Calpers plans $80 billion leverage play to boost returns
California Public Employees’ Retirement System has outlined plans to boost returns for its nearly $400 billion portfolio in the long term. But the proposal, dubbed ‘towards a 7% solution’, has come under criticism

Liberty pulls off successful equity b-wic auction
The first successful equity b-wic following the pandemic selloff took place last month, with several sources telling Creditflux that insurance company Liberty Mutual was behind the auction

Canadian pension Imco outlines two-year $6 billion credit plans
The Investment Management Corporation of Ontario (Imco) has a range of credit strategies in its sights as it seeks to deploy $6 billion in the next two years as part of the build out of a global credit platform, according to officials at the company

LP round up: horseshoe does the trick for Pimco and other distressed managers
Institutional investors poured $2.7 billion into credit this week through 14 managers, according to board documentation seen by Creditflux

LP round-up: Champaign pension raises a glass (or bucket) to private credit
Institutional investors allocated over $600 million to 11 managers this week, according to board documentation seen by Creditflux

Insurers' CLO triple A and double A investments can survive most severe stress tests, report finds
A stress test performed on US insurers' CLO investments, as of December, shows that even under the most severe coronavirus default and recovery assumptions, double A and triple A-rated tranches are protected against principal losses

Bain closes $3.2 billion special situations and distressed debt fund
Bain Capital Credit has closed the firm’s third dedicated distressed and special situations fund, Bain Capital Distressed & Special Situations 2019 (DSS 19), at $3.2 billion, above its $3 billion target size

LP round-up: mighty Oaks win $1 billion apiece from Calpers
Credit investors allocated over $3 billion to 18 credit managers this week across a wide range of strategies

SkyBridge slashes structured credit exposure by 32%
A New York-based fund of funds has slashed structured credit exposure by 32% since March while increasing distressed allocation by 16%, according to an investor letter seen by Creditflux. The fund is also rejigging the portfolio towards allocations with larger managers

Zais structured credit fund gains 13% for US pension
Zais Group has generated 13.1%  returns to a west coast pension fund through its CLO-focused strategy dubbed ‘Zephyr 7’

Eagle Point wins $100 million from US pension and launches 'defensive' CLO fund
Eagle Point Capital Management has won a $100 million mandate for its CLO strategy and has separately launched a new fund - Eagle Point Defensive Income Fund

LP round up: Pimco gets the Disco started as distressed managers win allocations
Insitutional investors allocated just over $1 billion to credit funds last week, according to board documents seen by Creditflux, with special situation funds from Farallon, Pimco and SSG taking the bulk of these commitments

Fund managers gear up for talf 2.0 investment potential
Institutional investors have been pouring money into the talf-focused (term ABS loan facility) funds, with ArrowMark, Loomis Sayles and Nuveen among the managers to benefit

Non-bank lenders spot fund financing opportunities
Volatility arising from the coronavirus will give non-bank lenders an opportunity to gain market share from traditional lenders in the fund financing space, sources say

LP round-up: talf and dislocation funds win as pensions allocate $350 million to credit
Investors poured in $350 million to eight credit-focused funds, primarily to credit dislocation funds. Private debt continued to remain stead with investors maintaining or increase allocations 

TCW targets $1 billion for talf fund and attracts two pensions
Two pensions have allocated a total of $150 million to TCW's TALF Opportunities Fund, managed by TCW Group 

Candian pension allocates $250 million to dislocation credit fund
Investment Management Corporation of Ontario (Imco) has allocated $250 million to a dislocation credit fund managed by Apollo Global Management

Minnesota pension's 2020 credit allocations hit $1 billion
Minnesota State Board of Investments has earmarked $400 million across to two credit managers in a private market update. The commitments mark $1 billion allocated to credit in 2020 by the pension

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

US pension's joint venture with Barings set to produce first CLO
Jocassee Partners, a joint venture established between Barings' business development company and South Carolina Retirement Systems, is marketing a CLO

Magnetar wins $400 million for illiquid credit mandate
Los Angeles County Employees Retirement Association has allocated $400 million to Illinois-based Magnetar Financial at its 13 May board of investment meeting, according to recently released minutes

Louisiana pension commits $150 million to mezzanine and credit opportunities funds
Teachers Retirement System of Louisiana has awarded $150 million to two credit funds managed by Ares Management and Audax Group at its 7 May board meeting, a spokesperson for the pension has confirmed

Private credit wins investor as Maryland pension introduces 5% allocation
Howard County Retirement has introduced a new bucket to the private credit asset class, reducing its core bond and hedge fund exposure to facilitate this measure, according to board documents seen by Creditflux

Illinois pension seeks distressed debt or opportunistic credit manager
Illinois Municipal Retirement Fund is requesting proposals for opportunistic and distressed private credit fund managers and has at least $25 million to allocate

Two managers beat 70 for £900 million emerging market bond mandate
LGPS Central has selected two external managers for its £900 million Global Active Emerging Market Bond Fund