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Wayne County Employees earmarks $15 million for direct lending


Wayne County Employees earmarks $15 million for direct lending
Wayne County Employees Retirement System, Detroit, committed $15 million to Crescent Direct Lending Levered Fund III.
The $1.1 billion pension fund s board approved the commitment to the direct lending fund managed by
Crescent Capital Group at its April 26 meeting, recently released meeting minutes show.
The pension fund previously committed $20 million to Crescent Direct Lending Levered Fund in 2014.
Investment consultant AndCo Consulting assisted.
Robert J. Grden, executive director, could not be immediately reached for further information.
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Marathon raises $2.5bn for a distressed credit fund


Marathon raises $2.5bn for a distressed credit fund
Friday, January 08, 2021
Laxman Pai, Opalesque Asia:
New York-based Marathon Asset Management raised $2.5 billion for a new fund focused on struggling companies.
The Marathon Distressed Credit Fund pursues investment opportunities in distressed companies, such as debtor-in-possession financing, exit financings, and restructurings, said a press release from the $20 billion distressed-debt firm.
Investors include the Minnesota State Board of Investment, St. Paul; the Wayne County Employees Retirement System, Detroit; and the Springfield (Mo.) Police Officers & Firefighters Retirement System.
While the broader market has recovered, the K-shaped recovery has resulted in a disparate impact that requires tailored capital solutions to help companies across industries recover from the 2020 cyclical decline, said Bruce Richards, Chairman & Chief Executive Officer of Marathon. ....

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