Alaska Retirement Management Board commits $100 million to direct lending fund
It may be a tough environment for fundraising but the private credit market continues to pull in investments, with the Alaska Retirement Management Board agreeing to give up to $100 million to a fund

Oaktree closes life science fund with highest amount ever raised in the space
Oaktree Capital Management has raised more than $2.3 billion for its Life Sciences Lending Fund, the largest amount the firm has ever raised in the life sciences space.

HPS announces close for second core senior lending fund
HPS Investment Partners has closed its second Core Senior Lending Fund known as CSL II with around $10 billion of capital to invest

US manager launches second captive CLO equity fund
The firm closed its inaugural captive CLO equity vehicle at $375 million just 14 months ago

Apollo launches private markets secondary fund
Apollo has registered to launch its new private markets secondaries vehicle, Apollo S3 Private Markets Fund

LP round up: HPS wins $550m mandate as Ares launches third US direct lending fund
US institutional investors allocated nearly $3 billion to credit funds in April. The news comes amid a BlackRock survey in the month which showed significant investor interest in private credit

Managers raise rated-note feeders despite scrutiny from US insurance association
Alongside its investigation into CLOs, the National Association of Insurance Commissioners is weighing up its treatment of collateralised fund obligations (CFOs) and rated-note feeders

KKR plans asset-based fund
KKR Asset-Based Income Fund will take a 'multi-sector' approach, investing across consumer finance, mortgages, small-medium sized enterprises, hard assets, infrastructure and contractual cash flows

Ares targets high-net worth investors as it raises $1.5bn for non-traded BDC
Ares Management has raised $1.5 billion for a non-traded business development company known as Ares Strategic Income Fund

Blackstone launches rated-note feeder for direct lending strategy
Blackstone has launched a rated feeder fund, which is linked to a direct lending strategy

Diameter closes second dislocation fund at $2.2 billion hard cap
Diameter Capital Partners has closed its second dislocation fund with $2.2 billion commitments

Virginia pension discloses $800 million in credit allocations
Virginia Retirement System has disclosed $800 million in credit fund allocations made over the first quarter of this year

Pimco eyes CLOs as part of new flexible credit interval fund
Pimco is preparing to launch a new closed-ended, non-listed interval fund, named Pimco Flexible Corporate Income Fund, which will invest at least 80% of assets in corporate debt across public and private credit markets

Rated-note feeder funds emerge as CFO alternative
Insurance companies are increasingly looking to invest efficiently in credit products. The resurgence of collateralised fund obligations has been well documented, but sources say rated-note feeders are also gaining in popularity

Credit funds at a glance (April 2023)
A round up of people moves and fundraising

HPS raises $12 billion for fifth junior capital fund
HPS Investment Partners has closed its fifth junior capital solutions fund, HPS Strategic Investment Partners V, at $12 billion. With leverage, the strategy has $17 billion investable capital

Uni of Michigan reveals $50 million CLO fund allocation
The Regents of the University of Michigan has revealed a $50 million allocation to a captive CLO equity fund

Fidelity Investments raises over $100 million for BDC
Fidelity Investments says that its business development company, Fidelity Private Credit BDC, is up and running with “in excess of $100 million”.

Ares targets $5 billion for second credit 'Pathfinder' strategy
Ares says it is finding relative value in FinCo loans, rescue financing, asset portfolios and residential mortgages and is monitoring opportunities in CLO tranches

Federated Hermes unveils sustainable global IG credit fund
Federated Hermes Limited today unveiled a sustainable global investment grade credit fund, Federated Hermes Sustainable Global Investment Grade Credit Fund, which complies with Article 9’ of the Sustainable Finance Disclosure Regulation

Nomura's private capital unit launches credit interval fund
Nomura Alternative Income Fund has a flexible allocation across private and public credit sectors, depending on relative value opportunities

Arrow overshoots €2.5 billion target for second credit opps fund
Arrow Global has closed its second credit opportunities fund at its hard cap, collecting around €2.75 billion and exceeding its €2.5 billion target

Ares and Mubadala establish $1 billion global credit secondaries JV
The pair aim to capitalise on the 'anticipated growth and substantial demand’ from managers and investors for customised liquidity solutions

Deerpath leaps to $1.5 billion close for US lower mid-market direct lending fund
With leverage, the strategy has $2.8 billion in capital available to deploy

Calpers allocates $2.5 billion to two large private debt managers
Pension giant Calpers has revealed $2.5 billion allocations to two private debt managers