Two US managers launch CLO funds geared towards dislocation
Tetragon Credit Partners and Octagon Credit Investors have become the latest managers to launch a CLO fund geared towards taking advantage of coronavirus-related distressed buying opportunities

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

Pimco promotes European HY head to global head of loans
Pimco has promoted David Forgash to head of global leveraged loans and has appointed ex-Deutsche Bank official Roman Kogan to its European commercial real estate team 

Neuberger Berman eyes $500 million fundraise for CLO opportunity fund
Neuberger Berman has become the latest manager to launch a CLO opportunity fund with the New York-headquartered manager looking to raise $500 million for the vehicle

Longview Power turns to coal for handful of CLOs
CLOs hold $43.9 million of the debt of US power company LongView Power, which filed for Chapter 11 in the District of Delaware yesterday

Frontier bankruptcy dials up pressure for 90 CLOs
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York

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

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

LSC bankruptcy leaves print marks on CLOs
CLOs hold $84.3 million of the debt of LSC Communications, which filed for Chapter 11 in the Southern District of New York yesterday.  

Former Stifel loan trading head lands at Imperial
Imperial Capital Group has appointed the former head of loan trading at Stifel as a managing director and senior loan trader

Former JP Morgan credit prop trader relaunches credit hedge fund
Palm Lane Partners is relaunching – two years after the credit hedge fund manager looked to spin out of JP Morgan Asset Management

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

Fair Oaks suspends dividends from listed CLO fund citing covid-19 uncertainty
Fair Oaks Capital has suspended dividends on its listed CLO fund “in light of the ongoing uncertainty in economies and markets caused by covid-19 pandemic”, according to an update to investors in the $315 million fund

Credit hits new wides as US and Europe ramp up coronavirus battle plans
An emergency weekend rate cut by the US Federal Reserve as well as population lockdowns in France and Spain underscore that measures of economic risk have moved to a more systemic level as world governments scramble to deal with the impact of the coronavirus outbreak

Solus shutters flagship distressed fund, WSJ reports
Solus Alternative Asset Management has shuttered its flagship distressed debt fund, Sola, as the firm faces big redemption requests and coronavirus-related liquidity issues

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

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

CLOs show coronavirus resistance even as bonds and loans suffer
CLO managers are - so far - looking defensively positioned in relation to the coronavirus outbreak, with only two of the five largest portfolio sectors listed as very negative in latest Wells Fargo research. But investor fears have all but closed the loan and bond primary pipeline, while lower rates signalled by the US Federal Reserve could spell a fall in leveraged loan and CLO demand

Massachusetts pension commits $200 million to structured and corporate credit
Massachusetts Pension Reserves Investment Trust has approved commitments with CKC Credit Opportunity and LMCG Serenitas