Credit funds at a glance (April 2021)
A round-up of fundraising and people moves

Angelo Gordon CLO deputy portfolio manager departs
Angelo Gordon has lost a deputy portfolio manager from its CLO management team

Angelo Gordon features two tight triple A loan tranches in European CLO new issue
Angelo Gordon priced its first European CLO transaction of 2021 on Friday in a new issue deal named Northwoods Capital 23

Angelo Gordon makes two senior hires to structured credit team
Angelo Gordon has added two managing directors to its structured credit team in New York

CLO captive funds surge as US manager becomes latest to launch
The New York-based manager joins the likes of Kayne Anderson and GoldenTree this year to raise funds to invest in their own CLO equity and warehouse lines

A brighter year ahead
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before

Angelo Gordon joins ranks of bond-flex CLO issuers
Angelo Gordon teamed up with Credit Suisse on Thursday to issue its first ever bond-heavy CLO

Credit Rendezvous: heading for homes
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

Refis, resets and reissues back in vogue as four US CLO managers print deals
Various shades of CLO refinancings dominate the US CLO primary market with four deals - two refis, a reset and a reissue - printing on Wednesday for a total volume of $1.1 billion. This surpassed all US CLO refinancings in the six months from March to September last year

LP round up: pensions plan private credit pacing as strategic credit takes on "midfield" role
US pensions have allocated $1.4 billion across 22 credit funds including those managed by Angelo Gordon, Ares and GoldenTree, according to recent board documents seen by Creditflux. Meanwhile a pension fund draws parallels between strategic credit and Jordan Henderson

LP round up: Monroe and Angelo Gordon beat 25 for direct lending mandate, as private credit plans brew
US public pension funds have disclosed $1.2 billion in commitments to credit focused strategies

LP round up: EIF backs four debt funds while Carlyle wins $1 billion
Institutional investors have allocated just over $4 billion to 27 credit managers in October board meetings

LP round up: Connecticut eyes Fortress for private credit partnership
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux 

Euro CLO league tables: Apollo blasts its way to top spot
July marked the largest month of European CLO issuance since coronavirus pandemic-induced volatility hit financial markets

LP round up: pension creates private credit bucket as Florida eyes 'best distressed opportunity ever'
There was no slowdown in credit allocations last week, wrapping up what has been an extremely busy July. $1.4 billion has been allocated to credit, it has emerged over the last seven days, according to board documentation seen by Creditflux.

Angelo Gordon prices US CLO with make-whole on senior notes
Angelo Gordon has priced its first US CLO since the coronavirus outbreak, teaming up with Barclays to issue the $294.8 million Northwoods Capital CLO 22

Angelo Gordon sets Euro triple A benchmark with new CLO
The deal, a post-covid 19 tight for triple A pricing, also features a single B tranche, which have typically been absent from CLO capital structures post-covid 

CLO pipeline: Managers prepare to build on momentum in July
The demand for new issue CLO paper is strengthening with eight US CLOs, one mid market CLO and three European CLOs preparing to print in the coming days

LP round-up: Champaign pension raises a glass (or bucket) to private credit
Institutional investors allocated over $600 million to 11 managers this week, according to board documentation seen by Creditflux

Angelo Gordon bolsters distressed debt team with hire from GSO
Angelo Gordon has bolstered its distressed debt and corporate special situations team with the appointment of a managing director

OC health check: first senior breach in middle market pushes CLO tally to 13
41 CLOs have breached an overcollateralisation test in the last week, according to the latest trustee reports on CLO-i, taking the overall total to 182

Angelo Gordon wins third opportunistic credit mandate with US pension
The familiar tale of investors favouring existing relationships shows as Angelo Gordon recieved $25 million for an opportunistic credit fund from a pension with two existing commitments to the New York-based manager

US pension approves four-year private credit plan as direct lenders report performance
Santa Barbara County Employees has approved a private credit pacing plan from investment consultant RVK to maintain a commitment schedule of $40 million per year to the asset class until 2024 to achieve its target allocation and diversification

Angelo Gordon hires well-known credit strategist in New York
Angelo Gordon has hired an experienced credit strategist as a manging director in its investor relations team in New York

CLOs process Internap bankruptcy as they hold $212 million
CLOs hold $212 million of the debt of Internap Technologies, which filed for Chapter 11 in the Bankruptcy Court for the Southern District of New York on on Tuesday