New York lifts limit on pension alternatives to 35%
New York pensions have been granted the ability to elevate their alternative investment allocations from 25% to 35%. This comes after New York governor Kathy Hochul signed a bill on 23 December that lifts the “basket clause”

Fund performance: Credit funds end difficult 2022 on a positive note
In December 66% of credit funds reached a positive return, following an even better November where 81% of all funds pushed into the black

Credit hedge fund returns (February 2023)
Credit hedge fund returns

Credit funds at a glance (February 2023)
A round up of people moves and fundraising

BC Credit targets $1.25 billion for third opportunistic credit fund
BC Partners Credit plans to deploy half the fund in private lending and structured equity opportunities and the other half in specialty lending and dislocated liquid credit deals

Bain hires managing director in Euro liquid credit strategies team
In his role, he will be helping to lead investments and the development of the liquid and structured credit team

AlbaCore promotes two employees to partner
AlbaCore Capital Group has promoted investor relations specialist Zeynep Tumer Bayazid and deputy chief operating officer Micaela Kelley to partner

Nassau adds $3.6 billion credit firm Angel Island to its platform
Under the deal, Angel Island will become a subsidiary of Nassau’s asset management unit, Nassau Asset Management

Hedge fund seeks structured credit PM with strategy expansion
European hedge fund Ironshield Capital is looking to expand into structured credit with the London-headquartered manager seeking a structured credit portfolio manager or portfolio team to manage a new structured credit fund

LA pension awards $675 million to illiquid credit managed account
The strategy will invest across asset-backed credit, loans, bonds, and specialty finance

Sourcing channels help Aeon flow into CRE CLOs
There is a growing buzz in Europe for CRE CLOs, with Aeon Investments and Blackstone among the issuers tapping into this nascent market, which opened a year ago courtesy of a deal from Starz Realty Company

CDS volume jumps by 50% as investors seek new ways to do business
Credit derivatives traders are wrapping up a bumper year, in which there was a big increase in volume and a growing number of use cases for the product

CSO momentum builds as focus turns to fundamentals
Collateralised synthetic obligations (CSOs) have proved to be a bright part of the credit market in 2022. And participants are daring to dream the coming year will be one of the asset’s busiest.

Fund performance: Light at the end of the tunnel for credit funds after difficult year
Following a tough September, credit funds bounced back in October as 59% of funds made positive returns.

Credit hedge fund returns (December 2023)
Credit hedge fund returns

Credit funds at a glance (December 2023)
A round up of fundraising and people moves in credit

VSS exceeds target to close mixed debt and equity fund at $530 million
VSS Capital Partners has announced the final close of its mixed debt and equity vehicle named VSS Structured Capital Fund IV at $530 million, exceeding its target fund size of $400 million

EIB backs German bank's SRT
Landesbank Baden-Württemberg has issued an SRT with support from the European Investment Bank.

Novicap raises €200m for credit platform and passes €1bn volume
Novicap, a fintech company offering working capital optimisation solutions to SMEs and mid-market corporations, has raised €200 million for its credit platform and hit a €1 billion trade milestone

Brevan Howard hires CMBS specialist
Brevan Howard has added to its New York structured credit team

LP round up: 27 managers find the top corner with investor wins
Credit fund managers like to take it one fund at a time and give it 110% for their 90-minute investor fund pitches - and it's working as $3.8 billion was allocated during November and early December. The gaffer would be proud. 

400 Capital raises $580 million for third asset backed credit fund
400 Capital Management has closed its third asset backed fund 400 Capital Asset Based Term Fund III at $580 million

San Bernardino pension commits $50 million to CLO fund as part of multi-credit strategic partnership
San Bernardino County Employees’ Retirement Association allocated $50 million to a CLO equity fund, as part of a roughly $240 million multi-credit strategic partnership with the manager

BayernLB reveals two investors behind breakthrough €1bn SRT
Bayerische Landesbank says it has produced its first simple, transparent and standardised (STS) transaction in the form of a €1 billion SRT

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