Sound Point swaps evergreen fund for drawdown
Sound Point Capital Management is dropping its evergreen distressed debt fund in favour of a vehicle that will employ a drawdown structure, as is customary for distressed strategies.

Carlyle switches to corp structure as credit portfolio grows 31%
Carlyle Group is set to become a full C corporation, moving away from its publicly traded partnership structure, amid global credit portfolio growing 31% year-on-year, according to the investment firm’s 2019 Q2 results  

BlackRock launches $2 billion coporate credit fund with special situations remit
BlackRock has closed its flagship opportunistic credit fund, Global Credit Opportunities, with $2 billion capital commitments

BlueMountain lands senior credit trader in New York
BlueMountain has hired an experienced trader in New York to cover credit and special situations

NEPC flags caution on leveraged loans and private credit
Private credit does not provide enough returns for the risk, according to the advisor to institutional investors

Utah fund set to invest $45 million across Beach Point and Crestline funds
The Utah School & Institutional Trust Fund Office is set to make commitments to credit funds managed by Beach Point Capital Management and Crestline Investors

Weatherford CDS auction delivers 55.5 cent pay-out to protection buyers
A credit event auction to settle Weatherford International CDS returned a final price of 44.5 cents on the dollar, lower than where bonds had been quoted and meaning a pay-out to protection buyers of 55.5 cents

Final list of deliverables published for Weatherford CDS auction
There will be 17 notes deliverable into an auction on Thursday to settle Weatherford International CDS, the Americas Determinations Committee has confirmed

Morgan Stanley joins participating bidders for Weatherford CDS auction
Morgan Stanley has been added to the list of participating bidders for an auction next week to settle CDS referencing Weatherford International CDS, with the Americas Determinations Committee also confirming 17 deliverable obligations on the supplemental list

Investor requirements rather than performance is driving ESG push: Creditflux survey
Only 14% of respondents to Creditflux's global credit ESG survey said performance was the main reason they were adopting envoronmental, social and governance-themed strategies

UK pension pool to launch maiden private credit offering
Border to Coast Pensions Partnership is launching its first private credit offering in early Q4, Creditflux has learned

PennantPark raises $750 million for direct lending and opportunistic credit
PennantPark Investment Advisers has raised $750 million across four vehicles, according to an announcement

Clover Tech cov-lite loan blots CLOs after spilling a third of its value
The past week’s biggest declining loan by some way, for printing cartridge maker Clover Technologies (aka 4L Technology), is a worry for CLO portfolios as some 21 managers hold the name, according to CLO-i

Weatherford CDS auction next week could have 17 deliverables
There are 17 notes on the initial list of deliverable obligations for an auction next week to settle Weatherford International CDS, the Americas Determinations Committee has said

Atalaya hires experienced credit portfolio manager in New York
An experienced figure in distressed middle-market debt investing has landed at Atalaya and reunited with a former colleague  

Weatherford faces credit event auction with 50% area recoveries implied
The Americas Credit Determinations Committee has agreed to hold an auction to settle CDS referencing Weatherford International, having ruled last week the Houston headquartered oilfield services provider had triggered a bankruptcy credit event

Rhode Island pension backs Clearlake credit fund
Rhode Island Employees Retirement Systems Pooled Trust is set to commit $30 million to Clearlake Opportunities Partners II, according to documents from an investment commission meeting seen by Creditflux  

GSO makes big hire to co-lead distressed investing
Blackstone's credit platform has appointed an ex-Goldman Sachs official to co-lead its distressed debt business 

CVC closes $1.4 bilion special situations fund
CVC Credit Partners has held a final close at $1.42 billion for its second global special situations fund, which it says took eight months to fundraise.

Ares brings in $1 billion for first credit special situations fund
The Los-Angeles based manager is now just over halfway to its $2 billion target size

Pimco hires ex-KKR official to lead corporate special situations unit
Pimco has appointed a former KKR official to lead the firm’s corporate special situation unit

Highbridge refocuses on credit as it liquidates listed multi-strategy fund
Highbridge Capital Management has announced to investors in a multi-strategy fund that it is winding down the vehicle and refocusing its business exclusively towards credit

Private debt should alleviate the next downturn, says Paul Hastings
Private debt should soften the next downturn and not exacerbate it, according to a note published by law firm Paul Hastings