Euro refinancing flows reverse as public debt supplants private according to S&P
S&P Global Ratings has assigned new ratings for nine European issuers of leveraged buyout structures refinancing private debt in public markets

Fund performance
CLOs feel the heat from corporate long-short and ucits funds in July; top ten credit funds in July 2024

Credit hedge funds
Credit hedge fund performance for July 2024

Corinthia Global Management eyes deployment in 4Q24
The upstart direct lender sued for lifting more than 20 staff from Barings is preparing to begin deploying capital as it announces a flurry of senior appointments

Investors gear up for busy autumn at Goldman Sachs LevFin conference
More than EUR 20bn in bonds and loans is due to launch over the coming months, though the M&A pipeline looks relatively light

Park Square raises EUR 3.4bn for direct lending strategy
Park Square continued its long standing partnership with SMBC as the cornerstone of a Eureopan direct lending fundraise

New Mexico pension system allocates USD 150m to private credit
The New Mexico State Investment Council is diversifying its European exposure with a new private credit fund commitment

Search for diversification begins as direct lenders predict uptick in defaults
Amid the buzz of private credit there are doubts, as headwinds have caused the market to become cautious as competition increases.

German manager launches two new private credit fund-of-funds
YIELCO Investments, a German alternative asset manager, is planning a 2024 first close for two newly launched private debt fund-of-funds

Japanese bank SMBC launches first private credit fund
Sumitomo Mitsui Banking Corporation has launched its first private credit fund with EUR 450m in investable capital

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

Blackstone reports 18% return from private credit over last 12 months
Blackstone's private credit and liquid credit returns outperform private equity investments in the last 12 months

Lloyds Bank joins forces with Oaktree for European direct lending platform
Lloyds Bank and Oaktree Capital Management have formed a new multi-year European direct lending facility

M&A activity on fire in private credit despite overall M&A slowdown
The M&A market has had a rough time in the past 12 to 18 months, but there’s one area that’s bucking the trend: private credit

Alternative PE lending puts pressure on LP-GP alignment
Loans that use fund NAV or GP earnings as collateral are growing in popularity. But some feel these deals could have unforeseen effects and hinder transparency in LP relationships

Fund performance
Spire, Prytania and Serone funds enter top 10 dominated by CLOs; Leading fund: Alegra ABS 2

Oak Hill teams up with One Investment for European private credit
US-based Oak Hill and One Investment ink JV with USD 5bn to invest in upper middle market and large European companies 

Chorus Capital raises USD 2.5bn for SRT strategy
Chorus Capital has closed a USD 2.5bn SRT fund that could be the largest ever in the space

New direct lending business formed after management buyout
503 Capital Partners, a new direct lending business, has been formed as part of a management buyout of Tortoise Capital Advisor's private credit arm

French asset manager raises more than EUR 2.3bn for SRT fund
Alternative asset manager AXA IM Alts revealed the final close of its latest SRT fund, Partner Capital Solutions 9 Fund

Funds roundup: June 2024
Private credit funds keep getting larger — some reaching billion-dollar status — while demand for niche solutions, such as interval funds and special situations, continues to escalate

Fund performance
CLO funds dominate again as they take 18 spots in top 30 list

SRT market grows to EUR 18.5bn of junior tranches in 2023
Banks executed 89 synthetic securitizations for SRT globally in 2023, according to the IACPM’s latest synthetic securitization survey

First private credit LTAF is approved
The UK’s Financial Conduct Authority greenlighted a joint venture this week, representing the first long-term asset fund offered by a private debt specialist

Funds round up: May 2024
The demand for SRT strategies and special situations funds are on the uptick, as is the demand for managers and funds outside of North America.