Illinois pension seeks direct lending and opportunistic credit funds for $300 million allocation
Illinois Municipal Retirement Fund is searching for direct lending, opportunistic, and distressed/special situations private credit funds with plans to allocate at least $300 million capital

Angelo Gordon wraps up fundraising for $1.3 billion credit dislocation fund
AG CSF2A (Annex) Dislocation Fund is an extension of the AG Credit Solutions Fund II, which held a $3.1 billion final close in April last year.

Credit Rendezvous: Make yourself comfortable, there’s a storm coming
In our Q1 outlook, we speak to Edwin Wilches, PGIM (US CLOs), Mikkel Sckerl and Flemming Dose, Capital Four (European CLOs),  Jim Fitzpatrick, CQS (US loans), Loic Prevot, Polus (European loans), Madelaine Jones, Oaktree (global high yield), Art Penn, Pennant Park (US direct lending), Mattis Poetter, Arcmont (European direct lending), Keerthi Raghavan, Waterfall (structured credit), Ray Costa, Benefit Street (distressed), Grant Webster, Ninety One (Emerging markets), Oumar Diallo, Aeon (real assets) for their views for the upcoming quarter. 

Fund performance: Credit funds end difficult 2022 on a positive note
In December 66% of credit funds reached a positive return, following an even better November where 81% of all funds pushed into the black

Credit hedge fund returns (February 2023)
Credit hedge fund returns

Credit funds at a glance (February 2023)
A round up of people moves and fundraising

BC Credit targets $1.25 billion for third opportunistic credit fund
BC Partners Credit plans to deploy half the fund in private lending and structured equity opportunities and the other half in specialty lending and dislocated liquid credit deals

Lights go out for Heritage Power with 120 CLOs left in the dark
US based power plant operator Heritage Power filed for chapter 11 bankruptcy in the bankruptcy court of Texas on Tuesday night, impacting $124.45 million of assets held by 120 US CLOs.

Serta Simmons makes its bed again with default leaving CLOs with a restless night
$172.5 million of CLO assets defaulted on Monday after Serta Simmons Bedding filed for chapter 11 bankruptcy.

Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. 

Fitch raises low end of its default forecasts for US leveraged loans and high yield
Fitch Ratings has increased the low end of its US leveraged loan and high yield default forecast ranges to reflect growing macroeconomic headwinds

Carlyle targets $6.5 billion for credit opps fund
Carlyle Group is targeting $6.5 billion for its third opportunistic credit fund, according to a pitchbook seen by Creditflux

Are we ready for another crisis?
Credit managers must brace themselves for stress in 2023, as rates rise and the number of poor performing assets increases. But most CLOs look well-placed and can rely on plump OC cushions 

Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory

Fund performance: Light at the end of the tunnel for credit funds after difficult year
Following a tough September, credit funds bounced back in October as 59% of funds made positive returns.

Credit hedge fund returns (December 2023)
Credit hedge fund returns

Credit funds at a glance (December 2023)
A round up of fundraising and people moves in credit

Belstar partners with Apollo to launch global corporate and structured credit fund
Belstar Management Company has launched a credit fund to invest across global liquid and private credit - including both corporate and structured credit

Structured credit pair among 61 to earn promotion at Carlyle
Carlyle has promoted two members of its US CLO team among 61 new partners and managing directors 

Bond tenders bring outperformance as credit fends off commodity woes
Credit markets are managing to stay remarkably robust this week despite high volatility in oil prices and covid deaths in China undermining hopes for its economy to reopen

HIG adds capital raising clout with senior credit and PE hires
HIG Capital has added to its global credit and private equity businesses with three senior appointments

Sculptor and Och reconcile as sale process kicks off
Sculptor Capital Management is looking for a buyer after forming a special committee and building bridges with its founder Daniel Och

Plenty more US CLOs in the CCC as buckets pass 5%, finds S&P
US CLO triple C baskets have nudged to 5.02% in November from 4.4% the prior month

Egypt works its Sharm on credit markets
Egypt looks to be reaping the benefits of hosting the Cop 27 climate summit in Sharm el-Sheik, with the country’s credit spreads on a sharp rally this week

Brookfield/Oaktree targets "larger" than $16 billion for next opportunistic credit fund
Brookfield Asset Management held a $2.8 billion first close on its third infrastructure debt fund and has started fundraising for its next vintage of our opportunistic credit flagship fund, alongside affiliate Oaktree, according to the firm's Q3 earnings call