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Greater Manchester, Strathclyde back Muzinich SME loan fund

first_imgThe Greater Manchester and Strathclyde local authority funds are backing a £350m (€460m) UK direct lending fund launched by Muzinich & Co.The fund has attracted the backing of four UK pension funds, including the two largest UK local authority funds, and a £30m investment from the British Business Bank, the government-owned lender.It is understood the manager attracted £185m as part of its first close, more than half of its £350m target.The fund will be run from London and Manchester, a recognition that more than half of private direct lending opportunities were located outside the South East of England, according to Muzinich managing director Josh Hughes. Kieran Quinn, chair of the Greater Manchester Pension Fund, said the current market environment meant private debt offered attractive target returns, while noting that the closed-end structure of the fund reduced risk.“But of course, in private debt, strong bottom-up credit analysis is essential, and this is an area in which we expect Muzinich to deliver,” Quinn added.In addition to the £30m provided by the British Business Bank, Strathclyde Pension Fund committed £20m last year.The investment will sit within the Scottish local authority scheme’s £412m New Opportunities Portfolio, which also includes exposure to renewable energy. According to a report prepared for Strathclyde’s pensions committee in June last year, the scheme was attracted to the Muzinich UK Debt Fund as the manager itself had invested capital, while also extending a £20m line of credit to allow the fund to invest prior to the first close.Greater Manchester has been growing its exposure to SME lending in recent months, joining the South Yorkshire Pensions Authority and Clwyd Pension Fund to invest in a Foresight Group venture targeting companies in the North West of England.The North Yorkshire Pension Fund has also expressed an interest in the asset class, recently tendering a mandate worth up to £130m in an attempt to “get more out of [its] fixed income allocation”, according to Tom Morrison, its head of commercial and investments.last_img read more

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South Ripley School Board Welcomes New Member

first_imgSteve Patrick joins the South Ripley School Board during the monthly meeting.Versailles, Ind.—South Ripley School Board swore in their new interim member at their September meeting. Steve Patrick will fill the vacant Otter Creek Township seat left by Jim Miller.“I needed a new challenge,” stated Patrick on his new position on the school board.School board attorney, Merritt Alcorn, swore Patrick in then the board jumped straight into matters regarding: field trips, Indiana Virtual Academy, Girl Empowerment program, enrollment count and multiple other important matters pertaining to South Ripley School Corporation.last_img

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Undefeated USC ready for home opener

first_imgAfter kicking off the year on the right foot with two road wins against UC Davis and Fresno State last week, the USC women’s basketball team takes on the San Diego State Aztecs today in its home opener at the Galen Center.USC (2-0) got its 27th season-opening victory on Friday against Utah State as the team battled back from a second-half deficit to triumph, 64-55.The Women of Troy were able to carry that momentum into Fresno, where they once again came out on top by a nine-point margin, 63-54.Neither of these wins, however, came easily for the Women of Troy, as both games were decided in the final minutes. USC performed well down the stretch to prevail.“I am very proud of our team because we fought through all the difficulties the game presented, finished the game and came away with two road victories, which is not easy to do,” USC head coach Cynthia Cooper-Dyke said.In beating Davis and Fresno State, USC was able to avenge two losses from last season.“These were two tough games, as they presented matchup problems for us, but we grinded it out,” Cooper-Dyke said.With early success on the road, the Women of Troy have started 2-0 for the first time since the 2005-2006 season, which was also the last time that the program reached the NCAA Tournament.Senior forward and team captain Cassie Harberts, who recorded her first double-double of the year against Fresno State with 13 points and 12 rebounds, mentioned that the Women of Troy’s two resilient wins came as a result of Cooper-Dyke emphasizing a new mentality for the team.“We have a much more aggressive mentality in that we never let up or backed down,” Harberts said. “Instead, we fought back and finished the game.”The team’s focus is now set on San Diego State, which narrowly dropped its season opener on the road against Sacramento State in a 93-89 loss.In last year’s matchup, the Aztecs handily defeated the Women of Troy 80-46. After avenging last season’s losses, USC will set out to do the same against San Diego State.“We are mainly just focused on playing the game we know how to play and not beating ourselves,” Harberts said.In preparation for the Aztecs, the Women of Troy practiced sets against a variety of different defensive schemes that San Diego State could play on Wednesday.“[San Diego State] plays a lot of different defenses, but we want to be prepared for their zone, man or anything that they throw at us,” Cooper-Dyke said. “We want to be able to execute offensively and defensively and be the best Women of Troy team that we can be.”Wednesday night’s matchup will also be Cooper-Dyke’s official home coaching debut at Galen Center, which she hopes will develop into a real home-court advantage for the team.“I am excited to be home and I want us to be able to protect our home court,” Cooper-Dyke said.Tipoff at the Galen Center is scheduled for 4 p.m. Follow Darian on Twitter @dariannourian24last_img read more

