BNP Paribas unit holds final close on special opportunities fund of funds
BNP Paribas Capital Partners has held a final close on its European special opportunities fund of debt funds

Patrimonium launches two private debt funds
The Swiss-based direct lender its targeting  €800 million for its second co-investment fund with Credit Suisse and has developed a new credit opportunities strategy

Denominator effect expected to drive LP-led private debt secondaries
Institutional investors are expected to engage in rebalancing trades to counter the 'denonimator effect', a move that should lead to an increase in private debt secondary trades

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

Atalaya targets $1 billion for fifth specialty finance fund
Atalaya Asset Income Fund V launched earlier this month with $295 million of assets

Alcentra's 'significant personnel changes' lead pension to terminate private credit contract
Los Angeles City Employees Retirement System has plans to rescind and terminate its private credit contract with Alcentra "based on significant and unexpected turnover of senior personnel”, according to documents seen by Creditflux. The pension is instead looking to redeploy commitments to Crescent Capital

Metropolitan launches fund and finds PE sponsors 'more amenable to non-sponsored terms'
Metropolitan Partners has closed an onshore direct lending fund at $240 million. It focuses on non-sponsored companies and has not made an investment in a sponsored deal for three years. But the firm sees an increasing number of sponsored situations arising from the covid-19 disruption

New Hampshire pension invests $50 million in US direct lending
​New Hampshire Retirement System has allocated $50 million to a US direct lending manage with which it has a relationship, having committed $40 million and $50 million to predecessor funds

Florida pension allocates $600 million to three credit managers
Florida State Board of Administration has awarded $600 million to three credit managers in the first quarter, according to a board update seen by Creditflux

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

BlueTorch's Genda details direct lending flows and pricing as he ramps up new fund
BlueTorch Capital has witnessed a 20% pickup in dealflow since covid-19 but, while the company's portfolio has avoided retailers, airlines and hotels, it has not gone unscathed, said chief executive officer Kevin Genda

Tennessee pension awards $125 million to special situations credit fund
Tennessee Consolidated Retirement System has awarded $125 million to a special situations credit fund 

Muzinich subsidiary launches €417 million Italian credit fund
Springrowth, a subsidiary of Muzinich, has held a €417 million final close on an Italian direct lending fund in which Muzinich partners with local banks for origination. The Milan-based firm is also fundraising for a Rescue Financing fund to support companies affected by the coronavirus crisis

Crescent closes second European direct lending fund at €1.6 billion
Crescent Capital has raised €1.6 billion for its second European direct lending fund, exceeding the original €1 billion target size, according to an announcement

Owl Rock becomes last investment grade BDC to win increased leverage approval
Owl Rock Capital Corporation has become the last investment grade business development company to cut its asset coverage requirement from 200% to 150%, after receiving unaminous approval from its board of directors on Tuesday

Bain uses rights offerings as unusual route to raise cash for BDC
Bain Speciality Finance is looking to raise additional capital through a rights offering to “further strengthen its balance sheet” and “provide additional flexibility to support existing portfolio companies over the coming months”, chief executive officer Michael Ewald said in an open letter to shareholders on Monday

Balance Point collects $1.1 billion for lower mid-market direct lending
Balance Point Capital has collected $1.1 billion on its fourth direct lending fund focused on the lower middle market, Balance Point Partners IV

Direct Lending Perspectives underlines record-breaking 2019 issuance
European direct lending volumes hit €18.2 billion in a record-breaking 2019, according to the European Direct Lending Perspectives report by Creditflux and Debtwire

Coronavirus dampens fundraising but unlocks opportunities, say direct lending event attendees
Direct lenders could see ample opportunity for capital deployment as volatility takes hold of the term loan B and high yield markets amid Coronavirus uncertainty - and fund investors should not hold off from committing any capital 

Vida promotes marketing specialist to CIO
Vida Capital Management has appointed a new president and chief investment officer, effective 1 March

NXT launches first direct lending fund since Orix takeover
NXT Capital is back in the market fundraising for its sixth direct lending fund, NXT Capital Senior Loan Fund VI, according to US regulatory filings 

Real assets are now the top picks in private credit
Direct lending is no longer the darling of the private credit market, with pension funds increasingly making space for credit strategies backed by real assets.

Fortress digests CraftWorks bankruptcy
CraftWorks Holdings filed for Chapter 11 bankruptcy yesterday, with Fortress Investments holding all of the Tennessee restaurant operator's first lien debt - of which over half is in middle market CLOs. The New York-based firm has submitted a “stalking horse” bid to buy CraftWorks' assets

Mid-market lender Comvest sells minority stake to Affiliated Managers

Comvest Partners has sold a minority equity stake to Affiliated Managers Group. Terms of the transactions were not disclosed.  

Pantheon and Solutio join forces on €250 million private debt secondaries fund
Pantheon Ventures and Munich-based Solutio have held a final close on their inaugural joint private debt secondary fund above its €250 million hard-cap