Anastasia Donde
The US pension fund is investing in the credit manager’s latest mezzanine vehicle, having written cheques to other GSO energy and distressed funds in the past.
The California pension fund is doubling its exposure to private credit and establishing new allocations to private equity and value-add real estate. The retirement fund plans to conduct searches next year.
Investors say they’ve received heaps of communications from managers on Brexit. So many that they’ve stopped reading them.
As market sentiment keeps changing, so do views on whether it’s a good time to bet on distress. One way to play is to manage flexible strategies that can tactically allocate between regions or different types of credit.
The firm’s Houston-based energy team has so far invested about 15-20% of the fund’s capital and is seeing more attractive energy opportunities start to materialise.
John Tracey, who oversaw healthcare risk management at the New York-based lender, has joined a Connecticut bank as a senior relationship manager.
The US pension fund plans to allocate $25m to $75m to the mandate.
The Connecticut-based credit manager’s staff has been thinning through a combination of layoffs and departures. The firm is also now working with Morgan Stanley on a potential sale.
The Arizona State Retirement System revealed that its opportunistic debt managers made a loss in 2015, while its private debt portfolio posted a gain.
The Massachusetts pension fund is investing in GSO’s latest mezzanine fund and a companion co-investment vehicle.