Credit fundraising: managers take care of infrastructure with new partnerships
Credit managers were busy launching new partnerships to support growth in infrastructure and CLOs. There were 13 announcements in the month paving the way for upcoming funds, platforms, and joint ventures

Ares scores rare refi of 2018 CLO
Ares has teamed up with Goldman Sachs to print a lesser-seen refinancing of a 2018 CLO: Ares L

CLO equity fluctuates as resets trigger upsizes and downsizes
A once-rare move of CLO issuers upsizing or downsizing their equity tranches in resets is entering the mainstream

LP round up: big name managers win direct lending mandates amid $1.5 billion allocations
Apollo, Ares, Barings and CVC were among the beneficiaries of the direct lending rush in May 

Two managers reset huge 2017 CLOs, boosting supply by $2.25 billion
Ares Management and CBAM have each priced resets of CLOs issued in 2017, adding $2.25 billion of supply to the market

Credit funds at a glance (June 2021)
A round up of fundraising and people moves in credit

Not all resets created equal as some managers opt to keep triple C exposure high
A split is emerging in the CLO market, with some managers choosing to keep triple C concentrations elevated following a refinancing or reset transaction. As part of the trend, which began this month, some deals even refinanced while being in breach of portfolio concentration limits, typically set at 7.5% by rating agencies

Canadian pension Imco allocates $500 million to Ares
Investment Management Corporation of Ontario has revealed a $500 million allocation to a large credit manager that includes $400 million to a fund-of-one

New issue CLO dry spell ends as Ares produces tight US deal
Ares Management has broken a six-day new issue CLO drought, teaming up with Goldman Sachs on its second deal of 2021 named Ares LX

CLOs come up smelling of roses
The coronavirus crisis could have cut back 10 years of CLO market progress, but investors’ foresight, trading chops and flexibility meant many saw their strategies blossom during 2020  

LP round up: $3.2 billion flows to 21 managers as private credit illiquidity premium holds firm
Investors allocated at least $3.2 billion to credit managers in April - and direct lending funds were in favour with Churchill and Ares being awarded two mandates

Credit fundraising: three massive European direct lending funds notch up €17.6 bn
Fundraising figures continued upwards in April as just over $24 billion was raised for credit funds, alongside $3.2 worth of allocations to credit managers. Nine funds held final closes including the largest European direct lending fund raised to date

CLO pipeline: go long! new issues and resets push refis aside
The CLO market is ready to go beyond refinancings - after this year's opening blitz of those deals - into the longer tenored territory of resets and new issues

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

Ares brings CLO's leverage down to less than five turns in $1 billion-plus reset
Ares Management has upsized its second largest CLO in a reset, bringing the deal to a par value of $1.19 billion - the seventh biggest CLO backed by broadly syndicated loans in the market

Four managers win lucrative $700 million credit mandate
A $39 billion pension has selected four managers for an opportunistic credit mandate and identified a further four ‘bench’ managers 

Ares affiliate re-emerges in mid market with first primary CLO for three years
Ivy Hill Asset Management, the direct lending affiliate of Ares Management, has priced its first CLO primary market transaction in almost three years, completing a $499.3 million new issue backed by loans to middle market companies

Allstate CLO takes on ESG guidelines following reset
Fair Oaks Capital has laid claim to the first instance of converting a US CLO into an ESG-compliant transaction courtesy of a reset following the reworking of Aimco 2017-A this week

Refis price on top of new issues as four managers print US CLOs
Four US CLO refinancings priced yesterday, giving the impression that CLO pricing is fitful and the term curve flat

Ares pledges charitable donations based on success of new $3.7 billion fund
Ares Management Corporation has held a final close on Ares Pathfinder Fund at its $3.7 billion hard cap - and portfolio managers will commit at least 10% of the fund’s caried interest profits to global health and education charities

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

Ares joins group of tight US issuers with sixth tightest 2021 CLO
Ares Management became the eighth CLO manager of the year to issue a five-year deal with funding costs below 150bp on Tuesday by teaming up with Natixis on its latest issue named Ares LIX

Credit fundraising: ESG centre stage as capital pours into new strategies
Sustainability was the watchword for fundraising in February, amid a flurry of fund launches as well as first closes for impact funds and sustainable bond funds

Ares, Brigade and Redding Ridge issue CLO resets totalling $1.61 billion
$1.61 billion in CLO resets issued on Wednesday as new deals emerged from Ares Management, Brigade Capital Management and Redding Ridge Asset Management

Ares holds first close of junior direct lending fund as it eyes 'dozens more' $1 billion-plus funds
Ares outlined several credit fundraising initiatives in its fourth quarter earnings call - among which were a first close of its latest junior direct lending fund, upping the target for its credit special situations fund by over $1 billion, as well as new product launches including an evergreen alternative credit fund