Hints and tips:
...However, there have been concerns about private equity’s rush into infrastructure and whether a long-term tendency to cut costs and trim services is in the best interests of customers and companies....
...“In any organisation when you have transition to a new leadership it’s complicated to have the old leaders hanging round,” observed the Sequoia LP....
...Direct short selling, which is used regularly by hedge funds, is banned, and there are limits on leverage and the amount of illiquid assets held by funds....
...PetVet’s decision to start discussions with direct lenders over its loans comes on the heels of a string of other large refinancings....
...But if they take a loss, it is much harder to recoup the money, as there is not usually much upside to direct lending beyond getting a loan repaid with interest....
...Private credit groups including Apollo, Ares and Blackstone are poised to write the largest direct loan on record as they continue to muscle in on a lucrative business traditionally dominated by Wall Street...
...Competition among direct lenders has already led the deal to become oversubscribed....
...Blackstone instead plans to direct interested clients to BXPE, designed to be a perpetual vehicle that does not return capital at the end of a fund’s life....
...But the direct lending funds they manage may begin to post lower returns, investors said....
...Private equity group Carlyle and Abu Dhabi investment group IMI have agreed a fresh debt funding package for the Barclay family’s Very Group, the Liverpool-based retail and financial services group....
...“I’ve heard Jon Gray direct, eulogising about him,” said one of the people who had dealings with the private equity executive....
...The size of the direct lending market is too small ($530 billion of deployed capital) and financial leverage is low (both among GPs and LPs), two factors that greatly limit the risk of contagion from one...
...Kemble is the company set up to raise finance for Thames Water, which needs the cash to service its massive debt load....
...For the PE shop, the crucial thing is that an insurance subsidiary gives them direct access to retail investors’ capital, which normally they are only allowed to access indirectly, through big pension funds...
...The two media chiefs are now back at the negotiating table, this time over Hulu, the popular US streaming service that is home to shows such as Only Murders in the Building and The Bear....
...Yet a win in one case does not assure the same result in another....
...The loan — the largest direct loan then contemplated by the burgeoning private credit industry — along with a $1bn preferred equity investment and more than $6bn of new equity invested by Carlyle and Veritas...
...In July, US financial technology group Fidelity National Information Services agreed to sell a majority stake in its merchant payments arm Worldpay to private equity firm GTCR in a $18.5bn deal, this year...
...Investors have also questioned the future of the Hulu streaming service....
...The $1tn-in-assets private capital group will late this year begin taking subscriptions for the Blackstone Private Equity Strategies Fund, or BXPE, according to two people with direct knowledge of the matter...
...“The size of the higher returning markets is not as big as if you move down the return spectrum to infrastructure, core-plus real estate, direct lending and private credit for insurance companies,” said...
...Blackstone does not have a controlling stake in any insurers but offers asset management services to large players such as AIG....
...Citi has named Reto Faber as head of securities services for Europe, the Middle East and Africa....
...Like other LPs, CIC receives a trickle of quarterly financial reporting from fund managers on their portfolios....
...A repair service is also available at selected locations....
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