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.

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

Crestline bags $360 million for inaugural European opportunities fund
Crestline Investors has held a final close on its inaugural European special situations fund, Crestline Opportunity Fund III Europe, at $360 million, surpassing its original $300 million target size

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  

Njord closes second European special situations fund at €271 million
Njord Partners has closed its second special situations fund, Njord Partners Special Situations Fund II, at €271 million

AnaCap hits €1 billion hard cap for European credit opps fund
AnaCap Financial Partners has exceeded its €750 million target size for AnaCap Credit Opportunities IV

Boston-based pension backs Searchlight distressed fund
Cambridge Retirement System, the $1.27 billion pension fund, has committed $150 million to Searchlight Capital Partners III during the second semester of 2019, according to documents seen by Creditflux.  

Utah fund set to invest $45 million across Beach Point and Crestline funds
The Utah School & Institutional Trust Fund Office is set to make commitments to credit funds managed by Beach Point Capital Management and Crestline Investors

CVC closes $1.4 bilion special situations fund
CVC Credit Partners has held a final close at $1.42 billion for its second global special situations fund, which it says took eight months to fundraise.

HIG closes European small-cap special situations fund at $1.5 billion
HIG's distressed debt and special situations unit has closed held a final close for H.I.G. Bayside Loan Opportunity Fund V

Cheyne aims to capitalise on stress within direct lending as it closes €1 billion opportunistic fund
The fund seeks to capitalise on the accelerated sell-down of mid-market corporate loans by European banks

Cairn teams with Mediobanca for European credit Ucits fund
The strategy will focus on four credit asset classes - financials, corporates, asset-backed securities and special opportunities 

Bain plans $3 billion distressed fund with US pension fund eyeing commitment
Pennsylvania Public School Employees Retirement System (PSERS) is set to invest $200 million to Bain Capital Distressed and Special Situations 2019 (DSS 19) fund, according to documents seen by Creditflux.  

Pemberton closes strategic credit opportunity strategy at €1 billion
Pemberton has closed its first fund dedicated to strategic credit opportunities today

Clearlake casts $1 billion net for second opportunistic fund
The Santa Monica based firm has upped the target size for its opportunistic credit, distressed and structured equity fund  

Jefferies subsidiary and Stonyrock plan mid-market alternative manager stake acquisitions
The new joint venture will invest in private equity, credit, hedge funds, real estate, venture, and infrastructure firms

Maryland pension carves out private debt bucket
The Baltimore pension fund has also mandated a total of $25 million to one direct lending fund and one distressed debt fund 

Credit funds at a glance

A round-up of fundraising and people moves in credit

US pension backs Vista credit fund
Illinois Municipal Retirement Fund (IMRF) has approved a $50 million commitment to Vista Credit Partners Fund III, according to documents from the March board of trustees meeting  

UBP expands alternatives business with credit Ucits fund
L’Union Bancaire Privée has expanded its alternative investment offering, teaming up with New York-based Global Credit Advisors for the launch 

Värde partners with Guber on €734 million NPL deal
Värde Partners along with Guber Banca have led a group of investors to make a joint acquisition of a €734 non-performing loan portfolio originated by 22 mutual, rural, and cooperative banks spread throughout Italy  

US pension fund earmarks $375 million for various credit strategies
Massachusetts Pension Reserves Investment Management Board (Mass PRIM) has committed $125 million to distressed, $100 million to aviation investments, while earmarking $150 million for structured credit    

Alaska pension commits $545 million to seven credit funds
Alaska Permanent Fund Corporation has earmarked $545 million to funds across the credit spectrum across Q2, according to 27 February board documentation

Allianz IM puts $200 million into Indian private debt
Allianz Investment Management has committed $200 million into the private debt platform of Edelweiss, an Indian diversified financial services firm.  

AnaCap buys €4 billion Italian SME loan portfolio
AnaCap Financial Partners has made its first transaction of its fourth credit opportunities fund