CLO portfolios may need check-up as healthcare sector continues to deteriorate
Reimbursement challenges and high labour costs are expected to continue to drive restructuring activity among healthcare companies this year following a busy 2023.

Electronic controls company Robertshaw is latest CLO name to default
Robertshaw, held by 134 CLOs with a total exposure of USD 151m, has filed for Chapter 11 bankruptcy

Blackstone sets sights on USD 10bn for opportunistic private credit fund
Blackstone will soon introduce the latest version of its opportunistic private credit fund, aiming to raise USD 10bn, Michael Chae, the firm's chief financial officer, told analysts 

2023: a bumper year for CLO funds
It looks like 2023 will finish as a solid year for most credit funds, and an outstanding one for CLO funds. But funds pursuing corporate distressed strategies continued to struggle

Oaktree raises roughly USD 3bn for third special situations fund
Oaktree upsizes third fund that primarily invests in stressed or distressed US middle-market companies

Florida pension system allocates to three alternative funds
Three funds received commitments from the City of Hollywood Employees' Retirement Fund including an opportunistic credit fund and a direct lending fund

Seattle retirement systems commits USD 30m to distressed fund
The Seattle City Employees' Retirement System recently committed up to USD 30m to the Monarch Capital Partners VI fund

CLO market’s favourite sector struggles as wages rise and leverage bites
The most important sector for the US CLO market is showing increasing signs of trouble. According to CLO-i data, healthcare and pharmaceuticals represents the largest exposure for US CLOs. 

Credit hedge funds
Hedge fund performance tables

New Mexico sovereign wealth fund commits USD 250m to distressed fund
The New Mexico State Investment Council approved a commitment of up to USD 250m to a distressed opportunities fund during its 24 October meeting.

Lumen Technologies ad-hoc group preps competing proposal
The refinancing of Lumen Technologies, currently held by 1311 different CLOs with a combined principal balance of USD 3.8bn, took a new twist today as details of a competing proposal emerged

European manager has first close of EUR 300m credit opportunities fund
European credit hedge fund Ironshield Capital Management has revealed the first close of a EUR 300m capacity distressed fund

US CLO credit Air Methods Corporation files for bankruptcy
Air Methods Corporation, a widely held name in the US CLO market, filed for Chapter 11 this morning reporting USD 1bn to USD 10bn in liabilities.

New Hampshire retirement system commits to opportunistic debt fund
The New Hampshire Retirement System unanimously agreed to commit USD 50m to the distressed debt fund

Oak Hill raises USD 2.3bn for distressed fund
Oak Hill Advisors secured USD 2.3bn in equity commitments during the final close of its distressed investment fund, the OHA Strategic Credit Fund III

Resignation of Texas bankruptcy judge David R Jones raises potential for vacating prior rulings in legacy cases
Debtwire's full breakdown of the situation explains all the details of a resignation that threatens chaos for both active and historic restructurings, including cases like J.C. Penney and Neiman Marcus

Fund performance
Positive August for credit sees CLO funds on top again

Credit funds at a glance
Ucits see red in a tough June for returns

Credit hedge funds
Credit hedge funds performance data

Double-dip refinancing hits US leveraged loan
Wheel Pros, a name still held by 219 CLOs with $414 million of total principal, announced details of a new refinancing deal last week featuring a controversial double-dip structure

RiverRock secures €153 million in commitments for new senior loan fund

RiverRock sets €1 billion commitment target for latest fund, nearly double the size of its previous vintage

Comvest Partners adds new head of investor relations from BlackRock
The newest addition to the firm's senior-level team has been tasked with managing investor relations across direct lending, private equity and special opportunities investment strategies

Credit funds at a glance (September 2023)
A round-up of people moves and fund raising  

Credit hedge fund returns (September 2023)
Credit hedge fund returns  

Lumen Tech downgrade leads to estimate that 9% of CLOs could breach OC tests
One of the most widely held names in US CLOs was downgraded in August. S&P carried out a two-notch downgrade of Lumen Technologies on 16 August from B to CCC+