San Francisco retirement system sets aside $55 million for private credit
San Francisco Employees' Retirement System reserves hundreds of millions of dollars for alternative funds, including private credit

Kern County allocates $90 million for credit funds
Kern County commits up to $90 million to two private credit funds and a special opportunities fund 

Global investment firm closes fund with $3 billion in capital commitments

Global investment firm closes fund with $3 billion in capital commitments, focusing on opportunistic investing. 

Angelo Gordon raises more than $1 billion for credit fund
New York-based alternative investment firm closes asset-based credit fund with more than $1 billion. 

San Francisco Employees' Retirement System approves multi-million dollar private credit commitments
Retirement system approves several multi-million dollar private credit commitments. 

Major fund withdrawals undermine credit momentum
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money

HIG adds capital raising clout with senior credit and PE hires
HIG Capital has added to its global credit and private equity businesses with three senior appointments

BlackRock launches impact bond fund
BlackRock has launched a fixed income fund focused on green, social, and sustainable bonds as well as ‘impact’ MBS and municipal investments

Franklin Templeton wraps up deal for $35bn Alcentra
Franklin Templeton has completed its acquisition of BNY Mellon’s $35 billion credit unit Alcentra

Investment manager launches to finance non-sponsored mid market
A new alternative manager launched Monday with a focus on debt and equity investments in non-sponsored, lower middle market businesses in North America

Sona rolls out event-driven and bespoke financing fund to US investors
Sona Asset Management is courting investors in the US for its second capital solutions strategy, having filed an offering of the fund with the Securities & Exchange Commission

Past form points to bleak picture for IG fund flows as new covid variant emerges: BofA
With a new covid-19 variant for investors to worry about, faltering high grade fund flows face additional headwinds versus high yield and government bonds

Tikehau places €500 million sustainable bond as it plans high yield impact fund
Tikehau Capital has placed an inaugural sustainable bond that it says is the first of its kind for an asset manager

Fed settles one third of small business loans in latest talf funding round
Of the $453.2 million small business loans requested in the 21 July subscription, only $152 million settled

Calpers plans $80 billion leverage play to boost returns
California Public Employees’ Retirement System has outlined plans to boost returns for its nearly $400 billion portfolio in the long term. But the proposal, dubbed ‘towards a 7% solution’, has come under criticism

Non-bank lenders spot fund financing opportunities
Volatility arising from the coronavirus will give non-bank lenders an opportunity to gain market share from traditional lenders in the fund financing space, sources say

Asset managers pull all liquidity levers to satisfy borrowers
A paramount concern for many investors in direct lending funds is whether asset managers have enough liquidity to meet borrower requests for funding

Saratoga picks up its second SBIC license
Saratoga Investment Corp has received approval for another Small Business Investment Company (SBIC) license

Ares credit business grows 4.4%, driven by US direct lending
US and European direct lending, alternative credit and syndicated loan funds dove growth for Ares Management Corporation in the second quarter, the firm said

Portfolio financiers thrive as private equity funds fret
Funds that lend to private equity vehicles showed their worth in the fourth quarter as valuations across credit and equity took a hit

Bain BDC wins leverage approval from shareholders
Bain Capital Speciality Finance has won shareholder approval to double the amount of leverage it can use 

Golub Capital BDC looks to become fourth largest publicy traded BDC with merger
Golub Capital is seeking approval from its shareholders to merge its Golub Capital business development company (GBDC)  with another one of its business development companies, Golub Capital Investment Corporation (GCIC)

Crestline holds $600 million final close for PE-focused financing fund
The new fund will provide financing to private equity funds post their investment period, allowing them to provide follow-on growth capital to portfolio companies or additional liquidity 

Shareholders approve new leverage limits for TPG BDC
Shareholders for TPG Speciality Lending have approved the decision to decrease minimum asset coverage ratio to 150%, following an 8 October vote

Good news for BDCs as congress doubles leverage limits
US lawmakers have granted business development companies (BDCs) the ability to borrow more – a move for which the BDC industry has been pushing for years