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

Belstar partners with Apollo to launch global corporate and structured credit fund
Belstar Management Company has launched a credit fund to invest across global liquid and private credit - including both corporate and structured credit

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

Euro CLOs have better 2023 entry point than US in $140 billion issuance year: Barclays
CLO performance and issuance may have to wait until the second half of next year for improvement, say Barclays credit strategists in a 2023 outlook piece. But Europe could fare better than the US given starting levels in a year the market faces some challenging regulatory hurdles

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

Schroders hires COO for securitised products and CLO investments team
Schroders Capital has made a senior hire from Lloyds Bank to the newly-created role of chief operating officer of its global securitised credit team

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

Medalist and Semper form partnership to jointly invest in structured credit
Medalist Partners and Semper Capital Management have joined forces in a partnership which results in the pair co-investing in structured credit.

Angel Oak launches second structured credit ETF in a month
Angel Oak Capital has launched it second structured credit exchange traded fund in a month

CLO triple As face contest with "appealing" US treasuries: Barclays
The challenge of issuing new CLOs has been put into sharper relief, with Barclays strategists arguing US treasuries look attractive versus triple A tranches

Cairn begins "new chapter" as it rebrands to Polus
Cairn Capital has been renamed Polus Capital Management, which brings it together with Bybrook Capital, the credit asset manager it acquired in 2021.  

Fund performance: Wake us up when September ends
After a resurgent August, credit markets hit a rough patch in September, with every Creditflux index posting negative returns, and only 12.9% of funds in our listings showing a positive return.

Credit hedge fund returns (November 2022)
Credit hedge fund returns

Credit funds at a glance (November 2022)
A round up of fundraising and people moves in credit

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

Angel Oak launches inaugural structured credit ETF
Angel Oak Capital Advisors has launched its first exchange traded fund, Angel Oak UltraShort Income Fund ETF

PE firm Nile buys minority stake in Prytania AM
Nile Capital Group has bought a minority stake in a structured credit specialist 

Apollo and Pimco buy ‘significant portion’ of Credit Suisse's securitised products group
The move has prompted a rally for Credit Suisse, which on Thursday unveiled a strategic review “designed to reduce risk-weighted assets and leverage exposure”

Sofr away from me – basis puts new CLO triple As in dire straits
A relative value gap has opened between secondary and primary market CLO triple A tranches, with the former looking attractive as volatility heightens and the basis grows between Libor and Sofr. This presents an additional problem for managers hoping to do new business

Deutsche hires credit strategy head from rival bank
Deutsche Bank has hired a new head to oversee European and US credit strategy

Fortress goes for longer tenor as CLO spreads widen
Fortress Investment Group has priced a new US CLO with a four-year reinvestment period and pricing at the wider end of recent issues