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%

Ares raises $3 billion special situations fund ahead of huge European direct lending launch
Ares Management has witnessed “accelerated fundraising” for its special situations fund, which it has closed at around $3 billion, according to the firm’s earnings calls. The firm also launched its fifth European direct lending fund this week, which Ares expects could be “the largest private comingled fund in its history”

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

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

US pension gains 6.5% in three days after putting $350 million into credit
Marathon, Waterfall, ArrowMark and Columbia were allocated $350 million from a US pension for structured credit, Talf and high yield mandates

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

Axiom bets on 2002-style credit recovery with crossover fund launch
Axiom Alternative Investments is readying to launch a fund aimed at generating returns from the dislocation and revival of European and US credit as the coronavirus pandemic develops

Three CLO investors win mandates from US insurer
New York State Insurance Fund has selected 11 credit managers to invest around $1 billion across corporate loans, high yield bonds and CLO tranches, according to documentation seen by Creditflux. Three  of these mandates are geared towards CLOs 

Ohio pension injects $175 million into credit via JP Morgan and HPS
The School Employees Retirement System of Ohio has made a $175 million commitment to two strategies; high yield and direct lending

Axiom seeks high yield sweet spot with long-short fund
Axiom Alternative Investments is set to launch a long-short fund that will identify mispricings of high yield credit arising from the prolonged compression of spreads between different rating bands.

Massachusetts pension commits $200 million to structured and corporate credit
Massachusetts Pension Reserves Investment Trust has approved commitments with CKC Credit Opportunity and LMCG Serenitas  

Hamilton Lane limits uncalled commitments with private market fund
Hamilton Lane has launched a private assets fund, in a strategy that will "seek to limit the exposure of uncalled commitments and shorten the duration of expected cash flows relative to a traditional portfolio”

Texas pension pumps $300 million into Pimco fund
Texas Municipal Retirement System has earmarked up to $300 million to a credit fund managed by Pimco, according to board documents seen by Creditflux, building on a relationship established through a predecessor fund

JP Morgan AM launches first European multi-factor fixed income ETF
JP Morgan Asset Management has launched an inaugural fixed income multi-factor exchange traded fund in Europe

Pimco plans to outperform come rain or shine with $4.5bn all-weather fund
Pimco has become the latest manager to fashion a flexible, all weather credit fund that invests across public and private markets, geographies and capital structures. The Newport Beach-based manager is hoping to raise $3 billion for the strategy. With half a turn of leverage, it could have up to $4.5 billion to deploy.

Pimco launches listed multi-sector global credit fund
Known as Pimco Tactical Income Fund, the fund will invest in a range of global credit strategies and will list on the New York Stock Exchange

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

US pension injects $300 million into mezzanine debt and high yield
Virginia Retirement System has earmarked $300 million for investments in high yield and mezzanine debt, according to a document seen by Creditflux.  

Federated's US and European businesses launch high yield impact funds
Federated Investors, Hermes Investment Management and UBS have joined forces to launch new high yield credit funds, which are in line with the United Nations Sustainable Development Goals (SDG) framework. The vehicles take the form of a Ucits offering and a mutual fund

BlueBay launches global leveraged finance fund
BlueBay Asset Management has launched a global leveraged finance fund that is able to allocate towards high yield bonds, leveraged loans, structured credit and investment grade assets

KKR adds CLO mezz and private credit to mix with opportunistic credit fund
The new interval fund will invest in opportunistic credit, including CLO mezzanine debt, as well as private debt 

BlackRock launches $2 billion coporate credit fund with special situations remit
BlackRock has closed its flagship opportunistic credit fund, Global Credit Opportunities, with $2 billion capital commitments

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

Credit plays a big part as KKR increases AUM by $6.5 billion
KKR grew its assets under management by 8% over the second quarter, according to the firm’s earnings call, which took place on Thursday.

GSO adds $10 billion to inflows with direct lending, structured credit and energy
Blackstone grew its credit assets under management to $139.3 billion, up 13% on a year ago, according to the firm's second quarter earnings release