Los Angeles pension fund narrows down global direct lending search to four managers
Los Angeles City Employees Retirement System (Lacers) has listed the finalists for a private credit mandate, according to an agenda document seen by Creditflux.  

San Mateo pension backs BlackRock direct lending fund
San Mateo County Employees' Retirement Association is set to make a commitment of $35 million to BlackRock Direct Lending Fund IX, according to an agenda item document seen by Creditflux.

Texas pension backs mine finance fund
Texas Municipal Retirement System (TMRS) is set to commit up to $150 million to Orion Mine Finance Fund III, consisting of a $100 million commitment to the fund and $50 million for co-investment  

FS and KKR create $9 billion publicly-listed BDC with four-way merger
The move would create the second largest BDC by assets under management

Minnesota State to earmark $100 million for private credit
Minnesota State Board of Investment is considering a $100 million commitment to LBC Credit Partners V, according to a quarterly updates document seen by Creditflux  

Prospect's $500 million CLO fund merges with Stira Alcentra global credit fund
Prospect Capital Management’s $500 million closed-end CLO fund has officially merged with a global credit fund managed by Alcentra and Stira

US pension looks to terminate managers within liquid credit portfolio
San Francisco Employees’ Retirement System is considering terminating Prima Capital Advisors' commercial real estate debt strategy and AFL-CIO Housing Investment Trust  

US pension backs Hong Kong-based credit fund manager
The San Francisco Employees’ Retirement System has approved a commitment of $200 million to Arkkan Opportunities Feeder Fund II

Louisiana pension allocates $150 million to US credit funds
The Teachers' Retirement System of Louisiana has committed to Torchlight Debt Opportunity Fund VI and Summit Partners Credit III, a spokesperson for the pension fund has confirmed  

Index tranche levels spike as investors advance into equity
Trading of credit index tranches is picking up, with some $61 billion worth changing hands in the space during the first quarter, according to data from the Depository Trust & Clearing Corporation

Morgan Stanley grows direct lending arm in New York with two hires
The bank has added a second hire to its private debt team having appointed an ex-Carlyle official to a newly created role as head of direct lending 

California pension approves $20 million for open-ended private debt fund
The commitment comes two months after Santa Barbara County Employees’ Retirement System mandated $25 million to a THL Credit 

The Last Tranche: awards season is upon us [podcast]
A look at 2018 award offerings and finalist, plus some insight on direct lending and b-wics

Jefferies subsidiary and Stonyrock plan mid-market alternative manager stake acquisitions
The new joint venture will invest in private equity, credit, hedge funds, real estate, venture, and infrastructure firms

Maryland pension carves out private debt bucket
The Baltimore pension fund has also mandated a total of $25 million to one direct lending fund and one distressed debt fund 

Texas pension awards $75 million to CLO fund
The new commitment will sit in its strategic credit opportunities bucket

Blackstone follows in footsteps of KKR and Ares by converting to corporation
The conversion is anticipated to be effective from 1 July

Crescent targets $1 billion for US unitranche fund
Crescent Capital has held a first close for its Crescent Private Credit Partners Unitranche Fund

Highland Crusader Fund dispute re-ignites in Delaware court
Highland Capital Management is weighing the financial impact of its ongoing litigation over crisis-era fund redemptions with the Redeemer Committee of the Highland Crusader Fund

Texas pension fund looks to top up credit portfolio
Texas County & District Retirement System (TCDRS) has decided to increase by 3% its target allocation to strategic credit  

New York pension fund hunts for private debt and equity consultant
New York State Teachers' Retirement System has launched a request for proposals in which it seeks non-discretionary private debt and private equity consulting services  

Direct lending challenges in 2019: competition, lack of quality assets and high transaction multiples
Results from Proskauer Rose's survey show these are not putting off 75% of respondents, who are fundraising for a debt fund

Searchlight nears first close for $2.75 billion special situations fund
Searchlight Capital Partners is expecting to hold a first close for Searchlight Capital III April, according to documents seen by Creditflux

Shenkman targets $500 million for opportunistic credit fund
Shenkman’s opportunistic fund will aim to take advantage of the volatility in the market

Church Pension Fund anoints infrastructure debt fund with $40 million
The $13.3 billion pension fund has invested in a fund managed by New Energy Capital