Calpers eyes exposure to private debt
California Public Employees Retirement System is looking to introduce private debt to its portfolio, according to documents seen by Creditflux  

Portfolio Advisors hits first close as it targets $1.5 billion for secondaries fund
Private markets specialist Portfolio Advisors has completed a first close on its latest secondaries fund at the end of December 2019, having raised between $600m to $700m, a source told Creditflux  

Sound Point creates its first fund geared exclusively to direct lending
Sound Point, which has experience of investing in middle market loans through various funds, has launched its first dedicated speciality lending fund 

Private debt takes centre stage as Arizona looks to bolster credit allocation to 25%
Arizona State Retirement System remains bullish on credit with the $41.9 billion institution looking to bolster its entire credit allocations to almost a quarter of the fund - and private debt will take centre stage in the Arizona pension’s growth plans

US pension backs two private debt managers, but retreats from syndicated loans
San Antonio Fire & Police Pension Fund ended 2019 bullish on private debt but shying away from syndicated loans

Värde launches $2.5 billion global credit fund
Värde Partners has raised $2.47 billion for a new global credit fund, according to an announcement today

New York pension commits $225 million to distressed credit
New York State Common Retirement Fund has earmarked $225 million to invest in a fund and a co-investment vehicle managed by Blantyre Capital  

MidOcean Credit co-founder leaves to head PE firm's credit expansion
Multi-strategy private equity firm Siguler Guff has poached a co-founder of MidOcean Credit Partners to lead the expansion of its credit platform

SSG collects $2.7 billion for Asian special situations fund
SSG Capital Management has raised $2.7 billion for its fifth Asia Pacific-focused credit and special situations strategy, SSG Capital Partners V, surpassing the strategy's original $1.5 billion target size

JP Morgan AM moves CFO to head up private credit
The chief financial officer of JP Morgan Asset Management has switched to a newly created role as head of private credit

Managers acquiesce on fees as small UK pensions seek private credit nest egg
Private credit fund managers are rejigging their fee structures in order to attract small UK pension schemes.

Complacency rules after rally in run-up to UK election
UK credits rallying was a familiar sight for much of November, mainly due to investors cutting their previous short positions ahead of the country’s 12 December election, but dealers reported little appetite to replace long, short or hedging trades going into the final stretch.

Deep dive trade is on, but single name risks still abound
High yield CDS is reversing its previous underperformance versus investment grade, reflecting an investor shift down the quality spectrum in cash bonds.

Ucits at a glance: Ucits continue to chart a steady course

Deans Foods auction delivers big lunch for CDS protection buyers
Dean Foods CDS has been settled in a credit event auction at a final price of just 9.25 cents – half the 18 cents indicated by the Dallas-headquartered company’s bonds at the time the auction was called

Ucits at a glance: ucits continue to chart a steady course

Californian pension commits $15 million to Angelo Gordon credit fund
San Mateo County Employees' Retirement Association (SamCERA) has approved a $15 million commitment to a fund managed by Angelo Gordon, according to documents seen by Creditflux  

US pension allocates $150 million to private credit
Alaska Permanent Fund Corporation (APFC) has backed two private credit funds, committing $150 million to the asset class  

Astor and Armory team up for US mid-market credit interval fund
Astor Investment Management has teamed up with Armory Capital to launch a middle-market credit interval fund, according to US regulatory filings

Dean Foods CDS to have one deliverable, with 80 cent pay-out indicated
There will be only one bond deliverable into an auction to settle CDS referencing Dean Foods, the Americas Determinations Committee has confirmed

Pantheon appoints ex-Star Mountain official as head of global private debt
Pantheon has appointed a former Star Mountain Capital official as partner and global head of private debt in New York 

Dean Foods CDS set to have only one deliverable on the menu
Only one bond has made it onto the supplemental list of deliverable obligations for an auction to settle CDS referencing Dean Foods

UK pension partnership launches maiden private credit offering at £581 million
Border to Coast Pensions Partnership (BCPP) is set to commit £581 million in private credit, as part of its maiden offering in this asset class  

West coast pension looks to step up direct lending allocations
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019

Linklaters adds debt restructuring specialist in Asia
Linklaters has poached a partner from DLA Piper who focuses on debt restructuring and special situations