch places five BDCs on negative outlook
Fitch Ratings has changed the outlooks of five business development companies from stable to negative folllowing a review of its rated BDCs

Goldman Sachs in talks to buy minority stake in Permira
Goldman Sachs is looking to buy a minority stake in private equity firm Permira

Credit managers hunker down as idiosyncratic risks persist
A slew of earnings reports from credit managers and business development companies shows that deal-making and performance are robust, but great importance is being placed on credit selection.

CSO arrangers look to build on $65bn of issuance in 2019
The synthetic bespoke tranche market this year has fallen short of expectations in terms of overall issuance volume, but ends with transformative inroads being made.

Goldman Sachs AM explores interval structure for credit fund
Goldman Sachs Asset Management has begun marketing for an interval fund primarily focused on credit investments

Goldman Sachs AM merges public and private BDC
Goldman Sachs Asset Management has merged two of its business development companies: Goldman Sachs BDC, a $1.54 billion publicly traded BDC, and private BDC Goldman Sachs Middle Market Lending Corporation, which has $1.7 billion assets

‘Ex’ index trades take off as dispersion peaks
A gap is yawning between how the weakest constituents of CDX HY and iTraxx Crossover trade versus their broader portfolios, leading investors to find new ways to hedge and capture idiosyncratic risk.

GSO makes big hire to co-lead distressed investing
Blackstone's credit platform has appointed an ex-Goldman Sachs official to co-lead its distressed debt business 

Barclays rehires high yield credit trader from Goldman Sachs
A high yield specialist has become the second credit trader in as many months to rejoin Barclays from Goldman Sachs

Goldman Merchant Bank secures $4.4 billion senior debt capital to deploy
Goldman Sachs merchant banking division has closed its latest senior direct lending fund, Broad Street Senior Credit Partners II

Bespoke gains pull CLO buyers as market tipped to hit $100bn
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists

"It makes no sense in a one-to-one world": Goldman BDC dissolves JV with pension fund
Goldman Sachs BDC (GSBD) has dissolved its joint venture partnership with Regents of the University of California as the Senior Credit Fund “no longer makes sense in a one-to-one world”, according to the business development company's Q4 2018 earnings call.

CDS food fight as UNFI sues Goldman Sachs over SuperValu deal
United Natural Foods Inc (UNFI) has summoned Goldman Sachs to court, accusing the bank of bad faith in the way it handled the US retailer’s buyout of SuperValu last year, a transaction which caused the target firm’s CDS spread to bloat by over 200bp in one day

BDCs find variety of routes to higher leverage but remain cautious of two-times limit
Business development companies have been granted flexibility by US regulators, but there seems to be little consensus on the best way to take advantage

Goldman's BDC receives 95% shareholder approval for leverage increase
Following recent regulatory changes, the $1.23 billion Goldman Sachs BDC has received a 95% shareholder approval to raise its debt to equity ratio from a one-to-one to a two-to-one ratio

Goldman poaches Credit Suisse credit structuring specialist
Goldman Sachs has hired credit structuring specialist Omar Waly as a credit structuring executive director

Direct lender taps talent from Gallatin, GSAM and Abbott for senior roles
Owl Rock Capital Partners has welcomed three new senior hires, including a chief compliance officer and two managing directors