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...Its new fund — known as Strategic Investment Partners V — plans to buy risky debt, including junior loans and convertible bonds, as well as preferred stock....
...In addition to its core deposit-taking bank, SVB was known for its wealth management and investment banking groups, which catered to venture capital firms and portfolio companies as well as wealthy tech...
...company....
...up to 30 investment staff with him....
...That performance has continued into this year: the S&P 500 index of leading shares hit an all-time high on Friday, driven by strong gains for the largest technology companies....
...Renamed GV, it now boasts more than 400 companies in its portfolio and has some $8bn in assets under management....
...The investment managers that form the layer in between get their capital from insurance companies, sovereign wealth funds, pension funds and so forth....
...“If she doesn’t give the new management team sufficient power in the coming months and years . . . it will be a disaster for the company.”...
...“It’s on its way to something higher.”...
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...The fund launched by VanEck led the way with about $72.5mn in starting money, followed by Fidelity with $20mn and BlackRock with $10mn....
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...The firm announced a new “office of the chief investment officer”, hiring Justin Gmelich, another former Goldman partner, as co-CIO alongside the promoted Russo and the two heads of risk management, Rofey...
...There are big changes under way inside the buyout group nonetheless, including some that nudge it towards diversifying beyond traditional private equity....
...In practice this ends up being way more expensive, with 5 per cent plus annual costs common....
...DD has written about the financial engineering some firms have turned to as a way to unearth liquidity....
...For private credit, particularly investment grade, the way that consumers and businesses borrow is traditionally through the asset-backed market. Asset-backed is, for the most part, private credit....
...part of the investment bank’s corporate credit team and worked with Justin Gmelich, now a co-chief investment officer at Millennium....
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...Things got really nutty, and not in an inspiring way....
...Touted as an attractive way to list on the stock market, these blank-cheque firms have often merged with subpar companies at exorbitant valuations. Investors have now soured on the deals....
...Whichever way they’ll go, Looney’s successor will need to be better at winning over shareholders....
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