LP round up: $5 billion flows to credit as private market allocations increase
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux

Ares pulls in at least €6 billion for European direct lending
Ares Management is well on track for raising its largest European direct lending fund

Ares adds to European direct lending team
Ares Management has hired a London-based vice president to its European direct lending team

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux

Global CLO b-wic round-up: spreads widen in short week to end manic June
A shortened week brought an end to a manic month of secondary CLO activity. $343.5 million of US CLO and €309 million of European CLO paper was on sale last week, dropping $1.05 billion and €170 million from the previous week

Four managers join forces on gigantic £1.9 billion unitranche
The supersized transaction to Ardonagh Group, led by Ares, is the largest ever unitranche facility

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

Fitch takes action on 29 European CLO tranches
Fitch Ratings took action on 29 European CLO tranches yesterday, placing the majority of these on rating watch negative

CLO pipeline: Apollo targets fourth deal as managers line up to break 2020 ducks
Six CLO managers, five in the US and Fair Oaks Capital in Europe, are showcasing their first new issues of the year in preparation for pricing later this month. And Apollo Global Management is marketing its fourth new issue CLO (third US new issue CLO) in the last month and a half

Virginia pension allocates $850 million to credit in Q1
Virginia Retirement System has allocated $850 million to three credit strategies in the first quarter of the year, according to an update at its 15 April investment committee meeting

Secondary CLO debt trades well but Trace suggests CLO equity trading at 12 cents
A variety of CLO paper was in for the bid yesterday with US secondary CLO volumes reaching $281 million, and European volumes hitting €74 million

Credit funds at a glance

A round-up of fundraising and people moves in credit

Points up front: Credit picking follows on from investor picking
Credit picking skills will be important this year amid heightened idiosyncratic risk, so everyone seems to say. But Ares Management, one of the biggest names in direct lending, has demonstrated that asset managers can also be picky with the mandates they take on, when the firm walked away from a private debt mandate with London CIV in January.

Credit funds at a glance
A round-up of fundraising and people moves in credit

Ares makes rare move by pulling out of private debt mandate
Greater London’s local government pension pool has lost one of its credit managers after Ares Management withdrew from its role as fund manager on an illiquid loan and private debt mandate  

European Direct Lending Perspectives: fundraising records shatter
Fundraising in European direct lending hit €32.2 billion in September to mark a record-breaking year for the industry, according to the latest version of European Direct Lending Perspectives

The ideal home for a loan

Direct lenders start to overcome bank dominance in Spain
Spain is becoming a popular destination for direct lenders — despite the competitive terms offered by local banks. Sources say that borrowers are starting to look beyond pricing to ease of execution and flexible documentation.

CLO pipeline: managers look to avoid a repeat of 2018 with new issue flutter
US and European CLO managers are preparing to up the ante in September, but they will have to defy a trend set a year ago

Credit funds at a glance
A round-up of fundraising and people moves in credit

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

Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally

Ares and Barings lead the way as triple A spreads regain lost ground
CLO triple A spreads in Europe have reached their tightest point in months, with two deals issuing their first pay notes at 108 basis points over Euribor

Direct lender hires head of credit as it closes in on European mid market CLO
BeSpoke Capital has made a big hire as part of a reorganisation of the direct lender’s business