Investcorp launches Italian NPL fund
Investcorp has raised €340 million for an Italian non-performing loan (NPL) fund, following a similar strategy to a 2017 fund

Bankrupt Hertz runs out of gas with CLOs holding $245 million
CLOs hold $245 million of Hertz’ debt as the US-based car rental company drives into bankruptcy protection, with the coronavirus panedemic putting brakes on the Estero, Florida-headquartered's firm car rental operations

Lupus Alpha CLO funds enter April top 10 after cutting triple B exposure in January
Lupus Alpha CLO High Grade Invest Fund, a Ucits fund managed by Lupus Alpha, topped the Creditflux April hedge fund rankings with 12.05% returns. The Frankfurt-based manager also has two other funds in the top 10 rankings: Lupus Alpha CLO High Quality Invest (9.88%) and Lupus Alpha CLO Opportunity Notes I (8.94%)

JC Penney bankruptcy weighs on CLO and CDX HY baskets
CLO managers hold nearly $250 million of the debt of JC Penney, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Friday

US pension forms $100 million talf sub-committee as 'window of opportunities closing quickly'
Fresno County Employees Retirement System has formed an ad hoc committee authorised to commit up to $100 million to a term asset-backed securities loan facility strategy, according to an audio recording from its 5 May board meeting

Listed CLO fund rebounds in April with 5.7% gain
US and European CLO equity tranches brought in gains of 10% in April for the fund, US CLO debt 12.1%, ABS 0.6% and bank balance sheet transactions 0.3%

CLOs hold $100 million of Intelsat debt as it files for bankruptcy
CLOs hold nearly $100 million of the debt of Intelsat, a Luxembourg-headquartered fixed satellite services provider, which filed for chapter 11 protection in the US Bankruptcy Court for the Eastern District of Virginia late last night

Listed CLO fund declares May dividend after equity avoids cashflow diversion
Axa Investment Management has declared an interim dividend on its listed CLO fund, Volta Finance, after cancelling its April dividend citing the uncertainty of cash flow payments

Sculptor doubles global credit exposure in master fund amid dislocation
Sculptor Capital Management has doubled its global credit exposure in its Master Fund during the covid-19 volatility, according to the firm’s Q1 earnings call

CSOs are hurting but will emerge stronger, say sources
It is unsurprising that bespoke synthetic tranches have suffered during the covid-19 crisis, as they are backed largely by real money investors that have gone outright long credit risk. But more noteworthy and reassuring, say sources, is that most have held firm in their positions and look set to stick with the asset class — in contrast to the 2008 global financial crisis exodus

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”

Skew trades bloom in winter for credit
March fund returns submitted to Creditflux in April were poor, but one manager distinguished itself in the covid-19 dislocation using a synthetic strategy rarely seen since the 2008 financial

Correction: Orchard Liquid Credit Fund performance
In the May issue of the Creditflux magazine we incorrectly stated in our performance tables the year-to-date return for Orchard Liquid Credit Fund, which is up 10.66%

CLOs hold $189.3 million of J Crew as coronavirus pushes firm into bankruptcy
12 CLO managers hold $189.3 million debt of US retailer and household name J Crew (parent company Chino Holdings), which filed for Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia on Monday

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

US pension approves four-year private credit plan as direct lenders report performance
Santa Barbara County Employees has approved a private credit pacing plan from investment consultant RVK to maintain a commitment schedule of $40 million per year to the asset class until 2024 to achieve its target allocation and diversification

Listed CLO fund reports 45% NAV fall in March
Marble Point Loan Financing suffered a 45% drop in net asset value total return in March, according to a portfolio update from the $158.4 million listed fund

222 CLOs hold bankrupt telecom firm as its signal fades
CLOs hold $334.5 million debt of Australian telecommunications company SpeedCast International, which filed for Chapter 11 bankruptcy protection in the District of Texas on Friday

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Frontier bankruptcy dials up pressure for 90 CLOs
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York

CLOs nurse $172 million of Quorum's debt following bankruptcy - but recovery prospects look good
CLOs hold $172.9 million of the debt of US hospital operator Qurum Health Corporation, which filed for Chapter 11 in the US Bankruptcy Court for the District of Delaware last week

Structured credit fund loses 32.4% in March as junior US CLO debt slumps
Volta Finance’s net asset value dropped 32.4% in March, according to a monthly report released yesterday. US CLO debt was the weakest performer for the structured credit fund, managed by Axa Investment Managers, losing 41.3%.

LSC bankruptcy leaves print marks on CLOs
CLOs hold $84.3 million of the debt of LSC Communications, which filed for Chapter 11 in the Southern District of New York yesterday.  

Axa IM cancels Volta dividend due to CLO equity cash flow uncertainty
Axa Investment Managers has has cancelled the 28 April dividend payment to investors in its listed credit fund Volta Finance “in light of the ongoing uncertainty caused by the covid-19 pandemic"