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...It is also the biggest fund ever raised by Brookfield, which manages $850bn across sectors spanning real estate, credit and insurance, renewable energy and corporate buyouts....
...KKR last year secured bonds backed by the catalogue that its “dislocation opportunities fund” and private credit business had purchased in 2021, pricing some of the debt with a yield below 4 per cent....
...It plans to raise $300bn in new assets by 2026 among dozens of funds....
...Private credit funds stepped into the gap, writing multibillion-dollar loans to companies including Norwegian online classifieds company Adevinta and software maker New Relic, and providing money at a time...
...Rising public equity market valuations and demand from credit funds to make new loans are fuelling a recovery in activity....
...From Barclays: There appear to be fewer opportunities for private credit to deploy capital toward BSL-style loans in size....
...But interest rates rose sharply after that, and the asset — which KKR had acquired via its private credit unit — became relatively less attractive....
...“CVR Energy is a cash cow,” said Nick Moglia, a credit analyst with CreditSights....
...Musicians saw their opportunity, too, with artists like Stevie Nicks and Shakira taking advantage of the bullish mood to sell their life’s work at eye-watering prices....
...Officially, it was an opportunity for Carlyle’s growing diaspora to congregate before the holidays....
...Since taking the helm at Carlyle earlier this year, Schwartz has focused on growing its credit and insurance-related investment assets, debt and equity underwriting operations, and funds designed for wealthy...
...The most important variable for gold prices, historically, is real rates, the opportunity cost for holding a yield-free metal....
...Increased borrowing costs are providing a rare opportunity for hedge funds to back struggling companies that could make a comeback. But some are barred by whitelists from investing....
...ensure compliance with its revolving credit facility’s Fixed Charge Cover Ratio covenant....
...manager at credit hedge fund Beach Point....
...They then cannot recycle money back into funds. The conundrum of private investing is that in times of turmoil, attractive opportunities that do arise make distant profits....
...said the head of one Sequoia LP, a sovereign wealth fund....
...Eyeing an opportunity, banks are increasingly pitching these loans to investment firms struggling to sell their companies, industry executives say....
...“The opportunity set is as big as it’s ever been,” Hope said....
...Do not discount the opportunity for entrepreneurship and innovation from upstart funds....
...A few corporate buyers have helped private equity LPs this year....
...Here are some quick thoughts, observations, brain-farts etc about the private credit optimism. 1) Banks’ retrenchment clearly opens up opportunities for private credit funds and other non-bank lenders....
...It sold its $500mn loan to a credit fund associated with Ken Griffin’s hedge fund Citadel. Apollo has been a canny DIP loan provider in many bankruptcy cases over the years....
...This seismic change creates enormous credit opportunities for fund-based institutions — money markets, mutual funds and private capital general partnerships....
...In an interview with DD’s Antoine Gara, Gray laid out how Blackstone has seen its growth accelerate as it marched to $1tn in assets whilst it chased these broader opportunities....
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