Permira adds hire to start credit opportunities business
Permira Debt Managers is building out a unit in London to invest in special situations and credit opportunities and has hired a distressed and high yield specialist to help establish the business

Varde distressed credit MD departs in London
Varde Parters has lost a managing director from its London operations, according to market sources

New Look triggers credit event with big pay-out likely for CDS
The Europe, Middle East & Africa Determinations Committee has ruled that New Look has triggered a failure-to-pay credit event

GLG adds special situations portfolio manager in London
Man GLG has appointed a senior official who previously worked at Abraaj Group, Creditflux has learned

Ellington hires business development head in London
Ellington Management Group has appointed Jonas Frantz to head up business development in Europe and the Middle East, according to market sources

Connecticut pension eyes investment in Clearlake fund
The State of Connecticut Retirement Plans and Trust Fund is considering a $75 million commitment to Clearlake Opportunities Partners II  

ICG hires from Cerberus as it prepares for distressed opportunities
Intermediate Capital Group has announced that Alan Ross has joined from Cerberus Capital Management to work on special situations credit

Bankruptcies emerge across range of industries
No headline names filed for Chapter 11 bankruptcy in March. Instead, a range of borrowers of different sizes and operating in a variety of industries took steps towards financial restructuring

Managers look east as Asian credit fundraising takes off
Several asset managers have outlined plans for growth in Asia as one of their foremost priorities this year.

Steinhoff CDS auction in limbo due to lock-up and CVA
A date to settle CDS referencing Steinhoff Europe had still to be agreed as Creditflux went to press — more than a month on from when the EMEA Determinations Committee (DC) ruled that the company had triggered a failure-to-pay credit event.

Credit Suisse adds special situations trading head among raft of hires
Credit Suisse has continued to build momentum in its credit business with the hire of a managing director to head special situations and loan trading with its Europe, Middle East and Africa credit products business, following on from nine others across its London and New York credit business

US pension fund to commit $1.1 billion in private credit by 2020
Investment consultant NEPC has recommended that Arizona Public Safety Personnel Retirement System (PSPRS) commit $550 million in private credit in both 2019 and 2020, according to a private credit review  

Pemberton closes strategic credit opportunity strategy at €1 billion
Pemberton has closed its first fund dedicated to strategic credit opportunities today

Investors plant GoldenTree distressed debt fund with $1.7 billion
GoldenTree Asset Management has closed its third distressed fund with $1.7 billion of capital

Texas pension scheme earmarks $45 million for private debt
San Antonio Fire and Police Pension Fund is set to commit $45 million in private debt in 2019, according to minutes from the March board of trustees meeting.  

Clearlake casts $1 billion net for second opportunistic fund
The Santa Monica based firm has upped the target size for its opportunistic credit, distressed and structured equity fund  

Owl Creek turns heads to special situations with new fund
The firm joins several other distressed investors preparing to take advantage of a potential downturn

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

Maryland pension carves out private debt bucket
The Baltimore pension fund has also mandated a total of $25 million to one direct lending fund and one distressed debt fund 

Texas pension fund looks to top up credit portfolio
Texas County & District Retirement System (TCDRS) has decided to increase by 3% its target allocation to strategic credit  

Searchlight nears first close for $2.75 billion special situations fund
Searchlight Capital Partners is expecting to hold a first close for Searchlight Capital III April, according to documents seen by Creditflux

Shenkman targets $500 million for opportunistic credit fund
Shenkman’s opportunistic fund will aim to take advantage of the volatility in the market

Distressed specialists monitor weaknesses in direct lending
Stressed and distressed debt managers might be best served by looking at the direct lending market for opportunities. Sources say that two of the most experienced direct lenders in the business have been forced to deal with problem credits in their portfolios

Danish pension fund eyes niche credit opportunities
PensionDanmark is preparing for more volatility in 2019 by casting its eye towards niche opportunities in the special situations and distressed debt market. The Copenhagen-based pension fund last month merged its alternatives and private debt platforms

Credit funds at a glance

A round-up of fundraising and people moves in credit