King Street raises $1.2 billion for first global credit drawdown fund
The fund will target distressed and stressed corporate debt, structured products, and asset-backed investments, as well as claims and claim-related opportunities

UK pension allocates £2.1 billion to CQS, Neuberger and Oaktree
Three global credit managers have won a total of £2.1 billion in credit mandates from Brunel Pension Partnership, as part of its newly launched Multi Asset Credit Fund.

Northleaf closes global private credit fund with $1.2 billion deployable capital
Northleaf Capital Partners has raised more than $900 million for its second private credit strategy, Northleaf Private Credit II 

CIC holds final close on mezzanine fund at €450 million
CIC Private Debt has held a final close on its fifth mezzanine fund at €450 million, which it says is €50 million over its initial target

Tikehau launches high yield impact credit fund
Tikehau says it has committed €30 million of initial capital to the fund, through which it aims to transition companies towards a net zero carbon economy

Credit funds at a glance (July 2021)
A round up of fundraising and people moves in credit

Credit fundraising: managers take care of infrastructure with new partnerships
Credit managers were busy launching new partnerships to support growth in infrastructure and CLOs. There were 13 announcements in the month paving the way for upcoming funds, platforms, and joint ventures

MV collects €526 million for second senior direct lending fund
MV Credit has held a final close on its second senior direct lending fund, MV Senior II

Incus targets €500 million for fourth SME credit fund
The Madrid-headquartered firm has launched its fourth asset-backed European credit fund, Incus European Credit Fund IV, with a €500 million target and €650 million hard cap

RiverRock closes €604 million senior direct lending fund
RiverRock has held a final close on RiverRock Senior Loan Fund I at €604 million, with around 50% of the portfolio deployed

Cross Ocean targets up to $1 billion for European special situations fund
Cross Ocean Partners is seeking up to $1 billion for its latest European special situations fund

Marathon targets $300 million for inaugural healthcare credit fund
Marathon Asset Management is targeting $300 million for a credit fund focused solely on healthcare loans

Stepstone wins €215 million private debt mandate from Italian pensions
A consortium of Italian DC pension funds have allocated the capital to a private debt fund of funds under the name Project Zefiro

CarVal exceeds target with $3.6 billion distressed credit fund
CarVal will invest in distressed credit including acquiring loan portfolios, investing in corporate securities, structured credit and hard assets

Banks battle back with their own direct lending fund launches
Through their own direct lending arms, large banks are leveraging their long-standing expertise and offering private debt to reclaim market share. Though small, these hybrid bank funds are certain to grow

Manager targets $450 million for global CLO fund
A New York pension has backed the fund, which will invest in CLO debt and equity tranches and is said to have held a first close in Q1

AlbaCore swims to €1.5 billion first close on European private debt fund
AlbaCore Capital Group has held a first close on its third European direct lending fund, which has a €2 billion target

Mezz fund is meat and drink to Cerea as it holds €215 million first close
Cerea Partners is targeting companies in the food and beverage value chain as it launches a new mezz fund   

Credit fundraising: Audax scores big in lighter month
Fundraising markedly dropped in May, but credit funds still amassed $12.8 billion and 10 credit funds reached final closes across a variety of different strategies

Novicap tech platform targets credit investors with fundraising drive
Novicap, a fintech company offering working capital optimisation solutions to SMEs and mid-market corporates, is looking to debt capital markets participants such as credit and structured credit funds, asset managers, pension companies and insurers as it seeks to raise third-party funding for its credit platform

Tech firm tempts credit investors with supply chain finance offer
Novicap, a fintech company focused on invoice financing, is looking to debt capital market participants — such as credit and structured credit funds, asset managers, pension companies and insurers — as it seeks to raise third-party funding for its credit platform

Managers offer solutions for underfunded pensions
Credit managers are tapping UK defined benefit pensions that are battling negative cashflows

Credit funds at a glance (June 2021)
A round up of fundraising and people moves in credit

HarbourVest closes $833 million credit opportunities fund
HarbourVest Credit Opportunities Fund II will target a 13-16% net internal rate of return with a portfolio of around 70% credit and 30% equity

CPPIB reveals $600 million in credit investments across France, India and US
Canada Pension Plan Investment Board has revealed $600 million in credit allocations to three managers