Variations emerge in triple C CLO risk strategies
Managers that have launched CLOs with up to 50% allowance for triple C-rated assets are pursuing one of two different strategies.

CLO managers lick their wounds with Joerns bankruptcy
Seven CLO managers hold $92.3 million exposure to US healthcare equipment businesses Joerns Woundco Holdings, which filed for Chapter 11 bankruptcy on Monday 

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

Balbec hires senior official to lead European business
Balbec Capital has appointed Vasanth Raj as managing director to lead the its European asset management business

Texas pension backs mine finance fund
Texas Municipal Retirement System (TMRS) is set to commit up to $150 million to Orion Mine Finance Fund III, consisting of a $100 million commitment to the fund and $50 million for co-investment  

Fund performance

Bain plans $3 billion distressed fund with US pension fund eyeing commitment
Pennsylvania Public School Employees Retirement System (PSERS) is set to invest $200 million to Bain Capital Distressed and Special Situations 2019 (DSS 19) fund, according to documents seen by Creditflux.  

Connecticut pension eyes investment in Clearlake fund
The State of Connecticut Retirement Plans and Trust Fund is considering a $75 million commitment to Clearlake Opportunities Partners II  

Bankruptcies emerge across range of industries
No headline names filed for Chapter 11 bankruptcy in March. Instead, a range of borrowers of different sizes and operating in a variety of industries took steps towards financial restructuring

Credit Suisse adds special situations trading head among raft of hires
Credit Suisse has continued to build momentum in its credit business with the hire of a managing director to head special situations and loan trading with its Europe, Middle East and Africa credit products business, following on from nine others across its London and New York credit business

US pension fund to commit $1.1 billion in private credit by 2020
Investment consultant NEPC has recommended that Arizona Public Safety Personnel Retirement System (PSPRS) commit $550 million in private credit in both 2019 and 2020, according to a private credit review  

Investors plant GoldenTree distressed debt fund with $1.7 billion
GoldenTree Asset Management has closed its third distressed fund with $1.7 billion of capital

Texas pension scheme earmarks $45 million for private debt
San Antonio Fire and Police Pension Fund is set to commit $45 million in private debt in 2019, according to minutes from the March board of trustees meeting.  

Clearlake casts $1 billion net for second opportunistic fund
The Santa Monica based firm has upped the target size for its opportunistic credit, distressed and structured equity fund  

Owl Creek turns heads to special situations with new fund
The firm joins several other distressed investors preparing to take advantage of a potential downturn

Jefferies subsidiary and Stonyrock plan mid-market alternative manager stake acquisitions
The new joint venture will invest in private equity, credit, hedge funds, real estate, venture, and infrastructure firms