Market favours retrospective over forward-looking approach to Ibor benchmark fallbacks, says Isda
New benchmark fallbacks for derivatives contracts that reference interbank offered rates are likely to be based on the “compounded setting in arrears rate” and the “historical mean/median approach to the spread adjustment”, the International Swaps and Derivatives Association has said

Los Angeles pension backs Lone Star fund
Los Angeles Fire and Police Pension System has approved a commitment of up to $40 million to Lone Star Fund XI, according to a monthly report  

Isda extends deadline for derivatives benchmark consultation
The International Swaps and Derivatives Association has extended the fast-approaching deadline for its consultation on derivatives benchmark fallbacks, to allow more time for responses

BlackRock becomes latest manager to explore interval fund structure for credit
Several managers have hit the market with the interval fund structure, as investors look to invest in illiquid strategies through an illiquid fund structure

Four private credit managers score as Arizona pension fund commits $250 million
The $9.78 billion pension fund has mandated nearly $250 million to four private credit managers, alongside additional commitments for co-investment opportunities 

Sovereign investors' allocation to alternative credit increase rapidly, finds survey
Sovereign investors are increasing their exposure to CLOs, direct lending and bank loans, according to a 2018 Global Sovereign Asset Management Study published by Invesco this week

EM manager takes assets across two funds to $1.4 billion after big inflows
Two funds managed by a New York-headquartered firm have reached a combined $1.4 billion after big inflows

HSBC asset management unit raises $800 million for global multi-manager loan fund
As a multi-manager fund,  the new vehicle aims to offer the benefits of fund-of-funds - diversification - but with a management fee comparable to a single manager 

Investcorp names new co-CEO
Alterative investment manager Investcorp has announced that Hazem Ben-Gacem will become co-chief executive officer, joining current co-CEO Rishi Kapoor

Anchorage wins $75 million ticket for global credit fund
A US pension fund has approved an investment in the upcoming Anchorage credit fund

EM manager crosses $2 billion fundraising mark across four debt funds
London-headquartered Ashmore Group has now raised more than $2.3 billion in total between four of its Luxembourg-domiciled emerging market debt funds, regulatory filings indicate

HSBC announces $550 million second close for diversified loan fund
HSBC Alternative Investments has announced the second close of its diversified loan fund, which will combine both loan investing and direct lending

Carlyle's co-founders step down as new leadership team is unveiled
The group names two Co-CEOs and a Co-CIO – but claims its three co-founders will continue to be actively engaged at Carlyle