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...The author is vice-chair at Oliver Wyman Private credit firms have enjoyed a “golden moment”, as Blackstone president Jonathan Gray put it last year, while banks have been on the back foot from the sharpest...
...Private credit’s “golden age” might’ve not lasted very long*....
...We believe leverage is more widely used by US private credit funds than European funds, and that 1-2x is typical. Finally, the Preqin figures only capture commingled, closed-end funds....
...As part of the lifeline to help the company through the next four months, the French government will provide a €50mn loan, and will acquire golden shares in the parts of Atos deemed strategically essential...
...It has been forced to pause new investments in some of its funds because of clauses related to the departure of key executives, while its US-listed private credit vehicle was last week deemed by Fitch Ratings...
...In a letter sent to its fund investors on Monday, Barings also said that following the departures it was pausing new investments in some of its private credit funds....
...The short seller also took issue with Soho House’s “mountain” of debt maturities, with $607mn coming due in 2027 and its decision to pull forward millions of dollars of revenues by introducing a credits...
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...That is still small beer, and largely focused on real estate, private credit or buyout strategies that piggyback on existing traditional funds....
...the 2008 financial crisis, there has been a push to move as much bilateral derivatives business — eg interest rate swaps — as possible onto central counterparties (CCPs) in order to reduce counterparty credit...
...He previously worked at UBS and Credit Suisse. Deutsche Bank has promoted William Mansfield to head of Emea mergers and acquisitions....
...In 2015, when Belgian buyout fund Ergon Capital Partners III acquired a majority stake in the brand, Golden Goose had more than 600 wholesale accounts and seven flagship stores....
...The author is vice-chair at Oliver Wyman and former global head of banks and diversified financials research at Morgan Stanley If this is a “golden moment” for private credit, how might it play out and...
...Further reading:— The private credit ‘golden moment’ (FTAV)...
...These were the makings of private credit’s “golden moment” in 2023. But the pendulum was eventually bound to swing back towards the banks. That appears to be happening now....
...Smart reads Unlikely backer Retired hedge fund billionaire Leon Cooperman and a “predatory” cash-advance company had no reason to cross paths, Bloomberg reports. Then came a private credit fund....
...worth about €1bn, giving it a foothold in an infrastructure market expected to benefit from big structural changes including the energy transition.The group raised €26bn for the largest private equity fund...
...All that said, we’ll let you know how Alphaville gets on in securing a $50mn credit line at 500 bps above LIBOR. *Ugh, it was Jon Gray who called it a golden moment, not Marc Rowan....
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...From MainFT’s new hedge fund correspondent Costas Mourselas: Hedge fund manager Man Group has acquired a controlling stake in $11.8bn credit fund Varagon Capital Partners, signalling its ambitions to grow...
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