Private credit default rate rises sharply, according to new report
The second quarter of 2024 saw a further increase in the default rate for US middle market companies, according to legal firm Proskauer's latest report

Connecticut pension allocates USD 300m to Oaktree’s distressed credit fundraising
Connecticut pension system commits to Oaktree latest flagship distressed credit fund

Credit hedge funds
Credit hedge fund performance

Relative to Airbus, Boeing was long accountants but short engineers
A qualitative approach can help investors spot boards that are too focused on short-term returns

Houlihan Lokey adds new credit MD
Investment bank Houlihan Lokey released news yesterday of a new managing director hired to the firm’s Financial Sponsors Group 

Altice isn’t just a European CLO problem
The latest BofA research estimates that US CLO OC test breaches could jump to as high as 17% if all Altice entiites are downgraded

Akin Gump hires Paul Hastings partner for private credit practice
The New York-based partner will join the growing special situations and private credit practice.

Credit hedge funds
Credit hedge funds

Credit funds at a glance
Credit funds at a glance

Dallas retirement system allocates USD 60m to credit funds
The Dallas Employees' Retirement Fund has allocated USD 60m to three separate credit funds as the Texas-based system grows its allocations to private credit and distressed debt

Proskauer poaches pair of credit partners from Milbank
Proskauer Rose continues to build out its team with the addition of Eric Reimer and Gayle Berne as partners in the global finance practice

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

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