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...Grant Thornton is the seventh-largest US accounting firm by revenue and the deal with New Mountain represents the largest private equity investment in the accounting profession, coming hot on the heels of...
...The sale of a majority stake to New Mountain represents the biggest private equity deal in the sector....
...The cash from New Mountain, together with some debt financing, will be used to return capital to current partners, buy out retirement obligations to former partners and build a war chest for investment,...
...BDO last year took an alternative approach, opting to convert to an employee-owned corporation, funded by private debt....
...In their hunt for financing, many tiny firms have also turned to convertible debt deals — under which they borrow from a lender who has the option of being repaid in cash or new shares....
...Such transactions might help to stem companies’ debt problems in the short term, while helping to preserve buyout firms’ equity....
...Such private investments in public equity — or PIPE — deals are relatively common in the US, offering private equity houses a downside-protected route into a company’s share capital....
...These partial cash-outs, depending on how much debt a portfolio company has already paid off, can raise overall leverage and interest burdens....
...It previously told the FT that “Apollo voluntarily remedied any erroneous billing resulting from the former employee’s fraudulent expense practices by making appropriate reimbursements to the funds and portfolio...
...That in turn has made equities less attractive to investors, since they can now earn a higher return than before from ultra-safe US Treasuries....
...A global private equity or debt portfolio should be very closely correlated with a global public equity or debt portfolio....
...But its private equity and venture capital bets are now proving to be a sore spot in the Ivy League university’s portfolio....
...With debt expensive and public market valuations high, some private equity players say acquisitions of partnerships could have more upside than other deals, and they point to lucrative exits on older buyouts...
...That’s the case even as they start to face pressure to sell some portfolio companies to return capital to their backers....
...Scott Shleifer, the head of Tiger’s $30bn-plus private equity business who was instrumental in the firm’s growth, announced late last year he would step down from his role at the hedge fund....
...Hipgnosis has been forced to slash the value of its portfolio amid questions over governance and debt levels....
...Welllllll, direct lenders can easily offer borrowers the option to switch to Payment-In-Kind (paying interest in additional debt instead of cash)....
...If it pursues more of this expensive, collateralised funding, SBB may have to raise equity from its residential portfolio, worth SKr29bn (€2.5bn), most likely by a private sale....
...A strong Chinese recovery could also challenge the recent performance dominance of US equities, either directly or indirectly via Japanese or European assets....
...These funds have become very popular with institutional investors seeking stable returns that can persist even when equity markets fall....
...Both companies carried substantial leverage, and both IPOs consisted almost entirely of new capital to reduce the debt load....
...US private equity firms are rushing to take advantage of lower borrowing costs by loading debt on to their portfolio companies and using the cash to pay dividends to themselves and their investors....
...Private equity, public market problems Yes yes, it’s trendy and facile to blame private equity for absolutely everything, but hear us out....
...Private equity firms still own large stakes in dozens of former portfolio companies whose shares are languishing on the public markets....
...Investors last year also blocked a deal to sell a $440mn music rights portfolio to a sister fund run and backed by private equity group Blackstone....
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