Texas pension to invest up to $225 million in distressed debt
Investment consultant Cliffwater recommends an annual commitment of up to $225 million in distressed debt to Texas County & District Retirement System (TCDRS), according to documents seen by Creditflux

Boston-based pension backs Searchlight distressed fund
Cambridge Retirement System, the $1.27 billion pension fund, has committed $150 million to Searchlight Capital Partners III during the second semester of 2019, according to documents seen by Creditflux.  

CIFC preps inaugural distressed debt fund
The New York-based firm is the latest in a line of managers to have begun fundraising for an inaugural distressed debt fund

Healthcare hits top of US critical list in slower month

Direct lenders brace themselves for distressed opportunities
Credit managers are launching distressed vehicles with a twist by narrowing their focus down to the direct lending market.

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.

Fund performance: Mercury rises as does credit fund performance

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

What price lender integrity if myriad interpretations mean nobody knows where they stand?
Net short language is seeping into loan documentation. The problem is that some funds may not know their net position

US loan recovery hit by fears of trade war

Bankruptcies rise sharply as May total doubles April’s