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$60bn real estate vehicle is part of push to reach wealthy retail investors
...firms have reputations for being more litigious, being more activist and a lot of private equity don’t want to deal with those kinds of investors,” said Randy Raisman, managing director at Marathon Asset Management...
...Castlelake would sit in Brookfield’s recently formed credit unit, which also houses a controlling interest in Oaktree Capital Management....
...One scoop to start: Brookfield Asset Management is in advanced talks to buy a majority stake in $22bn private credit manager Castlelake as the world’s second-largest alternatives group uses acquisitions...
...That included loans associated with some marquee buyouts including Elliott Management’s takeover of technology business Citrix, Elon Musk’s purchase of social media company Twitter and Apollo’s acquisition...
...Those asset sales are propelling the growth of KKR’s credit business, which has become the group’s largest business line by assets with $219bn under management....
...Further reading:— The private credit ‘golden moment’ (FTAV)...
...Blackstone president Jonathan Gray told the Financial Times last May the world’s largest private capital group — which has $1tn of assets under management — could become a “valuable partner” to banks looking...
...It said: “We are comfortable that management has a viable plan to address the important matters facing the company.”...
...Given negative net capital distributions for the past several years, lenders with skewed cash-pay/PIK proportions may feel greater pressure from LPs to sell down portfolios in order to manufacture distributions...
...“I want to thank our shareholders for their trust and confidence in our board and management,” Iger said....
...The group’s results were buoyed by strong growth in its credit and insurance business, which has $330bn in assets and helped propel Blackstone’s overall assets to $1.1tn....
JPMorgan boss praises ‘outstanding leader’ as bank advises media group on battle with activist
...The targets signal his belief that he has identified ways to accelerate activity within the group, particularly in its fast-growing credit and insurance-based investment units....
...For private credit, the figure is 45 per cent. However, even beneficiaries are starting to protest....
...business Corinthia Global Management....
...Apparently, Apollo Global Management has other priorities....
...Goldman Sachs’ asset management arm has bought a stake in private credit specialist Kennedy Lewis Investment Management, as it looks to expand its reach in a fast-growing corner of markets....
...Blackstone, with $1tn in assets under management, is the world’s largest alternative asset manager....
...This structure helps circumvent US regulations when globally significant banks, such as Crédit Agricole, own fund management companies. One can see the attraction for Amundi....
...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....
...“They are much smaller credits, harder to trade and wrap your head around,” Dan Ko, a portfolio manager at Eagle Point Credit Management, said of middle-market CLOs....
...The hedge fund manager getting all the attention, of course, is Nelson Peltz, the octogenarian co-founder of Trian Fund Management....
Endorsement is boost for billionaire activist’s struggling campaign at entertainment giant
...Smart reads Flawed valuations Fund managers in the private credit industry are often valuing their loans more generously than others do. Regulators are starting to worry, Bloomberg reports....
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