Connecticut, San Francisco among funds making new private credit moves – Public Pensions, Private Pursuits
EXCLUSIVE: Connecticut plans commitment to Anchorage Capital distressed credit funds; San Francisco, North Dakota, and Dallas funds disclose recent commitments

Marathon ditches distressed strategy to raise USD 2.7bn for opportunistic credit
EXCLUSIVE: The asset manager originally launched the fund with a distressed debt strategy but has since switched the focus to making opportunistic private credit and equity investments  

Competition for deals and rising rates encourage greater use of PIK clauses
Despite improving conditions in credit, the number of private credit deals paying payment-in-kind (PIK) interest is staying at high levels — but the drivers are changing

Special situations funds shift from distressed debt to flexible, all-weather capital strategies
As struggling companies turn to liability management techniques to gain the upper hand against lenders, a new bankruptcy-lite environment is forcing funds to play across the capital stack 

European direct lending firms raise record funds in third quarter
European direct lending fundraising jumped up a notch last month, as year-to-date figures almost doubled in a few final closes

European distress remains muted but trouble is brewing in Industrials
European Industrials rose to be the second most distressed sector in August, according to a new report based on the Weil European Distress Index

BNP Paribas AM raises EUR 90m for private debt fund of funds
A new fund of funds from BNP Paribas AM will target European special situations by investing in 6 to 8 private debt funds 

Defaults hit 5% YTD for US private debt-backed companies according to Fitch
The monthly default rate for North American private credit-backed companies hit 5% in August, driven by PIKs and interest deferrals

Private credit default rate rises sharply, according to new report
The second quarter of 2024 saw a further increase in the default rate for US middle market companies, according to legal firm Proskauer's latest report

Connecticut pension allocates USD 300m to Oaktree’s distressed credit fundraising
Connecticut pension system commits to Oaktree latest flagship distressed credit fund

Akin Gump hires Paul Hastings partner for private credit practice
The New York-based partner will join the growing special situations and private credit practice.

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

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.

Oaktree raises roughly USD 3bn for third special situations fund
Oaktree upsizes third fund that primarily invests in stressed or distressed US middle-market companies

Florida pension system allocates to three alternative funds
Three funds received commitments from the City of Hollywood Employees' Retirement Fund including an opportunistic credit fund and a direct lending fund

DebtDynamics North America: Likely-to-distress scores highlight struggling industries
Out of a universe of more than 12,000 leveraged US companies, 180 are in the stressed/distressed lifecycle categories

Russia auction prep on pause after last minute scramble
The Credit Derivatives Determinations Committee has put on pause its preparation for a credit event auction to settle Russian Federation CDS, amid reports the country has made good on sovereign debt payments right at the wire

Russia extends rally as DC rules against repudiation / moratorium
Russian Federation CDS contracts rallied strongly for a second day on Thursday, after the Credit Derivatives Determinations Committee ruled a repudiation / moratorium had not occurred on the country's sovereign debt

Europcar auction faces challenge with tight turnaround
The Emea Determinations Committee has little time to settle a challenge on Europcar Mobility Group deliverable obligations if an auction to settle CDS contracts referencing the defaulted French vehicle hire firm is to take place on time this week

Europcar posed as failure to pay credit event
Europcar Mobility Group has been proposed to the Emea Determinations Committee as a failure to pay credit event, following the French vehicle hire firm's announcement of a financial restructuring

Zambia triggers failure to pay credit event
The Republic of Zambia has triggered a failure-to-pay credit event, he EMEA Determinations Committee has ruled

Selecta CDS auction date set with revised deliverables process
The Emea Determinations Committee has set a date later this month to settle Select Group CDS and has notified a change to its rules for choosing deliverable obligations

Selecta splashes CLOs with bankruptcy credit event
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled

Tranche traders smell the coffee as Crossover default percolates
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32