Keep pulling the thread on Kieran Goodwin.
Panning Capital grew its assets under management to $2.5 billion within 18 months of its launch.
Boaz Weinstein of Saba Capital made an unsuccessful bid to acquire the asset management firm Sculptor.
In Q4, Blackstone's B-Cred, Golub's non-traded BDC, and Oaktree's non-traded BDC all cut their dividends by approximately 10%.
Blackstone has prior experience managing large-scale redemptions, having successfully cleared the redemption queue for its B-REIT fund by selling assets and bringing in strategic investors.
In response to a 7.9% redemption request for its B-Cred fund, Blackstone, with its $1.3 trillion AUM, committed to honoring all redemptions to maintain trust with the private wealth channel.
Saba Capital has launched a tender offer for shares in Blue Owl's OBDC2 fund to provide liquidity to investors at a discount to the fund's net asset value.
Kieran Goodwin speculates that a worst-case scenario for the credit markets involves a loss of confidence in annuity providers, who are heavily invested in private credit, leading to mass policy surrenders.
Over a six-year period when the S&P 500 was flat, King Street's fund generated returns of over 100%.
Kieran Goodwin's hedge fund, Panning Capital, launched with $600 million in assets under management.
Kieran Goodwin states one of his mistakes running Panning Capital was failing to recognize and adapt to the persistent low-volatility market regime.
Panning Capital's performance varied significantly, with a 20% net return in 2013, a 1% gain in 2014, a 5% loss in 2015, and a 5-6% gain in 2016.
Apollo has committed to marking its private credit portfolio on a monthly basis, a move Kieran Goodwin views as positive for transparency.