ICG continues to build out global credit platform with two new senior-level hires
Global alternative asset manager is growing its North American private debt business. 

Ares secures another USD 50m for direct lending fund
The Ares Senior Direct Lending Fund III, which had its first close in July, is expected to be larger than previous vintages

M&G launches first European private credit fund
M&G Investments is the latest firm looking to individual investors as an avenue for fundraising with the launch of a new ELTIF, dubbed the M&G Corporate Credit Opportunities Fund

Ann Arbor retirement system approves commitment to direct lending fund
The City of Ann Arbor Employees' Retirement System approved a USD 7m commitment to the PIMCO Private Income Fund

Sixth Street taps Goldman Sachs exec for co-chief investment officer
Sixth Street Partners taps Goldman Sachs veteran Julian Salisbury for co-chief investment officer role

Oaktree promotes head of performing credit
Oaktree shuffles its C-suite, announcing major changes for 2024's first quarter. 

LP round up: securitised credit mandate terminated amid $5 billion allocations and expanding relationships
Institutional investors revealed nearly $5 billion of allocations to 31 credit managers across January and February board meetings, according to materials seen by Creditflux. However, there were also two fixed income manager terminations, and one multi-strategy account placed on a watchlist

Alcentra structured credit portfolio manager steps up as primary PM for two funds
Alcentra has promoted the official, with Hiram Hamilton and Suhail Shaikh no longer the primary portfolio managers of BNY Mellon Alcentra Global Multi-Strategy Credit Fund and Hamilton no longer primary portfolio manager of BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund 

First Eagle targets $1 billion for direct lending
First Eagle is targeting a $1 billion fundraise for First Eagle Direct Lending Fund V

Alcentra co-CIO for liquid credit set to leave this month
A high profile figure in the US CLO business is leaving Alcentra

Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

Private credit wins investor as Maryland pension introduces 5% allocation
Howard County Retirement has introduced a new bucket to the private credit asset class, reducing its core bond and hedge fund exposure to facilitate this measure, according to board documents 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

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

US pension to cut long-term private markets pacing plan by 10%
The Educational Employees' Supplemental Retirement System of Fairfax County is considering reducing its 10-year private markets pacing plan commitments by around 10%, according to board documentation seen by Creditflux

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

West coast pension looks to step up direct lending allocations
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019

Purdue Pharma bankruptcy highlights value of ESG analysis
Purdue Pharma's bankruptcy this week, and the sector wide concern over the US opioid epidemic, has highlighted the utility of environmental, social and governance (ESG) standards in credit analyses

Investors place $312 million in Locus Point's inaugural private credit fund
Locust Point Private Credit Fund will provide financing to owner and operators in the senior housing and care sector throughout the US