Credit fundraising: January proves anything but dry for manager inflows
After a tough and unpredictable year, January may have been seen by many as an opportunity for a fresh start. But for seven managers it meant holding final closes on funds, while three undertook first closes and one a fund launch.
This promising start to 2021 raised $17.69 billion for funds in the US and Europe, although Creditflux's tally includes late announcements on funds that closed in December.
January brought a handful of fundraisings for strategies looking to capitalise on opportunistic credit. PennantPark, LCM Partners, Kennedy Lewis and Silverpeak all contributed, with LCM Partners Credit Opportunities 4 raising the most at €3.4 billion as the fund nears it’s €4 billion target size. The fund held a first close in January 2020 and anticipates a final close for the commingled fund at the end of April this year.
Credit opportunities funds increased in 2020, especially over the summer, as many managers scrambled to capitalise on distressed prices in the pandemic market. Art Penn, founder and managing partner of PennantPark, said in a news release that the "post-covid vintage should be particularly attractive", highlighting the continued appeal for this fund strategy into 2021.
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