Hints and tips:
...David Luboff, KKR’s co-head of Asia-Pacific and regional head of infrastructure, said he expected more dealmaking activity this year after a dearth in 2023, with many new sources of capital, including direct...
...PetVet’s decision to start discussions with direct lenders over its loans comes on the heels of a string of other large refinancings....
...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....
...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....
...But the direct lending funds they manage may begin to post lower returns, investors said....
...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....
...Aidan Barclay — the son of Sir David Barclay, who with his brother Sir Frederick created the Very Group from the former Littlewoods and Shop Direct businesses — will assume the role of non-executive chair...
...“I’ve heard Jon Gray direct, eulogising about him,” said one of the people who had dealings with the private equity executive....
...News round-up Amanda Staveley in court bid to prevent shipping tycoon from pushing her into bankruptcy (FT) Direct Line rebuffs £3.1bn offer from Belgian insurer Ageas (FT) Daniel Křetínský drops plans...
...run of the final step in substrate production — testing and quality control — as early as the second quarter of this year as part of an effort to diversify its production outside China, two people with direct...
...In 2022, direct lenders saw a noticeable uptick in “Mega Tranche” deals....
...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...
...Receiving a direct message from Katie Martin almost always portends something bad, but even Alphaville — which has spent an inordinate amount of time on the internet — was shocked by this (SFW, barely):...
...Smart reads The toxic tycoon Mike Ashley, the retail tycoon behind Sports Direct, is suing Morgan Stanley over a $1bn trading row, The Sunday Times writes....
...It comprises Screen Holdings, Advantest, Disco Corp, Tokyo Electron, the trading house Mitsubishi and automakers Toyota and Subaru....
...Goldman executives say their efforts to grow alternative funds have been aided by the decision to start giving managers of alternative funds a direct stake in their profits, known as “carry”....
...Suggested reads Inside PDD, China’s ecommerce titan behind Temu and Pinduoduo (Nikkei Asia) Alibaba chief takes direct control of under-pressure Chinese ecommerce business (FT) UK regulator probes TikTok...
...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 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...
...Leveraged buyout groups have increasingly tapped direct lenders as volatility and lacklustre demand in public markets has curbed the willingness of banks to underwrite takeover debt....
...Policymakers may eventually need to weigh direct capital injections to stabilise institutions versus the risk of cascading damage. S&P rates BPY’s debt BBB-, the lowest investment grade credit rating....
...“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....
...Carlyle is selling its stake for an equity value of $1.8bn, valuing the overall operation at about $6.4bn, said two people with direct knowledge of the matter....
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