Former Cion and Medley pair raise $75 million for new energy credit fund
New York-based Energy Impact Partners (EIP) has raised $75 million from one investor for its Energy Impact Credit Fund, according to a US SEC filing

Chicago manager holds initial close for $1 billion private credit fund
Monroe Capital has held a $348 million initial close for its third private credit fund, which has a $1 billion hard cap, market sources say

Virginia pension fund cuts Oaktree high yield account
Virginia Retirement System (VRS) has terminated Oaktree as a high yield debt manager, Creditflux has learnt

KKR considers switching from partnership to corporation
Global investment firm KKR is considering a change to its legal structure, with the firm’s senior management and board of directors currently evaluating whether to convert from a partnership to a corporation, or C-corp

Texas pension fund commits $100 million to distressed debt fund
Texas County and District Retirement System has committed $100 million to a Connecticut-based fund manager

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

Monroe's new CLO suggests increasing demand for mid market deals
The basis between middle market CLOs and CLOs backed by broadly syndicated loans is (slowly) shrinking

So much capital, so few deals: specialists fear for direct lending
No covenants, increasing leverage ratios and an outlook for rising rates means that direct lending is not all it's cracked up to be, according to several credit market participants

Direct lending head says market is overheating
A 2018 outlook report by KKR suggests now’s the time to reduce exposure to direct lending. This comes as another part of KKR goes on a direct lending fundraising spree

Managers predict skill will win out
We asked managers to predict the year ahead across a range of credit strategies. Overall, they had a positive outlook. By Grace Jennings-Edquist

Direct lender Madison announces new CEO
Chicago-based Madison Capital Funding, a subsidiary of New York Life Insurance Company, has announced a CEO successor to step into the role mid-2018

Tennenbaum opens new Atlanta office and makes two senior hires
Tennenbaum Capital Partners (TCP) opens new Atlanta office following the strong demand for direct lending 

US mid-market earnings grow 12.8% in Q4 2017, up from 4.9% in Q3
Earnings in the US middle market grew by 12.8% in fourth quarter 2017, while overall revenue grew by 11.5% during September and October 2017, according to a Golub report

Crestline targets up to $500 million for new portfolio financing fund
Credit specialist Crestline Investors is launching a new fund to provide financing solutions to mature private equity funds, according to documents seen by Creditflux

Ironwood raises at least $162 million for new mezz fund
Connecticut-based Ironwood Capital has raised in excess of $162 million for its latest mezzanine fund – Ironwood Mezzanine Fund IV, according to recent SEC filings.

Searchlight and LionTree join forces on TMT investments
Searchight + LionTree = LightTree, a new partnership which will invest across debt and equity in the TMT space

Goldman Sachs BDC and university endowment extend JV’s investment period
A joint venture between Goldman Sachs BDC and University of California Regents has extended its investment period for two months, regulatory filings show

Points up front: zombie managers near extinction
The long-term nature of CLOs means the market tends to have a large number of zombie managers, those with one or two deals outstanding but no plans for future issuance. However, a spate of redemptions, especially in Europe, has swept away some of the ghostly deadwood.

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KKR Credit wins US pension fund's $300 million private debt mandate
KKR credit has won a mandate from an Iowa pension fund to act as its private corporate debt strategic partner, board documentation seen by Creditflux reveals

FS and GSO end subadvisory partnership amid new launch plans for both
GSO Capital Partners has announced plans to launch an internal direct lending business and to stop subadvising FS Investments’ funds, while FS has agreed to form new partnerships with KKR and EIG Global Energy Partners to manage FS's BDC platform

THL Credit co-founder resurfaces at insurer's private credit arm
Sun Life Investment Management has announced the appointment of Sam Tillinghast as president of its US private credit unit

OppenheimerFunds and Carlyle team up on new private credit platform
OppenheimerFunds and The Carlyle Group have announced a new joint venture focused on providing high net worth investors and advisors with access to global private credit opportunities.

New Mexico council allocates $100 million each to four credit-focused funds
The New Mexico Investment Council is poised to invest in an HPS Investment Partners loan fund and boost its investments in three credit-focused funds