West coast pension looks to step up direct lending allocations
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019

Minnesota pension to invest $300 million in distressed and private credit funds
Minnesota State Board of Investments is set to invest $100 million in a mezzanine debt fund and $200 million in a distressed debt fund

Arizona pension to deploy up to $700 million a year in private credit
Arizona Public Safety Employee System is looking to deploy $600-700 million in private credit strategies per year in order to meet its target allocation, according to board documents seen by Creditflux.

LibreMax wins $200 million for structured credit managed account
The managed account will target 10 to 40 investments across a range of different strategies including CLOs, consumer, residential, commercial and regulatory capital.

Atalaya closes seventh special opportunities fund at $950 million
Atalaya Capital has held a final close on its seventh special opportunities fund, having called about 28% of capital and has made 15 investments

Inflows boost structured credit mutual funds
Low rates have seen loan mutual funds battle $42 billion of outflows this year, but structured credit funds have been able to grow while capitalising on this volatility, according to sources.

Private credit growth helps Hamilton Lane 13% growth in AUM
Alternative manager Hamilton Lane has reached $481 billion in assets under management and advice as of September, with credit funds supporting the organisation’s growth  

Pathlight raises $450 million for asset-based loans
Pathlight Capital has held a $450 million final close on its inaugural asset-based loan fund, Pathlight Capital Fund I

BlueBay launches CLO fund with seed capital from parent RBC
Sources say the strategy launched earlier this year via an Irish fund structure with seed capital provided by BlueBay’s parent company, RBC

New York teachers’ pension backs energy credit fund
New York State Teachers’ Retirement System has committed $200 million to a credit fund managed by Orion Energy Partners, according to documents seen by Creditflux  

Crestline targets $1.75 billion for 'all weather' fund but investor questions fund size
Crestline Investors is seeking $1.5 billion capital ($1.75 billion hard cap) for its next 'all weather' global special situations fund, Crestline Opportunity Fund IV, with the Fort Worth-based firm looking to hold a final close in October 2019. But one institutional investor has raised concerns about the size of Crestline's latest fundraise.

JP Morgan AM closes first special situations fund
JP Morgan Asset Management has held a final closing for its first special situations fund, with more than 50% of investors backing the fund to be first-time investors in a JP Morgan Alternatives fund

TPG Sixth Street hits $2.2 billion hard cap for fund geared to growth-companies
TPG Sixth Street Partners' new fund has allocations to growth debt, structured equity and stapled solutions (a hybrid financing structure that combines structured equity and growth debt)

US pension backs Pimco to reach private credit target
Ventura County Employees’ Retirement Association (VCERA) is set to commit an additional $25 million to Pimco Private Income Fund

AMP hits $4 billion hard cap on fourth infrastructure debt fund
Backed by 86 investors, the AMP fund was popular with Korean institutions, which comprised 30% of the base

Cerberus scores $100 million add-on for SMA as LPs favour existing relationships
North Dakota State Investment Board is looking to extend its partnership with direct lender Cerberus, in a bid to maintain its desired allocation to the direct lending asset class

Texas pension awards $150 million to real estate debt fund
Texas County and District Retirement System has awarded $150 million for a global real estate debt fund managed by Blackstone

Orchard targets CLO investments in fruitful year of fundraising
Orchard Global Asset Management is in the process of fundraising for its first CLO focussed fund, according to market sources. The firm is targeting the global CLO market and looking across the capital stack.

UK pension hires BNP Paribas AM for starring role in core-satellite private credit fund
UK pension fund Nest has appointed BNP Paribas Asset Management to run the core of a private credit fund, sources say, in an arrangement which sees Amundi and BlackRock manage certain satellite investments  

Maine pension boosts alternative credit bucket with $50 million US special situations mandate
The $14.9 billion pension fund continues to be underweight its 5% target allocation to alternative credit 

US pension allocates to Golub in bid to boost 'non-core fixed income' bucket
The State of New Mexico Investment Council has awarded $100 million to a senior debt fund managed by Golub Capital Partners, as part of a plan to bolster its non-core fixed income bucket

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.  

Russell and Mediobanca launch multi-asset fund with CLO allocation
Mediobanca Private Banking has joined forces with Russell Investments to set up a fund that has a 20% allocation to credit, sources say  

Partners Group brings global private debt strategy to Australian retail investors
Partners Group has bolstered its private debt offering to retail clients, collecting AUD550 million for a private debt offering which has been listed on the Australian Securities Exchange.

Past returns: From zero to $7.6 billion in five years
Five years ago in Creditflux we reported that Angelo Gordon was planning to move into US direct lending. Shortly after that the firm created a middle-market subsidiary known as Twin Brook Capital Partners and drafted in Trevor Clark and Chris Williams to lead the venture after the pair had left Madison Capital in 2013.