Christopher Faille
The latest twist in trucking company Yellow’s litigation may bring some relief to funds holding debt of firms engaged in pension controversies.
SoftBank’s March 2023 uptiering has met resistance in the wake of WeWork’s November chapter 11 filing.
Purchase of boutique manager and life and annuity business adds $20bn to the firm’s AUM.
The majority of the giant Japanese life insurance group’s investment is as an LP; it also takes a 19.9% stake in the credit-orientated manager.
Credit strategy’s slice of the alternatives pie grew to $32.4bn in 2023 from $27.1bn the previous year.
CalPERS is adding 3% and CalSTRS 2% to private credit; the public equity allocation at both pensions will decline.
The firm closed $166m of deals, for nearly 2,000 units, in Q4 2023.
Music royalties backed the financing.
Commitments total $1.35bn, including $50m from partners and employees.
The manager’s deputy CIO for global credit, Justin Plouffe, will add direct lending to his responsibilities, as global credit becomes biggest segment.