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Tyson Fury heading back to Las Vegas to fight Otto Wallin

first_imgTyson Fury will return to Las Vegas to fight Otto Wallin at T-Mobile Arena on September 14.Top Rank vice president Carl Moretti revealed earlier this month that an agreement had been reached for the former world heavyweight champion to step into the ring with the 28-year-old Wallin. It was confirmed Tuesday that Wallin (20-0) will get a chance to claim the Briton’s lineal title in Nevada next month.MORE: Watch more than 100 fight nights a year on DAZNFury brutally knocked Tom Schwarz out at the same venue in June and will be a strong favorite to add another victory to his record, which shows 28 wins and a draw.The 31-year-old last month stated that he will face Deontay Wilder in a rematch on Feb. 22 next year, but now wants to fight in his homeland in December after the American agreed to a deal to face Luis Ortiz in November.CONFIRMEDLineal Heavyweight Champion @Tyson_Fury will defend his crown against 20-0 @OttoWallin at the @TMobileArena on September 14th.#FuryWallin pic.twitter.com/pRIjNPZax7— Frank Warren (@frankwarren_tv) August 13, 2019Fury said: “I am pleased to be back in Las Vegas. I loved my time there in my last fight and am going to put on a show again. “Otto Wallin is a world-ranked fighter and is tall, something we want with the Deontay Wilder rematch around the corner. He is also a southpaw, which will bring its own obstacles, but I will be fully focused to get this job done because the rematch needs to happen.”Frank Warren, Fury’s promoter, said: “I’m delighted that Tyson is boxing in Las Vegas again after his previous success.”It is another undefeated boxer he is facing and a contest where a victory will set up the Deontay Wilder rematch. Otto Wallin knows this is his big chance, and Tyson will not be underestimating him.”last_img read more

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Killybegs Fishermen’s Organisation welcomes Fisheries Council deal

first_imgThe Killybegs Fishermen’s Organisation has welcomed the outcome of the Council of Fisheries Ministers, which finished early this morning, as generally positive but stated it again underlines the imperative to have fisheries and the wider trade inextricably linked in the phase two Brexit negotiations.A favourable result was achieved on Celtic Sea demersal stocks such as cod, haddock, whiting and nephrops as well as Celtic Sea herring.Hoqwever, the KFO reemphasised the fear which preoccupies Irish fishermen with the future viability of the Irish industry hinging on a fair and favourable conclusion to phase two Brexit talks. Brexit cast a long dark shadow over this Council of Ministers with it now more critical than ever that that next mandate to be decided by Heads of Government includes the cast-iron stipulation that fisheries negotiations and the wider trade negotiations are fully linked.Commenting at the conclusion of the Council, KFO Chief Executive, Seán O’Donoghue said prior to the Council meeting, they had set out their concerns regarding certain demersal stocks such as cod, haddock, whiting in the Celtic Sea and nephrops in ICES area VII as well as for pelagic stocks of Celtic Sea herring.He said “I have stated many times that when the state of the stock so requires, there must be reductions in the fishing opportunities for particular stocks. However, I had rightly contended, that a number of the reductions proposed on some of our key stocks, were unjustifiable and arbitrary. Moreover, they were contrary to the Commission’s own stated position and entirely unacceptable.“I am pleased that this has been corrected and factored into the final outcome. The increases in haddock and monkfish in the North West and in horse mackerel, blue whiting and Albacore tuna should also be acknowledged and while the mackerel cut of 20% was indeed disappointing, it was to be expected as it was already decided at the Coastal States last October. I would like to recognise the role and commitment of Minister Creed and his officials in working closely with us, taking on board our concerns and delivering a sustainable and economically viable package of measures for 2018.” “All that said, I cannot emphasise the worry faced by Irish fishermen, as well as our colleagues in the eight other member countries of the European Fisheries Alliance, as Britain and its Environment Secretary, Michael Gove continue to enunciate the protection of the UK’s fishing industry to prevent the EU using transition arrangements to impose what it calls ‘unfair quotas.’“Our Minister, Michael Creed must insist on fisheries and wider trade remaining joined at the hip. Our geographic location, existing arrangements and high dependency on Britain means that we are perilously positioned if our Government doesn’t negotiate extremely effectively on our behalf,” said Mr O’Donoghue.The Irish industry faces devastating consequences if fisheries aren’t made a top priority by the Irish Government in the next round of talks. 11,000 jobs are sustained in coastal areas by the Irish seafood industry which is worth just over €1.1billion.UK Minister for Fisheries, George Eustice, has previously stated that “British fishermen will catch hundreds of thousands of tonnes more fish after Brexit” and with Ireland sharing 47 out of its 50 Total Allowable Catches (TACs) and quotas stocks with Britain, it stands to reason that Ireland will suffer disproportionately if negotiations on fisheries are separated from wider trade negotiations.Killybegs Fishermen’s Organisation welcomes Fisheries Council deal was last modified: December 13th, 2017 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:dealdonegalKFOSean O’Donoghuelast_img read more

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