Nuveen and Churchill launch private BDC with initial $350 million portfolio
The Nuveen Churchill Private Capital Income Fund will primarily invest in middle market senior loans and junior capital. The BDC can also allocate to private equity co-investments

Angelo Gordon launches non-traded BDC following private BDC merger
Angelo Gordon has launched a non-traded business development company, AG Twin Brook Capital Income Fund, following a merger with an existing $616.2 million private BDC managed by the firm, AGTB Private BDC

Fidelity Investments prepares inaugural BDC
Fidelity Investments is preparing to launch its inaugural private credit business development company, Fidelity Private Credit Fund

European markets give up some gains after outperforming US
Credit and stocks have improved on Tuesday, as investors attempted a momentum shift, but Europe is already giving up some of its gains after outperforming the US for a brief spell

HPS reveals private credit-focused non-traded BDC
HPS Investment Partners has become the latest manager to launch a public, non-traded business development company

Apollo launches $1 billion non-traded private credit BDC targeting individuals
Apollo has launched its first non-traded business development company, Apollo Debt Solutions BDC, with ‘more than $1 billion’ assets under management

Sound Point looks to amplify mid-market offerings with BDC and CLOs
Sound Point Capital Management expanded into mid-market lending earlier this month with the acquisition of CVC Credit Partners’ US direct lending arm, and the firm has big ambitions to expand the business

Blackstone amasses $1.8 billion investable capital for inaugural non-traded BDC
Blackstone says it has raised $814 million for its 7 January public offering of its non-traded businesses development company, Blackstone Private Credit Fund

FS and KKR to merge BDCs to create $14.9 billion vehicle
FS Investments and KKR plan to merge their two business development companies into a single vehicle which would have about $14.9 billion in assets

Carlyle BDC forms $250 million direct lending JV with Cliffwater
Carlyle’s business development company TCG BDC has formed a $250 million mid-market direct lending joint venture with Cliffwater

GSO prepares inaugural non-traded BDC
GSO Capital Partners, the credit-focused business of the Blackstone Group, is preparing to launch an inaugural non-traded business development company named Blackstone Private Credit Fund

Flat Rock eyes interval fund conversion for private BDC
Flat Rock Capital Corporation, a private business development company managed by Flat Rock Global, has filed to convert to an interval fund, according to US regulatory filings. The BDC will merge into a new entity, subject to shareholder approval

LP round up: horseshoe does the trick for Pimco and other distressed managers
Institutional investors poured $2.7 billion into credit this week through 14 managers, according to board documentation seen by Creditflux

Garrison BDC agrees to merge with Portman Finance
As part of the transaction, Portman will assume Garrison’s on-balance sheet CLO liabilities upon closing 

Owl Rock hits fundraising trail with follow up to BDCs
Owl Rock Capital is launching a new fund which appears to be in the form of a business development company, US regulatory filings reveal

US pension's joint venture with Barings set to produce first CLO
Jocassee Partners, a joint venture established between Barings' business development company and South Carolina Retirement Systems, is marketing a CLO

Fitch places five BDCs on negative outlook
Fitch Ratings has changed the outlooks of five business development companies from stable to negative folllowing a review of its rated BDCs

SEC temporarily relaxes regulations for BDCs
The US Securities and Exchange Commission has provided business development companies with temporary relief in light of covid-19 - including the ability of BDCs, who are unable to satisfy asset coverage ratios, to use an alternative form of calculating leverage

Golub becomes second BDC to undertake rights offering this week
Golub Capital has become the second business development company to undertake a rights offering this week, following in the footsteps of Bain Capital, as BDCs seek capital to ride out challenges besetting the market from the coronavirus pandemic 

Asset managers pull all liquidity levers to satisfy borrowers
A paramount concern for many investors in direct lending funds is whether asset managers have enough liquidity to meet borrower requests for funding

Owl Rock becomes last investment grade BDC to win increased leverage approval
Owl Rock Capital Corporation has become the last investment grade business development company to cut its asset coverage requirement from 200% to 150%, after receiving unaminous approval from its board of directors on Tuesday

Trade body asks US government to show it CARES about BDCs
The US federal stimulus maintains existing regulations that exempt portfolio companies from accessing the stiumulus funds. The Institutional Limited Partners Association wants to change that

BDCs face asset coverage pressure as Fitch puts two on negative watch
Fitch Ratings has placed ratings on the debt of two business development companies, BlackRock Capital Investment Corporation (BB+) and New Mountain Finance Corporation (BBB-), on negative watch

Barings BDC eyes syndicated loan market opportunities
Three weeks ago, during its 2019 earnings report, Barings BDC said the company’ had rotated out of broadly syndicated loans to ramp up its middle market exposure. But with widespread market upheaval since then, most opportunities to build value for investors will come from the broadly syndicated market

Credit managers hunker down as idiosyncratic risks persist
A slew of earnings reports from credit managers and business development companies shows that deal-making and performance are robust, but great importance is being placed on credit selection.