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...Private equity group Carlyle and Abu Dhabi investment group IMI have agreed a fresh debt funding package for the Barclay family’s Very Group, the Liverpool-based retail and financial services group....
...When a client (the Limited Partner, or LP) signs up to invest $100mn in private equity, they don’t immediately assume $100mn of exposure....
...Nevertheless, nervous fund managers have been offloading their bonds, according to several distressed debt investors who have been able to scoop up the debt at deeper discounts than their predicted losses...
...Its leading clients, Cargill, Tyson Foods and JBS, cancelled many contracts, the Packers chief executive retired, and the trading price of Packers’ loan debt sank to distressed levels....
...Two decades ago, outright private equity portfolio sales often involved distressed LPs and thus cleared at a significant discount to the NAV....
...That gave private equity buyers more flexibility when it came to taking on more debt and less visibility into a company’s financial health for the buyout groups providing said debt....
...Interestingly, this segment actually had a lower default rate in 2020 as private equity firms — which are the dominant owners of companies that tap private credit funds and the high-yield market — stepped...
...Even with its large equity cushion, RealPage carries a sizeable debt load....
...And private credit vehicles themselves often contain a big slug of equity. BDCs, for example, generally have debt/equity ratios of just 1 or 1.5....
...Oaktree has expanded beyond its roots in distressed debt and now invests across credit, private equity, real assets and publicly listed equities....
...and preferred equity....
...BNP Paribas has hired Bank of America veteran Frank Kotsen as global head of distressed debt. He was most recently a partner and head of credit at hedge fund Silver Spike Capital....
...The KKR fund that owns Envision, one of the funds in the CFO, had made 1.9 times its money as of September, corporate filings show....
...One distressed debt fund manager told the FT that aggressive investors such as his firm would benefit if other jurisdictions followed the Serta precedent....
...They have plenty of expertise in distressed debt. Lex mused whether they could provide private-investment-in-public-equity funding or simply buy smaller banks whole....
...Cerberus only needed to contribute $1.25bn in equity to the highly leveraged deal, financing the rest with debt....
...It provided the majority of $1.2bn in financing for H&F’s takeover of NPD Group in October 2021 and $2.2bn in debt for Permira’s take-private of cyber security group Mimecast two months later....
...Private equity alone is forecast to have more than $6tn in assets under management by the end of this year according to data provider Preqin, up from $1.7tn in 2010....
...Domestic stocks would plunge, with the ripple effect from a Japanese equity crash turning global funds into forced sellers....
...“By doing so, an investor 1) is well-positioned to take advantage of dislocation wherever it occurs 2) has the flexibility to tackle non-distressed situations in which a background in distressed credit can...
...He has filed plans for a new $1.5bn development called Uptown Harbor on the grounds of a dated shopping mall his family owns in north Miami Beach, just across the water that separates Sunny Isles Beach from...
...Among warring factions in a complex bankruptcy there is one fail-safe way to outmuscle rival creditors: put up hard cash to fund a company’s resurrection....
...The return on “safe” assets is so paltry that investors are certain to lose purchasing power with every minute they remain invested in US Treasuries (virtually) — a fate that befalls equity investors only...
...The New York-based firm, which is part-owned by private equity powerhouse Blackstone, has shed $1.5bn in assets since November 2018, cutting the total managed to $4.3bn....
...Now he and his bankrupt private equity firm Abraaj Group are accused of pocketing their millions to fund their extravagant lifestyle....
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