KKR takes covid-19 hit on flagship credit funds and lev fin
KKR took a 16% hit to returns on its alternative credit flagship funds amid the first quarter coronavirus downturn and a 13% loss on leveraged credit, taking these into negative territory for the last 12 months. The firm's private equity portfolio also slumped by 12%

Metropolitan launches fund and finds PE sponsors 'more amenable to non-sponsored terms'
Metropolitan Partners has closed an onshore direct lending fund at $240 million. It focuses on non-sponsored companies and has not made an investment in a sponsored deal for three years. But the firm sees an increasing number of sponsored situations arising from the covid-19 disruption

Ares raises $3 billion special situations fund ahead of huge European direct lending launch
Ares Management has witnessed “accelerated fundraising” for its special situations fund, which it has closed at around $3 billion, according to the firm’s earnings calls. The firm also launched its fifth European direct lending fund this week, which Ares expects could be “the largest private comingled fund in its history”

On-site due diligence rules pose fundraising challenge
Stipulations in some fund limited partner bylaws dictating strict due diligence could pose a challenge for asset managers, sources say

Private credit dangers lurk, but fear drives inflows
Fear of missing out is one reason institutional investors are allocating to private credit, but market partici­pants say that investors should err on the side of caution, despite the number of attractive opportunities

Cairn wins €115 million for European loan fund
Cairn Capital's open-ended European Loan Fund has reached €380 million assets under management, following €115 million in commitments from two institutional investors

OFS and CIM team up for fund geared towards loans, CLOs and real assets
Credit-related investments in the new interval fund will include floating and fixed rate loans, broadly syndicated senior secured corporate loans, CLO debt and equity tranches and opportunistic credit 

New Hampshire pension invests $50 million in US direct lending
​New Hampshire Retirement System has allocated $50 million to a US direct lending manage with which it has a relationship, having committed $40 million and $50 million to predecessor funds

Florida pension allocates $600 million to three credit managers
Florida State Board of Administration has awarded $600 million to three credit managers in the first quarter, according to a board update seen by Creditflux

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

Two US managers launch CLO funds geared towards dislocation
Tetragon Credit Partners and Octagon Credit Investors have become the latest managers to launch a CLO fund geared towards taking advantage of coronavirus-related distressed buying opportunities

GSO eyes $7 billion for credit opps fund and closes $4.8 billion European direct lending fund
GSO is eyeing a $7 billion target size for a new credit opportunites fund. The New York-based manager recently closed its second European direct lending fund, GSO Senior European Debt Fund II, at $4.8 billion

Angelo Gordon wins third opportunistic credit mandate with US pension
The familiar tale of investors favouring existing relationships shows as Angelo Gordon recieved $25 million for an opportunistic credit fund from a pension with two existing commitments to the New York-based manager

KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

Deerpath outlines $1 billion target for lower mid-market direct lending fund
Deerpath Capital has outlined an ambitious $1 billion target size on its lower middle market direct lending fund, according to market sources. The manager expects a final close of the fund in Q3

Fidelity and Loomis Sayles win IG and securitised credit mandates
Fidelity Institutional Asset Management and Loomis Sayles have beat out the competition to manage Employees System of Rhode Island’s investment grade corporate credit and securitised credit plans

CVC raises $657 million for US direct lending fund
CVC Credit Partners has raised $657 million for its US direct lending fund, CVC Credit Partners US Direct Lending Fund II, exceeding its original $500 million target size

New Mexico pension allocates $235 million to credit
New Mexico Educational Retirement Board has allocated $235 million to three credit managers, a spokesperson for the pension has confirmed

HPS raises $1.5 billion SME credit fund in Europe
HPS Investment Partners has closed a $1.5 billion SME credit fund known as the European Asset Value Fund II

Arbour Lane collects $1.2 billion for special situations fund
Arbour Lane Capital Partners has hauled in $1.2 billion on a final close of its opportunistic credit and special situation fund, Arbour Lane Credit Opportunity Fund II, exceeding its $750 million initial target size

Fair Oaks issues shares to buy more CLO debt after 50% equity tranche hit
Fair Oaks Capital has issued new shares on its CLO fund at a premium to its net asset value to capitalise on CLO debt, which it says “offers attractive risk-adjusted returns over the medium term”

BlueTorch's Genda details direct lending flows and pricing as he ramps up new fund
BlueTorch Capital has witnessed a 20% pickup in dealflow since covid-19 but, while the company's portfolio has avoided retailers, airlines and hotels, it has not gone unscathed, said chief executive officer Kevin Genda

US pension gains 6.5% in three days after putting $350 million into credit
Marathon, Waterfall, ArrowMark and Columbia were allocated $350 million from a US pension for structured credit, Talf and high yield mandates

Global direct lending fundraising plummets in Q1
Global direct lending fundraising figures plummeted in the first quarter as coronavirus-related volatility kicked in. Managers raised just $9.4 billion raised across 11 funds compared to $18.6 billion across 15 in Q1 2019, according to Creditflux's fund database

Aero lands $414 million final close on aircraft leasing fund
Aero Capital Solutions has collected $414 million for its second mid-life aircraft leasing fund, holding a final close for the fund on 6 March