"Having multiple sources of data for investors is particularly helpful in opaque markets like private debt"
Our columnist looks at the new Lincoln International Senior Debt Index and finds total returns of 154.3 since 2014  

Adams Street taps former Churchill official as private credit partner
Adams Street Partners has added a partner to its private credit team

LP round up: $3.2 billion flows to 21 managers as private credit illiquidity premium holds firm
Investors allocated at least $3.2 billion to credit managers in April - and direct lending funds were in favour with Churchill and Ares being awarded two mandates

"Three CLOs issued in 2021 have included triple C baskets of 20%"
Big triple C buckets helped mid market CLO issuers in 2020 and the trend is for even bigger allowances this year

A year that looked like it would be a total wipe-out ended up being very constructive indeed
Our columnist looks back at some of the surprises of 2020

Tikehau and Churchill form direct lending partnership to 'expand cross border footprints'
European direct lending specialist Tikehau and US direct lending experts Churchill announced late December that the pair formed a partnership to ‘expand their respective cross border direct lending footprints’

The right climate doesn’t guarantee a great bottle of wine. The skill of the winemaker is also vital
2020 could still turn out to be the best private credit vintage ever

They said it: "It’s been a tale of the haves and the have nots"
At Creditflux’s US Private Credit event, binary outcomes in direct lending were discussed

Faith in structures has been rewarded
CLOs have been resilient against covid-19 fallout, said speakers at Creditflux’s CLO Symposium last month. But there’s always room to improve and 3.0 deals may add ESG and bullet tranches

Churchill hires CLO portfolio manager from Crestline
Churchill Asset Management has hired a CLO portfolio manager from Crestline Denali Capital

Churchill appoints former Carlyle official to lead investor relations
Churchill Asset Management has appointed a former Carlyle Group official as a senior managing director and head of investor relations

Lenders aren’t as adventurous, but they realise if they don’t act now, 2020 will be a lost year
 

Bankers, private equity firms and corporate lenders are all looking for new ways of doing business

Churchill prepares third mid market debt fund
Churchill Asset Management is on the road fundraising for its third flagship private debt fund and the New York-based direct lender has so far collected $115 million for the vehicle

Preparing for a second wave
Panellists on the Creditflux US private credit webinar last month said that they were focused on companies most affected by the coronavirus. A reopening of the primary market can wait

Investors take comfort from an active secondary market, but liquidity can be a mixed blessing
One of the most interesting characteristics of credit behaviour during the coronavirus era has been the momentum of junk bonds, with sharp changes in issuer and investor confidence around the asset class driven by technical factors: near-zero interest rates, the Fed’s support of fallen angels and skewed-to-worse ratings for leveraged loans

Direct lenders weigh options as next round of funding nears: Creditflux webinar

Churchill's Randy Schwimmer, First Eagle's Chris Flynn and DLA Piper's Jamie Knox talk about how mid-market portfolios have performed during the covid-19 pandemic at Creditflux's US Private Credit Webinar, sponsored by DLA Piper

US private credit webinar set to tackle mid-market
Creditflux is set to go live today at 11am New York time wih its US private credit webinar

Libor fall weighs heavily on loan and CLO portfolios
Libor floors are set to return to prominence after three-month rates tumbled to 0.38% by 18 May, returning the loan market’s base rate to its lowest level since the oil and gas crisis of 2014-16

Creditflux goes live again with virtual event on the US middle market
The second Creditflux live virtual briefing will happen on Tuesday 2^nd June, when we will switch gears from the US CLO market to US Private Credit.

Liquidity is king. A company with a sound long-term value proposition may not last the next few weeks
For borrowers — and credit providers seeing revolvers drawn down — liquidity is the greatest concern

Churchill collects $2 billion for second unlevered US direct lending fund
Churchill Asset Management has held a $2 billion final close on its second US direct lending fund, doubling its original $1 billion target size

Private credit is not overcrowded — there is four times as much private equity dry powder
With much negative reporting around private credit, our columnist debunks oft-heard complaints

Nuveen merges junior capital arm with Churchill to create $21 billion private markets platform
Nuveen, the asset management arm of TIAA, has combined its junior capital group with its mid-market private credit subsidiary Churchill Asset Management, in a move that will create a $21 billion private markets group

Mid market CLO league tables: first time managers crack the top five
Five new issue middle market CLOs priced in November for a combined total of $2 billion with Audax and Owl Rock doubling down in 2019.

Churchill splits double Bs for first mid market CLO in two years
Churchill Asset Management has priced its first middle market CLO of the year in a transaction which underlines how lower-rated CLO debt tranches are increasingly being carved up into senior and junior pieces