Funds round-up: Feb-2024 - managers turn to European wealth
European private credit managers turn to the wealthy in our roundup of notable fundraising in February 2024. 

New Mexico sovereign wealth fund approves another USD 350m for private credit
Santa Fe-based fund invests in two managers as it focuses more heavily on direct lending, asset-based lending and special situations

Boston retirement system hunts for managers for USD 60m allocation to private debt
The Boston Retirement System has issued a request for proposals to investment managers in an effort to allocate up to USD 60m to private debt strategies

Wave of legal hires becomes a tsunami
In February alone legal heavyweights Allen & Overy, DLA Piper, Fried Frank, Kirkland & Ellis, Proskauer Rose and White & Case all announced the arrival of partners in the credit space

Texas-based pension system commits USD 90m to direct lending fund
The City of Austin City Employees' Retirement System, or COAERS, has committed USD 90m to the Blue Owl Diversified Lending Fund

Dallas retirement system allocates USD 60m to credit funds
The Dallas Employees' Retirement Fund has allocated USD 60m to three separate credit funds as the Texas-based system grows its allocations to private credit and distressed debt

Proskauer poaches pair of credit partners from Milbank
Proskauer Rose continues to build out its team with the addition of Eric Reimer and Gayle Berne as partners in the global finance practice

Recruiters predict renewed private credit hiring spree
While job-hopping has become commonplace in the post-pandemic landscape, companies are expected to slow hiring in 2024. But some sectors are bucking the trend, including private credit.

CLO portfolios may need check-up as healthcare sector continues to deteriorate
Reimbursement challenges and high labour costs are expected to continue to drive restructuring activity among healthcare companies this year following a busy 2023.

Alternative asset managers increasingly tapping wealth channel for private credit fundraising
Wealthy individual investors have become increasingly appealing to alternative asset managers looking to raise money for private credit funds as asset managers look to broaden fundraising beyond institutional investors

Ohio pension system allocates USD 50m to levered loan opportunities fund
The Ohio Police & Fire Pension Fund has committed USD 50m to a levered loan fund, the system's third private credit commitment for the plan year

DLA Piper add CMBS lawyer
DLA Piper continues to expand. Following on from its leveraged finance hires last week the firm has now added CMBS veteran Joo Kim, who has been hired as a partner in the firm's structured finance practice. 

PineBridge raises USD 1.7bn for third vintage of direct lending fund
PineBridge Investments has raised USD 1.7bn for the third vintage of its private credit fund, exceeding the firm's USD 1bn target

Golub secures USD 40m for credit fund from Texas-based pension system
Golub Capital continues to grow its direct lending platform with new commitments, with the New York-headquartered middle-market giant securing a commitment of USD 40m from the pension fund for its GEMS Fund 6

Funds round-up: Jan 2024 - a positive start for the New Year
Asset managers continue to raise funds for private credit in our roundup of notable fundraising in January 2024. 

LBC names new deputy chief investment officer
LBC Credit Partners, a division of CIFC Asset Management, has promoted Homyar Choksi to deputy chief investment officer, as the Philadelphia-headquartered middle market asset manager continues to expand

Ares latest commitment for third direct lending fund comes from Los Angeles pension system
Ares Management continues to grow its Ares Senior Direct Lending Fund III with a new commitment from the Los Angeles Fire & Police Pensions

Golub poaches new co-head of global institutional sales from BlackRock
New York-based Andrea Picard is set to join Golub Capital this March as co-head of global institutional sales, as the New York-headquartered direct lender and middle-market giant lays the groundwork to expand its investor partners group globally

Alaskan fund allocates USD 75m to private credit fund
The Alaska Permanent Fund recently disclosed new alternative investment commitments, including USD 75m to a private credit fund. 

Permira confirms co-heads of credit platform
European alternative credit manager Permira Credit has named David Hirschmann and Ariadna Stefanescu as co-heads, effective immediately, as parent company Permira makes plans to expand the credit business

Credit PMs remain gloomy in latest IACPM survey
Survey participants in the latest IACPM Credit Outlook Survey believe the euphoria seen in global financial markets during the last few months of 2023 was overdone

Wisconsin agency approves USD 55m in commitments for two private debt funds
The Wisconsin Board of Commissioners of Public Lands has approved two new debt commitments, according to recent meeting materials

End on a high: institutional loan and HY bond issuance rises 44% YoY
Leveraged finance (LevFin) issuance across the US institutional loan and high-yield (HY) bond markets totalled USD 529bn in 2023, representing a 44% year-on-year (YoY) increase

Managers advise caution despite upbeat outlook for private credit
The golden age of private credit isn’t over yet. In fact, industry experts remain bullish, anticipating continued growth in our breakdown of recent outlooks for the market

Canadian venture capital lender secures USD 150m for tech-focused private credit fund
Vistara raised fresh capital for its strategy of lending between USD 10m and USD 30m to mid-to-later-stage software companies across North America