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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,...
...Brookfield and QIA in October announced they were putting in £300mn of new equity and extending a £100mn shareholder loan to Canary Wharf — their first equity injection since buying Canary Wharf in 2015....
...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....
...Banks provide financing for deals as well as arrange loan and bond offerings for portfolio companies owned by private equity groups to refinance debt, which generate lucrative fee streams....
...Could a tsunami of private equity debt restructurings be on the horizon as public equities approach fresh highs? Who Cares? Does it really matter if cogs in the billionaire factory are a bit jammed?...
...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....
...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...
...These partial cash-outs, depending on how much debt a portfolio company has already paid off, can raise overall leverage and interest burdens....
...A global private equity or debt portfolio should be very closely correlated with a global public equity or debt portfolio....
...That’s the case even as they start to face pressure to sell some portfolio companies to return capital to their backers....
...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...
...“This is Darwinism, right, you have to evolve,” said one portfolio manager. “The market is changing, the game is changing.”...
...In debt financing, default rates are a guiding metric for investors, measuring how often a financial obligation is unmet....
...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....
...Concord will provide the majority of the equity financing, with a minority of equity as well as debt from asset manager Apollo....
...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....
...Hipgnosis’ music portfolio includes artists such as the Red Hot Chili Peppers and Shakira....
...Private equity firms still own large stakes in dozens of former portfolio companies whose shares are languishing on the public markets....
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