Fund performance
A round-up of fund performance

White Oak lands role in California's clean energy financing programme
The California Statewide Communities Development Authority (CSCDA) has named White Oak Global Advisors as the programme administrator for  commercial property-assessed clean energy (Pace) financing

Illinois pension replaces consultant Callan with Wilshire
Illinois Municipal Retirement Fund (IMRF) has appointed Wilshire Associates to serve as investment consultant and performance measurement services provider, effective from January 2020  

Ares appoints Atalaya founding partner to co-head alternative credit unit
He will serve as co-head of Ares' $4 billion alternative credit unit alongside Keith Ashton 

Fund performance: Mercury rises as does credit fund performance

Kayne Anderson targets direct lending and liquid credit mix for new fund
Kayne Anderson is looking to launch a closed-ended fund focused on direct lending, liquid credit and energy and infrastructure equity investments

Investor requirements rather than performance is driving ESG push: Creditflux survey
Only 14% of respondents to Creditflux's global credit ESG survey said performance was the main reason they were adopting envoronmental, social and governance-themed strategies

UK pension pool to launch maiden private credit offering
Border to Coast Pensions Partnership is launching its first private credit offering in early Q4, Creditflux has learned

Arizona pension invests in shipping fund as it steps up private credit allocations
Arizona Public Safety Personnel Retirement System (PSPRS) has approved commitments to Northern Shipping Fund IV, according to transaction documents seen by Creditflux.  

US pensions funds allocate to Lone Star and Raven credit strategies
Two US-based pension schemes have invested in funds with exposure to credit, highlighting the appetite of institutional investors towards off-the-run asset classes.

Jefferies subsidiary and Stonyrock plan mid-market alternative manager stake acquisitions
The new joint venture will invest in private equity, credit, hedge funds, real estate, venture, and infrastructure firms

Credit funds at a glance

A round-up of fundraising and people moves in credit

BlackRock names global alternatives head amid senior leadership shake-up
BlackRock has reshuffled its leadership and made several senior changes across various parts of its business, according to an internal memo seen by Creditflux

Fiera buys private credit and real estate specialist in $74 million deal
The transaction will add $3.1 billion of assets under management to Fiera Capital Corporation 

Texas pension fund creates new credit bucket
The Employees Retirement System of Texas (ERS) has approved a 3% opportunistic credit allocation, according to documents from an investment advisory committee meeting in March seen by Creditflux  

New Energy increase target size for infrastructure credit fund
New Energy Capital has increased its infrastructure credit fund’s target size by $100 million following strong capital fundraising, US regulatory filings reveal

San Francisco pension ramps up private credit portfolio with $80 million commitments
The $24.5 billion pension fund currently has a 2.2% actual allocation to private credit, despite a 10% target allocation

New Mexico allocates $175 million to credit
New Mexico State Investment Council has awarded a $75 million commitment to real estate debt and $100 million commitment to a multi-credit fund

August: fund performance
CLO spreads jumped wider in August, but funds that invest in these assets have been able to outperform

September: credit funds at a glance
White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry

BlackRock becomes latest manager to explore interval fund structure for credit
Several managers have hit the market with the interval fund structure, as investors look to invest in illiquid strategies through an illiquid fund structure

US pension fund's new private credit portfolio delivers strong early returns
A US pension fund recently created a private credit bucket and this has generated 9.25% time-weighted returns

Institutional investors are too constrained in their private debt approach, research suggests
Institutional investors are too constrained in their approach and are focusing too much on mid-market corporate direct lending, research from global advisory firm Willis Towers Watson suggests

Credit drives strong returns for five of the largest asset managers in the business
Carlyle is close to hitting its ambitious fundraising target; direct lending has been kind to Ares; and Och-Ziff has decided to shed its US CLO risk retention stakes after exiting its financing agreements

San Francisco pension fund to deploy up to $4.5 billion in private debt
The City and County of San Francisco Employee’s Retirement System has revealed details of its new private debt pacing plan - which will see it deploy up to $4.5 billion and partner with up to 25 private debt managers over the next six years