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.

Ares brings in $1 billion for first credit special situations fund
The Los-Angeles based manager is now just over halfway to its $2 billion target size

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.  

Connecticut pension eyes investment in Clearlake fund
The State of Connecticut Retirement Plans and Trust Fund is considering a $75 million commitment to Clearlake Opportunities Partners II  

Investors plant GoldenTree distressed debt fund with $1.7 billion
GoldenTree Asset Management has closed its third distressed fund with $1.7 billion of capital

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  

Owl Creek turns heads to special situations with new fund
The firm joins several other distressed investors preparing to take advantage of a potential downturn

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 

Shenkman targets $500 million for opportunistic credit fund
Shenkman’s opportunistic fund will aim to take advantage of the volatility in the market

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  

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    

Oklahoma pension backs Pimco's evergreen credit fund
Oklahoma Firefighters Pension & Retirement System has decided to commit $75 million to Pimco Private Income Investment Strategy, according to minutes from the US pension fund’s board meeting in January.  

Texas pension adds $50 million to distressed separately managed account
The managed account has reached a total of $300 million 

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

Minnesota pension set to back Varde Partners Fund XIII
Minnesota State Board of Investment is considering a $150m commitment to Varde Partners Fund XIII, according to a February Investment Advisory Council (IAC) meeting report  

Lone Star shines with $8.2 billion final close for debt fund
Lone Star has raised $8.2 billion for the latest iteration of its distressed debt strategy, Lone Star Fund XI

Silver Point brings in $1.57 billion for distressed debt fund
The credit hedge fund manager, founded by ex-Goldman Sachs partners’ Edward Mulé and Robert O’Shea, has locked down $1.57 billion capital for its distressed debt fund 

San Francisco pension deploys $125 million into private credit
San Francisco City and County Employees' Retirement System has bolstered its private debt bucket, making a $125 million commitment to a senior debt fund and opportunistic credit fund that builds on other private debt investments since last year

New York pension fund allocates $150 million to special situations fund
The new investment will sit within the pension fund’s opportunistic alternatives bucket

New York pension ups commitment to HarbourVest by $400 million
New York State Teachers' Retirement System has topped up commitments to Maple Fund, having already approved $600 million in 2017

Florida pension fund backs Atalaya distressed strategy
Florida State Board of Administration (SBA) has committed $100m to Atalaya Special Opportunities Fund VII, as part of the Florida Retirement System’s portfolio.  

San Francisco pension plans to deploy $800 million to private credit in 2019
San Francisco Employee’s Retirement System will allocate $800 million to its private credit bucket in the coming year, to reach its 10% target allocation 

Fortress targets $6 billion for latest fund in its flagship credit opportunities series
Fortress Investment Group has raised just over $1.05 billion for its latest opportunistic credit fund