Neuberger launches 'flexible' global credit Ucits fund with $200 million
Neuberger Berman has launched a flexible global credit Ucits fund to expand its $150 billion fixed income platform

Balbec holds $1.2 billion final close on fourth insolvency credit fund
Balbec Capital has held a $1.2 billion final close its fourth non-performing loan fund, InSolve Global Credit Fund IV

LP round up: Pimco gets the Disco started as distressed managers win allocations
Insitutional investors allocated just over $1 billion to credit funds last week, according to board documents seen by Creditflux, with special situation funds from Farallon, Pimco and SSG taking the bulk of these commitments

Oaktree mixes defensive with opportunistic in new fund for recent hire
Oaktree Capital Management has launched a standalone absolute return fixed income fund for recent hire Brad Boyd, according to market sources

Oak Hill launches 'tactical' investment fund
Oak Hill Advisors is on the fundraising trail with regulatory filings indicating the credit specialist is launching a vehicle known as OHA Tactical Investment Fund

PGIM prepares listed credit fund
PGIM is marketing a ‘flexible’ listed fund, dubbed PGIM Strategic Credit Fund , to invest at least 80% across fixed income

Basis and capital structure strategies zing for Xaia as market anomalies multiply
April was another challenging month for most funds. But some managers were able to take advantage of relative value opportunities and growing investor appetite for this form of investment strategy

Credit funds at a glance (June 2020)
A round-up of fundraising and people moves

LP round-up: talf and dislocation funds win as pensions allocate $350 million to credit
Investors poured in $350 million to eight credit-focused funds, primarily to credit dislocation funds. Private debt continued to remain stead with investors maintaining or increase allocations 

KKR raises $4 billion for coronavirus dislocation credit strategy
KKR has collected $4 billion to invest across credit opportunities in eight weeks– including $2.8 billion in its KKR Dislocation Opportunities Fund and over $1.1 billion from managed accounts

Eaton Vance signals intention to raise new credit fund
Eaton Vance Management has filed a preliminary prospectus with the SEC for a new opportunistic credit fund, Eaton Vance Income Opportunities Fund

Minnesota pension's 2020 credit allocations hit $1 billion
Minnesota State Board of Investments has earmarked $400 million across to two credit managers in a private market update. The commitments mark $1 billion allocated to credit in 2020 by the pension

EnTrust aims to onboard $1 billion for maritime direct lending fund by June
EnTrust Global is targeting $1 billion for a maritime direct lending fund, Blue Ocean Onshore Fund, and anticipates a final close in June

Two managers beat 70 for £900 million emerging market bond mandate
LGPS Central has selected two external managers for its £900 million Global Active Emerging Market Bond Fund

Sculptor doubles global credit exposure in master fund amid dislocation
Sculptor Capital Management has doubled its global credit exposure in its Master Fund during the covid-19 volatility, according to the firm’s Q1 earnings call

KKR takes covid-19 hit on flagship credit funds and lev fin
KKR took a 16% hit to returns on its alternative credit flagship funds amid the first quarter coronavirus downturn and a 13% loss on leveraged credit, taking these into negative territory for the last 12 months. The firm's private equity portfolio also slumped by 12%

On-site due diligence rules pose fundraising challenge
Stipulations in some fund limited partner bylaws dictating strict due diligence could pose a challenge for asset managers, sources say

Private credit dangers lurk, but fear drives inflows
Fear of missing out is one reason institutional investors are allocating to private credit, but market partici­pants say that investors should err on the side of caution, despite the number of attractive opportunities

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

GSO eyes $7 billion for credit opps fund and closes $4.8 billion European direct lending fund
GSO is eyeing a $7 billion target size for a new credit opportunites fund. The New York-based manager recently closed its second European direct lending fund, GSO Senior European Debt Fund II, at $4.8 billion

KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

Fair Oaks issues shares to buy more CLO debt after 50% equity tranche hit
Fair Oaks Capital has issued new shares on its CLO fund at a premium to its net asset value to capitalise on CLO debt, which it says “offers attractive risk-adjusted returns over the medium term”

Global direct lending fundraising plummets in Q1
Global direct lending fundraising figures plummeted in the first quarter as coronavirus-related volatility kicked in. Managers raised just $9.4 billion raised across 11 funds compared to $18.6 billion across 15 in Q1 2019, according to Creditflux's fund database

Virginia pension allocates $850 million to credit in Q1
Virginia Retirement System has allocated $850 million to three credit strategies in the first quarter of the year, according to an update at its 15 April investment committee meeting

Neuberger Berman eyes $500 million fundraise for CLO opportunity fund
Neuberger Berman has become the latest manager to launch a CLO opportunity fund with the New York-headquartered manager looking to raise $500 million for the vehicle