LP round up: pensions plan private credit pacing as strategic credit takes on "midfield" role
US pensions have allocated $1.4 billion across 22 credit funds including those managed by Angelo Gordon, Ares and GoldenTree, according to recent board documents seen by Creditflux. Meanwhile a pension fund draws parallels between strategic credit and Jordan Henderson

HPS managing director joins Ares direct lending team in New York
Ares Management has added to its direct lending team in New York

Dyal and Owl Rock in talks over merger via spac - a year after Dyal buys into direct lender
Dyal Capital Partners and Owl Rock Capital Group (a company in which it has an ownership stake) are in talks to merge courtesy of a spac which is sponsored by an affiliate of HPS (another company which Dyal has a minority equity stake)

LP round up: Monroe and Angelo Gordon beat 25 for direct lending mandate, as private credit plans brew
US public pension funds have disclosed $1.2 billion in commitments to credit focused strategies

Credit fundraising: Dubai manager gets in on the act as direct lending takes off
Shuaa launches credit fund in the Gulf as Ares, Contingency, HPS and Perceptive are among those to close billion-plus funds

LP round up: EIF backs four debt funds while Carlyle wins $1 billion
Institutional investors have allocated just over $4 billion to 27 credit managers in October board meetings

HPS closes mezzanine debt fund with $11 billion to deploy
New York-based manager HPS has held a final close on HPS Mezzanine Partners 2019

Details emerge on nature of Revlon payment 'error' and lender attitudes
Fresh details have emerged on the nature of the ‘operational error’ Citi says took place when it transferred $900 million to Revlon loan holders

CLOs stuck with $100 million of bankrupt TNT Crane's debt
14 CLO managers hold $92.5 million debt of TNT Crane & Rigging, which filed for chapter 11 protection in the US Bankruptcy Court For The District Of Delaware yesterday

Citi files lawsuit against nine more lenders over 'accidental' $900 million Revlon transfer
Citi has filed a new lawsuit against nine more asset managers regarding its transfer of $900 million to Revlon lenders, which Citi says was made mistakenly. The bank is looking to claim the money back against lenders 

LP round up: pension creates private credit bucket as Florida eyes 'best distressed opportunity ever'
There was no slowdown in credit allocations last week, wrapping up what has been an extremely busy July. $1.4 billion has been allocated to credit, it has emerged over the last seven days, according to board documentation seen by Creditflux.

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux

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

CLO double Bs on sale as sub-investment grade rally fizzles out
After more than a month of rapid tightening, CLO double Bs trended wider last week by roughly 60 basis points, as the market for these sub-investment grade tranches stabilises in the mid-800s

Light at end of tunnel as S&P puts two loan issuers on creditwatch positive
Panellists at IMN's CLO and leveraged loan webinar were optimistic about the future of their markets as S&P makes first positive rating action on leveraged loan issuers since the pandemic outbreak

OC health check: US CLOs show improvement as first euro CLOs breach multiple tests
15 deals reported a breach in an overcollateralisation test last week according to the latest reports available on CLO-i, including one European CLO and 14 US broadly syndicated loan CLOs.

HPS hires from sports and entertainment financier in Los Angeles
HPS Investment Partners has appointed two managing directors from 23 Capital to the firm's Los Angeles office

Flex CLOs tap mass downgrades to fill big triple C buckets
CLO managers are being hampered by the sheer volume of corporate credit downgrades to triple C, leaving the small cluster of triple C-flex CLOs to capitalise

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

We’ve survived before, we can do so again

We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

Ohio pension injects $175 million into credit via JP Morgan and HPS
The School Employees Retirement System of Ohio has made a $175 million commitment to two strategies; high yield and direct lending

Californian pension allocates $325 million to aviation and corporate private credit
San Francisco County Employees’ Retirement System has allocated $325 million to private credit strategies, according to 11 March board minutes

Spreads tighten as HPS adds to 2017-vintage CLO refis
Short CLO spreads tightened today as HPS Investment Partners refinanced a 2017 deal with the triple As printing at 103 basis points over Libor

Carlyle appoints regional head of credit opps fund
Carlyle Group has hired a managing director to serve as North American head of its credit opps fund