Californian pension to invest $500 million in private markets in 2019
San Bernardino County Employees Retirement Association plans to invest $500 million in private assets over 2019, according to a presentation by the pension fund’s investment consultant NEPC.  

Sears CDS settles well above bonds on physical settlement squeeze
Predictions that credit default swaps referencing Sears Roebuck Acceptance Corp would recover at a high level have been borne out, with an auction to settle the contracts having returned a value of almost 80 cents on the dollar – nearly 30 points higher than where bonds of the bankrupt US retailer have been quoted

Dealers gear up to settle Sears CDS and rule on Ziggo successor
The long wait to settle the final price of Sears Roebuck Acceptance Corp credit default swaps will end today with a credit event auction, while investors could also learn whether there is successor to contracts referencing deregistered Ziggo Bond Finance

Sears CDS auction to proceed this week as dealers reject delay request
Dealers on the Americas Credit Derivatives Determinations Committee have rejected a call to delay this week’s auction to settle Sears Roebuck Acceptance Corp credit default swaps, although it was a split decision rather than unanimous vote

Delay sought on Sears credit event auction to free up deliverables
The Americas Credit Derivatives Determinations Committee will meet today to consider whether or not to delay a forthcoming auction to settle Sears Roebuck Acceptance Corp credit default swaps, after a market participant requested more time to allow a wider pool of deliverable obligations to become available

Fortress targets $6 billion for latest fund in its flagship credit opportunities series
Fortress Investment Group has raised just over $1.05 billion for its latest opportunistic credit fund

Disagreement between Sound Point and former portfolio manager comes to an end
The long-running dispute between portfolio manager Jeff Teach and his former employer Sound Point Capital Management has been brought to an end following a final arbitration award

CDS committee faces another question on Sears as it outlines auction terms
The Americas Credit Derivatives Determinations Committees has published the auction settlement terms related to Sears Roebuck Acceptance Corp (SRAC), but faces one more general interest question attempting to amend the auction terms

Ohio pension fund assigns $50 million to distressed debt
Ohio School Employees Retirement System has awarded $50 million to a distressed debt fund managed by GoldenTree Asset Management

New York pension fund allocates €250 million to European credit manager
A $207.4 billion pension fund has awarded the mandate to a multi-strategy credit fund managed by EQT Partners 

Proskauer expands restructuring practice with partner in London
Law firm Proskauer Rose has strengthened its restructuring capabilities with the appointment of Elisabeth Baltay as partner

Sears CDS battle heats up as DC challenged to change auction rules
A high profile battle over Sears Roebuck Acceptance Corp credit default swaps has taken a new turn, with one market participant challenging the Americas Determinations Committee to change its rules to avert price manipulation by another market participant in the bankrupt retailer's credit event auction

Sears CDS battle lines set out in market-defining legal fight
Legal sides have set out their arguments in the high-stakes Sears Roebuck Acceptance Corp credit event external review, in what an industry group of asset managers claims is a “unique opportunity to provide clarity on one of the most important definitions for the credit default swap product”

GSO co-founder plans new credit business
GSO Capital Partners co-founder Tripp Smith is launching his own credit management firm, according to a report by Bloomberg

Robus targets €300 million for second distressed debt fund
Robus Capital has held a first close for its second distressed fund, Robus Recovery Fund II, Creditflux understands

Sear-iously? Isda slams ex-CFTC commissioner over CDS "hyperbole"
The International Swaps and Derivatives Association has waded into a gathering furore over Sears Roebuck Acceptance Corp credit default swaps

San Francisco pension bolsters private credit portfolio with €60 million commitment
San Francisco Employees’ Retirement System has awarded €60 million to a distressed debt fund 

New Zealand Superannuation Fund hires CIO
New Zealand Superannuation Fund (NZSF) has appointed Stephen Gilmore to serve as chief investment officer  

Sears CDS settlement extends to 2019 as external review teams line up
Holders of Sears Roebuck Acceptance Corp credit default swaps will have to wait until at least 7 January to resolve the contracts, with an external review decision on deliverables into the defaulted borrower’s credit event auction slated for 21 December

Värde raises $400 million for Asia credit fund
Värde Partners has closed its inaugural Asia-focused fund at $400 million - six months after launching

Sears CDS external review panel named to solve Determinations Committee impasse
The North America Determinations Committee has selected an external review panel to decide whether two Sears Roebuck Acceptance Corp debt obligations can be delivered into an auction to settle the US retailer’s credit default swaps, having failed to achieve a strong enough quorum among its own 15 members

KKR promotes three European credit specialists to managing directors
KKR has promoted several members of its team to managing directors - including a former US CLO portfolio manager

Astaldi CDS auction sets 30.875 final price as physical settlement boosts recovery
An auction today to settle credit default swaps referencing Astaldi has determined the final price to be 30.875 cents on the euro, meaning a 69.125 cents pay-out per euro for protection buyers

Crossover converges on CDX HY as Fed, earnings and heavy technicals take hold
Big moves of single name credits continue to hold sway over the iTraxx Europe Crossover credit default swap index, whose underperformance of US counterpart CDX HY has extended during the past week amid a big technical repositioning of flows

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform