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BDCs face asset coverage pressure as Fitch puts two on negative watch
4 years ago
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 -
Ohio pension injects $175 million into credit via JP Morgan and HPS
4 years ago
The School Employees Retirement System of Ohio has made a $175 million commitment to two strategies; high yield and direct lending -
Private credit managers re-examine docs in new fundraising approach
4 years ago
Private credit managers are facing numerous challenges and those looking to fundraise have had to change the way they approach the process, including documentation, according to a note from DLA Piper -
Churchill collects $2 billion for second unlevered US direct lending fund
4 years ago
Churchill Asset Management has held a $2 billion final close on its second US direct lending fund, doubling its original $1 billion target size -
Fed unveils IG bond buying programme and direct lending plans
4 years ago
The US Federal Reserve has unveiled further measures to support the US economy alongside plans to establish a direct lending initiative - Main Street Business Lending Programme – to support lending to small-and-medium sized businesses -
Managers get creative as private credit fundraising set for Q2 dent
4 years ago
Private credit funds should expect a slowdown in fundraising as credit markets gyrate wildly and investors address issues in their public market strategies. But managers have been coming up with creative solutions to keep business flowing -
Baltimore pension seeks new private credit managers
4 years ago
Fire and Police Employees’ Retirement System of the City of Baltimore is looking to invest $40 million to private credit with new managers, according to documents seen by Creditflux -
CVC listed credit fund 'pre-emptively' sheds covid-19 related positions
4 years ago
CVC Credit has taken a conservative approach to addressing covid-19 volatility in its listed opportunistic credit fund, with the fund divesting several credit positions to manage risk -
GP-led private debt secondaries "a month away" if covid-19 volatility hits cash flows
4 years ago
Private debt secondary funds have seen uptick of limited partner-led opportunities as institutional investors and family offices dispose of fund level commitments to gain liquidity, sources say. And general partner-led secondaries focusing on the lower middle market could emerge shortly if volatility hits companies’ cash flows -
Barings BDC eyes syndicated loan market opportunities
4 years ago
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 -
Time on side of direct lenders as private loans give relief against volatility
4 years ago
Some credit fund managers have become myopic in an effort to absorb the impact of the market sell-off, rate changes, shortage of liquidity and the overarching consequences of the coronavirus pandemic. Mid-sized companies might be considered more vulnerable in such circumstances, but direct lenders are spared from any mark to market volatility -
Bethlehem pension looks to add direct lender to its stable
4 years ago
The City of Bethlehem Aggregated Pension Plan is looking for managers to oversee a middle market private debt allocation, according to a recently launched request for proposals -
Asset manager takes new approach with special sits fund as co-head leaves
4 years ago
A large global asset manager is looking to allocate to junior debt in performing comapnies after parting ways with the co-head of its special situations business -
Alcentra prepares listed credit fund
4 years ago
BNY Mellon Investment Advisor has teamed up with affiliate Alcentra to launch a listed fund that can invest across a range of credit strategies -
BlackRock hires former KKR official to head European private capital markets
4 years ago
A leveraged finance veteran has joined BlackRock as European head of the firm’s private capital markets business in London, according to an internal memo seen by Creditflux -
Direct lenders face ebitda-add back language challenges as borrowers seek flexibility
The definition of ebitda add-backs could be tested in relation to covid-19, Proskauer says4 years ago -
Californian pension allocates $325 million to aviation and corporate private credit
4 years ago
San Francisco County Employees’ Retirement System has allocated $325 million to private credit strategies, according to 11 March board minutes -
Direct Lending Perspectives underlines record-breaking 2019 issuance
4 years ago
European direct lending volumes hit €18.2 billion in a record-breaking 2019, according to the European Direct Lending Perspectives report by Creditflux and Debtwire -
Direct lending allocations could pick up as public markets feel the pain
4 years ago
Direct lending should withstand the volatility roiling the public credit markets, said a pension fund advisor, an allocator and a private credit manager -
Coronavirus dampens fundraising but unlocks opportunities, say direct lending event attendees
4 years ago
Direct lenders could see ample opportunity for capital deployment as volatility takes hold of the term loan B and high yield markets amid Coronavirus uncertainty - and fund investors should not hold off from committing any capital -
Solar raises $525 million for direct lending fund
4 years ago
Solar Capital Partners has collected $525 million for its latest private credit funds -
Metrics pulls plug on direct lending fundraising
4 years ago
Australian direct lender Metrics Credit Partners has pulled the plug on fundraising for its listed private debt fund -
Crayhill collects $130 million for second asset-based credit fund
4 years ago
Crayhill Capital Management has raised around $130 million for it second asset-based credit fund, according to 9 March US regulatory filings -
European mid market CLO suffers blip as borrower misses interest payment
4 years ago
Alhambra SME Funding 2019-1 – the first middle market European CLO since the financial crisis – has suffered a setback with one of its portfolio companies missing an interest payment last month -
Ares hires head of ESG from Partners Group
4 years ago
Ares Management Corporation has appointed a head for its environmental, social and governance (ESG) practice, effective from April
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