Pennsylvania retirement system allocates to European private credit
The Pennsylvania Public School Employees' Retirement System recently revealed a fresh commitment for hundreds of millions of dollars to European private credit. 

PGIM Private Capital launches ELTIF
PGIM Private Capital rolled out its first European long-term investment fund as managers continue to adopt the new fund structure

Chorus Capital raises funds for SRT strategy
Chorus Capital has raised approximately USD 481.8m for the Chorus Capital Credit Fund V, according to a 3 May SEC filing

Boutique London manager holds first close on direct lending fund
London-based alternative investment manager Prefequity revealed the first close of its Prefequity Credit Opportunities II fund 

CLO funds maintain strong start to 2024 to stay top year to date
The first quarter of 2024 has been a memorable one for CLO funds, as the category continues its dominant spell, claiming 7 of the top 10 spots in March

Avenue Capital raises billion dollar European special situations fund
New York-headquartered Avenue Capital Group held the final close of a new European special situations fund with more than USD 1bn in commitments

Funds round up: April 2024
Allocations to private credit and new fund launches continued to roll out in April, as our monthly round-up confirms

US pension fund makes fresh USD 250m allocation to private credit
A US pension system has recently disclosed hundreds of millions of commitments to alternative funds, including USD 250m for private credit

AXA wins USD 400m for SRT strategy from US pension fund
The growing global demand for SRT transactions was confirmed yesterday with an announcement from AXA IM Alts that it had been awarded a USD 400m investment mandate from a US pension fund

Cheyne returns to SRT market with eye-catching hire
Cheyne Capital has re-entered the significant/synthetic risk transfer (SRT) market, bringing on an industry veteran to act as portfolio manager

Private credit firms chase opportunities in asset based lending as US banks withdraw
Lending against assets is becoming the fastest growing part of private credit. The market is expected to grow from roughly USD 787bn in 2024 to more than USD 1.26trn in 2028, according to a report by Research and Markets, a data and statistics firm.

Fund performance
In February, CLO funds once again claimed the majority of top positions in our fund ranking — this time taking eight of the top 10 spots (see table below).

Allianz gears up to launch European credit impact investing fund
Allianz Global Investors filed regulatory documents in Luxembourg this week for a new impact investing fund, the latest in a string of similar strategies

DWS head of direct lending departs
Marcus Herbig, head of direct lending at DWS, has left the firm, according to people familiar with the matter

Funds round up: private credit reaches for retail
A number of new credit funds launched last month to round out 2024's first quarter, including ones in Europe aimed at retail investors

Global Loan Highlights 1Q24: Don’t call it a comeback
Loan refinancing share hits historic high, but IG issuance stymies YoY global growth

Blackstone partners with Finland's S-Bank for European private credit fund
Blackstone has partnered with Finnish S-Bank, making it possible for individual investors in Finland to tap into the European private credit market

Global corporate defaults on fastest pace since 2009 according to S&P
The number of corporate defaults has risen dramatically year-to-date, according to S&P Global Ratings, driven by a doubling of the rate of defaults in Europe

Equity piles up in European direct lending portfolios after debt swaps
European debt funds have fully or partially equitised at least 61 loans provided to companies backed by some of the biggest names in private equity since 2018, analysis by Debtwire shows.

Nomura-backed Corinthia lifts private credit team from Barings
More than 20 members of the global private credit team at Barings have jumped ship and joined Corinthia Global Management, a new platform backed by Nomura Holdings

Carlyle's head of direct lending departs
Carlyle's Head of Direct Lending has left the firm to pursue other opportunities, according to a company memo

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. 

UK manager launches new private credit growth fund
Manager held a first close of its new private credit growth fund with GBP 75m, as the UK-based firm continues to grow with new senior-level hires

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